Guam § 81113 - Bond Proceeds to Refund the Guam Economic Development

§ 81113. Bond Proceeds to Refund the Guam Economic Development

and Commerce Authority Tobacco Settlement Asset-Backed Bonds,

Series 2001A and Series 2001B, and for other purposes.

(a) Notwithstanding any other Sections in this Chapter, including §

81104(b), or Article 13 of Chapter 22 of Division 2 of Title 5 of the

Guam Code Annotated, the proceeds of bonds issued pursuant to this

Chapter to refund the Authority’s Tobacco Settlement Asset-Backed

Bonds, Series 2001A and Series 2001B (the Prior Bonds) shall be used

to: (1) refund the Prior Bonds; (2) pay costs arising from issuance of the

bonds; (3) fund any required reserve or operating funds for the bonds;

and (4) provide a minimum of Seven Million Dollars ($7,000,000) for

transfer from the Authority to the General Fund for the payment of the

expenditures listed in subsection (b).

(b) (1) There is hereby created the Guam Cancer Assistance and

Treatment (GCAT) Program, within the Guam Department of

Public Health and Social Services (DPHSS). DPHSS shall use

funds under this Program to supplement and/or cover direct cancer

care services not covered in other local public assistance programs

under their purview, such as the Medically Indigent Program (MIP)

and Medicaid program. In addition, DPHSS shall have

discretionary authority to utilize funds under this Program to

provide direct cancer-related services and treatment for cancer

patients under public assistance programs, and who are otherwise

unable to meet their financial obligations for treatment.

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Two Million Dollars ($2,000,000) from the bond proceeds to

refund the Guam Economic Development Authority Tobacco

Settlement Asset Backed Bonds, Series 2001A and Series 2001B

held in an account by the Guam Economic Development Authority

shall be made available for the sole use of the Guam Cancer

Assistance and Treatment Program as established and authorized by

this Subsection (b)(1). The Director of the Department of Public

Health and Social Services shall be the certifying authority of these

funds.

The Director of DPHSS shall transmit a report outlining the

detailed expenditures of this Program to I Maga’lahen Guåhan and

to the Speaker of I Liheslaturan Guåhan on a monthly basis.

(2) Six Million Dollars ($6,000,000) to the Department of

Public Health and Social Services to fund the renovation and capital

improvement needs of the Southern Regional Health Center.

(c) To the extent that the bond proceeds available for the purposes

of subsection (a) are more or less than the sum of the amounts in

subsection (b), the amounts in subsection (b) shall be increased or

decreased, as applicable, pro rata.