11 Guam Code Ann. § 51108
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Terms Used In 11 Guam Code Ann. § 51108
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
§ 51101. Creation of the Income Tax Refund Efficient Payment
Trust Fund.
(a) There is hereby created, separate and apart from all other funds of the government of Guam, a trust fund known as the Income Tax Refund Efficient Payment Trust Fund (‘Trust Fund’). The Trust Fund shall not be commingled with the General Fund or any other funds of the government of Guam, and it shall be maintained in a separate bank account, administered by the Tax Commissioner. The Trust Fund’s interest and investment earnings shall be subject to legislative appropriation and shall be expended exclusively for the purposes set forth under § 51103 of this Act.
(b) The deposits made to the Trust Fund pursuant to § 51102 shall be invested or reinvested into interest bearing instruments, United States treasury notes, investment grade and insured corporate notes, and other like instruments which are readily convertible to cash needed to pay income tax refunds.
Trust Fund.
(a) There is hereby created, separate and apart from all other funds of the government of Guam, a trust fund known as the Income Tax Refund Efficient Payment Trust Fund (‘Trust Fund’). The Trust Fund shall not be commingled with the General Fund or any other funds of the government of Guam, and it shall be maintained in a separate bank account, administered by the Tax Commissioner. The Trust Fund’s interest and investment earnings shall be subject to legislative appropriation and shall be expended exclusively for the purposes set forth under § 51103 of this Act.
(b) The deposits made to the Trust Fund pursuant to § 51102 shall be invested or reinvested into interest bearing instruments, United States treasury notes, investment grade and insured corporate notes, and other like instruments which are readily convertible to cash needed to pay income tax refunds.