12 Guam Code Ann. § 1111
Terms Used In 12 Guam Code Ann. § 1111
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Statute: A law passed by a legislature.
International Airport Authority, Guam Fund.
(a) The Board shall adopt and maintain a system of accounting which is in accordance with generally accepted accounting principles applicable to airports.
(b) The Board shall employ a firm of independent certified public accountants who shall examine and report to the Board, at least annually, upon the status of the financial records and accounts maintained by the Authority. Copies of any such reports shall be furnished to the Governor and to the Legislature.
(c) The Board shall report to the Governor and to the Legislature concerning the administration of the affairs of the Authority. It shall present an annual report within one hundred twenty (120) days after the end of each fiscal year and, if requested by the Governor or the Legislature, shall present special reports within thirty (30) days after the end of each intervening quarter. The financial information presented in such reports shall be in accordance with the system of accounts adopted by the Board.
COL 8/23/2023
12 Guam Code Ann. AUTONOMOUS AGENCIES
CH. 1 ANTONIO B. WON PAT INTERNATIONAL AIRPORT AUTHORITY, GUAM
(d) There is established a fund to be known as the “”Antonio B. Won Pat International Airport Authority, Guam Fund”” which the Authority shall maintain separate and apart from other funds of the government of Guam, and independent records and accounts shall be maintained in connection therewith.
(e) All monies received by the Authority from whatever source derived shall be deposited in said Fund, or in such funds as may be established pursuant to Article 2 of this Chapter, in eligible banks as defined in § 21112 of 5 Guam Code Ann..
(f) All expenditures, except as otherwise provided by law, shall be made from said Antonio B. Won Pat International Airport Authority, Guam Fund.
SOURCE: GC § 62010, as enacted by P.L. 13-057 (Sept. 26, 1975).
2022 NOTE: Reference to the “”Guam Airport Authority”” replaced with
“”Antonio B. Won Pat International Airport Authority, Guam”” pursuant to
12 Guam Code Ann. § 1102 (a).
NOTE: Pursuant to the authority granted by 1 Guam Code Ann. § 1606, the statute reference to the Government Code in subsection (e) was altered to the Guam Code Annotated.