12 Guam Code Ann. § 41004
Terms Used In 12 Guam Code Ann. § 41004
- 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
- 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.
(a) Authorized Program #1 – Funding for the First-time
Homeowner Assistance Program.
(1) The GHC shall provide the funding source for the First-time Homeowner Assistance Program within the Fund, pursuant to the Housing Trust Fund Act, from its current operating and/or non-operating revenues and/or income.
(2) In the fiscal year of the enactment of the Housing Trust Fund Act, Five Hundred Thousand Dollars ($500,000) is hereby appropriated from the GHC’s annual operating and/or non-operating revenues and/or income to the Fund as seed capital for the Programs authorized in § 41003 of the Housing Trust Fund Act.
(3) If, in the fiscal year of the enactment of the
Housing Trust Fund Act, the GHC’s annual operating
and/or non-operating revenues and/or income are not sufficient to fully fund the seed capital, such seed capital of Five Hundred Thousand Dollars ($500,000), or the difference between such amount and what is appropriated from the GHC’s operating and/or non- operating revenues and/or income, is hereby appropriated from the GHC’s fund balance or its equivalent.
(4) For the fiscal years thereafter, up to Two Hundred Fifty Thousand Dollars ($250,000) is hereby appropriated from the GHC’s annual operating and/or non-operating revenues as needed to ensure the reserved balance of the Fund required in Subsection (6) is at least Two Hundred Fifty Thousand Dollars ($250,000) at the beginning of each fiscal year through Fiscal Year 2017. For Fiscal Year 2018, the amount appropriated and reserved balance at the beginning of the fiscal year shall be reduced to Fifty Thousand Dollars ($50,000). The requirements of this Subsection shall be repealed on September 30, 2018.
(5) If, in the fiscal years thereafter, the GHC’s annual operating and/or non-operating revenues and/or income are not sufficient to provide the funding necessary to fulfill the requirements set forth in § 41004(a)(4), the difference between what is required and what is appropriated from the GHC’s annual
operating and/or non-operating revenues and/or
income, is hereby appropriated from the GHC’s fund balance or its equivalent. The requirements of this Subsection shall be repealed on September 30, 2018.
(6) The funds authorized for the First-time Homeowner Assistance Program shall be reserved within the Housing Trust Fund, and shall only be authorized for the use of the First-time Homeowner Assistance Program, and for no other program.
(b) Continuing Appropriation. The appropriations made to the Fund shall not lapse and shall continue until fully expended for the purposes pursuant to this Act.(c) The funds transferred to the Fund under this Act
shall not be subject to I Maga’lahi’s transfer authority.
SOURCE: Added by P.L. 31-166:3 (Jan. 4, 2012). Subsections (a)(4)
and (5) amended by P.L. 33-030:6 (June 2, 2015).