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Terms Used In 12 Guam Code Ann. § 5135

  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
(a) The Guam Housing and Urban Renewal Authority shall offer for sale each of the five hundred (500) home lots it established pursuant to § 5133 and which it is authorized to lease pursuant to Subsection (d) of that section.

(b) The sale of lots authorized by Subsection (a) of this Section shall be made to the original lessee of the lots or to the persons, legal or natural, lawfully holding under them.

(c) Each lot shall be sold for Two Thousand Five Hundred Dollars
($2,500).

(d) Receipts from any sale shall be deposited in a special fund kept separate and apart from other funds of the government of Guam. The Fund shall be known as the “”GHURA 500 Lot Sale Fund.”” The custodian of the Fund shall be the Executive Director of the Guam Housing and Urban Renewal Authority. The Fund balance shall be reported to I Liheslaturan Guåhan (the Legislature) at the beginning of each quarter.

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COL4122017
12 Guam Code Ann. AUTONOMOUS AGENCIES
CH. 5 GUAM HOUSING AND URBAN RENEWAL AUTHORITY

The Fund may be expended within the discretion and purview of the Board of Commissioners of the Guam Housing and Urban Renewal Authority.

SOURCE: GC § 13956.3 added by P.L. 16-090. Subsection (d) amended by P.L.
32-194:2 (Oct. 13, 2014).

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ARTICLE 2
LOW INCOME HOUSING PROGRAM

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