) The Governor of Guam and the Director of the Department of Administration shall transfer to the Fund up to six hundred thousand dollars ($600,000) annually of those revenues generated by any increase in the fees collected by the government of Guam for the application for or renewal of business licenses subsequent to June 30, 1995.

(b) The accumulated balance of the Fund inclusive of all receivables shall not exceed three million dollars ($3,000,000). If the accumulated balance of the Fund inclusive of all receivables reaches three million dollars ($3,000,000), funding to the Fund shall be suspended until such time as the accumulated balance of the Fund inclusive of all receivables declines below three million dollars ($3,000,000).

(c) Any funds transferred to the Fund under this Act shall not be subject to the Governor’s transfer authority.
SOURCE: Formerly 12 GCA §2211. Added by P.L. 21-42:12(b). Repealed/
reenacted by P.L. 23-36:2 (6/95).

COL120106
12 Guam Code Ann.AUTONOMOUS AGENCIES
CH. 54 SMALL BUSINESS DEVELOPMENT FUND

NOTE: P.L. 23-36:3 established an effective date for the amendment to this section, which provided:

Effective date of this Act. This Act shall take effect only upon the implementation of any increase in the fees collected by the government of Guam for the application for or renewal of business licenses granted by the government of Guam subsequent to June 30, 1995