5 Guam Code Ann. § 21109
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Terms Used In 5 Guam Code Ann. § 21109
- Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
In accordance with [United States] P.L. 88-170, as amended, providing for the rehabilitation of Guam, the government of Guam is authorized to make certain loans from the Federal Government. Pursuant to the provisions of said Act, the government of Guam has made, and will in the future make, certain loans from the Federal Government. Under the terms of said Act, the Secretary of the Treasury shall withhold from sums collected, pursuant to 30 of the Organic Act of Guam, such amounts, with interest at a rate to be determined by the Secretary of the Treasury, as the Secretary of the Interior estimates will reimburse the United States over a period of 30 years beginning June 30, 1968, with respect to sums transferred on or prior to that date, and over a period of
30 years from the date of each such transfer with respect to sums transferred after that date. Since taxes and other income covered into the
treasury of Guam under 30 of the Organic Act become part of the
General Fund, there is hereby authorized to be appropriated from any available funds in the Unappropriated Surplus of the General Fund such sums as are necessary to reimburse the Federal government for loans plus interest heretofore and hereafter made under the provisions of Public Law 88-170, as amended.
30 years from the date of each such transfer with respect to sums transferred after that date. Since taxes and other income covered into the
treasury of Guam under 30 of the Organic Act become part of the
General Fund, there is hereby authorized to be appropriated from any available funds in the Unappropriated Surplus of the General Fund such sums as are necessary to reimburse the Federal government for loans plus interest heretofore and hereafter made under the provisions of Public Law 88-170, as amended.
SOURCE: GC § 6308.1 added by P.L. 10-9.
COL1242015
5 Guam Code Ann. GOVERNMENT OPERATIONS
CH. 21 INVESTMENTS AND DEPOSITS
COMMENT: Public Law (U.S.) 96-205 (1980) deleted the requirement for the payment of interest. Later federal law forgave the entire outstanding principal, thus rendering this section obsolete.