(a) There is hereby created, separate and apart from other funds of the government of Guam, a fund known as the Health Security Trust Fund. The Health Security Trust Fund shall not be commingled with the General Fund and shall be kept in a separate bank account, and shall be subject to legislative appropriation and expended exclusively for the purpose of funding the operations and capital expenditure at the Guam Memorial Hospital.

(b) The Health Security Trust Fund, subject to legislative approval, may be invested or reinvested in bonds or in securities that are approved for the Retirement Fund, or according to modern investment practices of similar funds. The appropriations from the Health Security Trust Fund shall be limited to fifty percent (50%) of the initial deposit from the proceeds of the sale for the first five (5) years. Thereafter, expenditures shall be limited to ninety percent (90%) of the earnings of the Fund.

(c) The sum of Three Million Five Hundred Thousand Dollars ($3,500,000) is transferred from the present series 2001B sub-account of the Health Securities Trust Fund to the 2001A sub- account and is de-allocated and subsequently appropriated to the Guam Memorial Hospital Authority for support of the operations of the Guam Memorial Hospital. This transfer is conditional upon the approval of bond counsel.

SOURCE: Added as § 221204, by P.L. 25-187:2 (Jan. 11, 2001), codified to this section by the Compiler. Subsection (b) amended by P.L. 27-0069:6 (Feb. 6, 2004) and P.L. 28-042:3 (June 3, 2005). Subsection (c) added by P.L. 28-068:II:III:4 (Sept. 30, 2005), which apparently mis-numbered the section as 221204.