Guam Environmental Trust Fund

(a)There is hereby created, separate and apart from other funds of the government of Guam, a fund known as the Guam Environmental Trust Fund (Fund). The Fund shall not be commingled with the General Fund and shall be kept in a separate bank account, subject to legislative appropriation, to be used by the Administrator of the Guam Environmental Protection Agency (Administrator) to clean up hazardous materials and restore and repair damage done to Guam’s environment, as well as to collect, transport, process and dispose of household waste in accordance with the provisions of the Ordot Dump Consent Decree Supplemental Environmental Project (SEP).

(b)The Fund shall be financed by the collection of a two percent (2%) assessment fee on all commercial and industrial liability insurance premiums paid in Guam for the coverage of companies or individuals. Such fees shall be collected from the insurance companies providing such coverage on Guam.

(c)For purposes of this section, commercial and industrial liability insurance is defined as liability or indemnity insurance against injury to third persons, with the insured being engaged in commercial or industrial activities within Guam, such activities being included in the definition of business and engaging in business defined in § 26101 (a), Title 11, Guam Code Annotated.

(d)The Department of Revenue and Taxation (the Department) shall collect such fees and transmit them to the Treasurer of Guam for deposit in the Fund. The Department shall:

(1)Develop the necessary forms and instructions to be sent to all insurance companies issuing commercial and industrial liability insurance. Such forms and instructions shall direct these insurance companies to pay the two percent (2%) assessment as a condition of continuing to do business of Guam;

(2)Act as the repository for the Fund for use by the Administrator in carrying out the purpose of the Fund.

(e)The Administrator shall be the disbursing and certifying officer for the Fund, and shall comply with the provisions of Chapter 14 of Title 46, Guam Code Annotated. The Director of Administration shall maintain appropriate records of the Fund and shall provide accounting and auditing services for the Fund.