Water Research and Development Fund

There is hereby created within the government of Guam a special fund, to be known as the AWater Research and Development Fund@ (the AFund@). The Fund shall be available to fund the conduct of water resource research which will contribute

(i)to the effective planning and management of Guam=s underground and surface water, and

(ii)to the development of programs which promote the best use of these resources. No monies may be withdrawn from the Fund except upon specific statutory appropriation by the Legislature. The Fund shall be administered by a committee, to be known as the Water Research and Development Fund Committee, comprised of four

(4)members, including a representative of the University of Guam Water & Energy Research Institute, the Guam Environmental Protection Agency (AGEPA@), the Public Utility Agency of Guam (APUAG@), and a business representative who shall be appointed by the Governor. The Chairman of the Water Research and Development Fund Committee shall be elected by its members who shall meet at a minimum, quarterly, to execute the provisions of this § 46116. The procurement of services and resources by the Water Research and Development Fund Committee shall be subject to the procurement procedures set out in Chapter 5, Title 5, Guam Code Annotated. The Water Research and Development Fund Committee shall report to the Legislature, annually, as to the status of the Fund.