Mass Transit Automotive Surcharge

(a)Levy. There is hereby levied a Mass Transit Automotive Surcharge of Four Cents ($0.04) per gallon on all liquid fuel taxed pursuant to Subsection

(a)of § 26403 of this Title. This Mass Transit Automotive Surcharge shall be in addition to the liquid fuel tax levied pursuant to Subsection

(a)of § 26403 of this Title.

(b)The proceeds of the Mass Transit Automotive Surcharge levied pursuant to Subsection

(a)of this Section, as and to the extent released from the pledge of such proceeds pursuant to Subsection

(d)of § 1504 of Title 5 of the Guam Code Annotated, are to be placed in a separate fund hereby created and known as the Public Transit Fund to be administered by the Department of Administration. For purposes of such pledge and release, the proceeds of the Mass Transit Automotive Surcharge shall be deemed to be the last revenues used pursuant to such pledge and the first revenues released from such pledge.

(c)A portion of the revenues in the Public Transit Fund shall be used for the operation of the mass transit system by the Department of Administration.

(d)The Department of Administration shall report on a monthly basis to the Legislative Committee which has oversight over the Guam Mass Transit Authority on the balance and status of the Public Transit Fund.