Creation of Tourist Attraction Fund

(a)There is hereby created, separate and apart from other funds of the government of Guam, a fund known as the Tourist Attraction Fund (hereinafter TAF). The TAF shall not be commingled with the General Fund and shall be kept in a separate bank account. All proceeds from taxes collected under this Chapter shall be deposited in the TAF and shall be expended exclusively for purposes authorized in § 9107 and § 9113 of COL292017 CH. 30 MONTHLY EXCISE TAX ON OCCUPANCY OF HOTEL AND SIMILAR LODGING HOUSE FACILITIES Title 12, Guam Code Annotated. The TAF may also be used to fund the following projects:

(1)The creation, improvement or beautification of roads, avenues, boulevards, parkways, intersections, bicycle paths, motor bike trails, footpaths, biking trails, stairways, rivers, streams, estuaries, lagoons, or other means of access and transportation;

(2)The development and restoration of points of natural beauty or historic social or cultural significance, including means of access, parking, safety devices, concessions, restrooms, view points and information pavilions;

(3)The construction of monuments, memorials, statues, fountains, arches, and similar projects;

(4)The construction of buildings to be used for public purposes including zoos and aquariums, museums, athletic facilities, cultural centers, and performing arts complexes;

(5)Landscaping, provision of decorations or the enhancement of beauty of any of the projects listed in this Section;

(6)Accessory projects reasonably necessary to projects listed in this Section;

(7)Projects and programs identified in the Tumon Bay Master Plan.

(b)Except as provided in subparagraph (i)(A) of 5 GCA § 1504(d), all expenditures of the TAF shall be made exclusively by appropriation of the Legislature. No further appropriations shall be made of monies in the TAF which have been pledged for the payment of any debt or debts created pursuant to said 5 GCA § 1504 and such monies may be used for payment of such debt or debts without further appropriations. The TAF shall not be used for any purposes other than those enumerated or reasonably inferred herein or for purposes other than those relating to Guam tourism. Specifically, the TAF shall not be used as a pledge of security or as collateral for government loans without prior authorization by the Legislature.