Guam ABLE Savings Program Trust Fund

(a)There is established the Guam ABLE Savings Program Trust Fund

(Fund)within the Treasury of Guam. The Fund shall consist of monies received from an ABLE savings program manager, any governmental or private grants, and any General Fund appropriations for the program.

(b)The Fund shall be used if the Director elects to accept deposits from contributors, rather than have deposits sent directly COL5/16/2022 CH. 53 GUAM ABLE SAVINGS PROGRAM to the program manager. The Fund shall consist of any monies deposited by contributors in accordance with this Chapter which are not deposited directly with the program manager.

(c)All interest derived from the deposit and investment of monies in the Guam ABLE Savings Program Trust Fund shall be credited to the Fund. At the end of any fiscal year, all unexpended and unencumbered monies in the Guam ABLE Savings Program Trust Fund shall remain in the Guam ABLE Savings Program Trust Fund and shall not be credited or transferred to the General Fund, or any other fund.

(d)All expenses incurred by the Director in developing and administering the ABLE savings program shall be payable from the Guam ABLE Savings Program Trust Fund.