Construction Fund, Creation

(a)There is created a special fund of the Authority known as the Antonio B. Won Pat International Airport Authority, Guam Construction Fund, into which shall be paid the proceeds of the sale of the general revenue bonds except for the following:

(1)Any accrued interest received, which shall be paid into the bond redemption fund established by § 1207 of this Article.

(2)Proceeds of such bonds required to be deposited as reserves for such bonds by resolution.

(3)Proceeds of any bonds issued to refund any outstanding bonds, which shall be applied as provided in the bond resolution authorizing the issuance of such refunding bonds.

(b)The money in the Construction Fund shall be used to pay the costs of acquiring, constructing, reconstructing, purchasing, bettering, expanding, improving or maintaining the airports; and all costs incidental thereto, including the costs of the authorization, issuance and sale of the general revenue bonds. To the extent provided in the bond resolution, money in the Construction fund may also be used for the payment of interest on the general revenue bonds during the period of actual construction and such further period, not to exceed six

(6)months, after the period of construction. When all costs required to be paid from the Construction Fund have been paid, or provision for the payment of such costs have been made, money remaining on deposit in the Construction Fund may be applied as provided in the bond resolution authorizing the issuance of such general revenue bonds.

(c)The board may provide in the bond resolution that money in the construction Fund may be invested in any investment permitted by the bond resolution. The interest earned upon or any profits derived from the sale of this investment shall be deposited in and become a part of the Construction Fund.

(d)The Board may provide in the bond resolution for the establishment of such accounts in the Construction Fund as are necessary.