Antonio B. Won Pat International Airport Authority, Guam Revenue Fund, Creation

(a)There is created a special fund of the Authority known as the Guam Airport Authority Revenue Fund, which shall be wholly segregated and set apart from all other funds of the Government. The Revenue Fund is and shall be a trust fund for the uses and purposes provided in this Article, and there shall be paid into the Revenue Fund all revenue derived by the Authority from the ownership, lease, use and operation of the airports, facilities and improvements thereof and facilities and improvements used in connection therewith. The money in the Revenue Fund shall be used only to pay or secure the payment of:

(1)the principal of and interest on the general revenue bonds.

(2)The normal and necessary costs of maintaining and operating the airports and all of the improvements and facilities thereof.

(3)The costs of renewals, replacements and extraordinary repairs to the airports and all of the improvements and facilities of the airports.

(4)Any other costs relating to the ownership, use and operation of the airports.

(b)The Board may establish and use such other funds and accounts as are required to provide for the security of the general revenue bonds.

(c)The Board may provide in the bond resolution that money in the Revenue Fund or any other fund or account authorized by the bond resolution may be invested in any investments permitted by the bond resolution. The interest earned upon or any profit derived from the sale of any such investment shall be deposited in and become a part of the Revenue Fund, or, if so provided in the bond resolution, in the Construction Fund.

(d)The Board may establish and use such funds and accounts as are required to provide for the security of special revenue bonds, including reserves therefor. The Bond resolution may authorize that money in such funds or accounts may be invested in any investments 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 such funds and accounts.