Corporation’s Use of Funds

(a)The Housing Corporation is authorized to use its funds, from whatever source derived, in the exercise of its corporate powers and functions.

(b)The Housing Corporation shall contribute to the government of Guam Retirement Fund on the basis of annual billings as determined by the Department of Labor and Personnel, for the Government’s share of the cost of the retirement system applicable to the Housing Corporation’s employees and their beneficiaries. The Housing Corporation shall also contribute to the Workmen’s Compensation Fund on the basis of annual billings, as determined by the Workmen’s Compensation Commissioner, for the benefit payments made from such fund on account of the Housing Corporation’s employees.