Operations

GHMIC shall be operated as follows:

(a)Separate Records Required. GHC shall keep separate records and financial statements and shall in no COL9/7/2021 CH. 4 GUAM HOUSING CORPORATION way consolidate the finances of GHMIC with its own finances.

(b)Limitations of Program Finances. Administrative support services for GHMIC shall be provided by GHC; provided, however, that GHMIC, from its operating revenues, shall reimburse GHC for all the cost of administrative support services, inclusive of personnel services and cost of materials and supplies.

(c)Limits of Liability. GHC shall not be held liable for policy claims against GHMIC. In the event that the policy claims rate exceeds the projection of the actuarially determined funding requirements so as to jeopardize the solvency of the program established in this Article, GHMIC shall request additional appropriations to GLGF.