Funding

The funding sources of the Program shall come from the following sources:

(a)The Guam Economic Development Authority may obtain business interruption insurance policy coverage of up to Two Million Dollars ($2,000,000) for the purpose of distributing grant benefits pursuant to § 50306. Payment of the annual insurance premiums for the policy coverage shall be taken from the bond origination fees generated by GEDA;

(b)The Guam Economic Development Authority shall make available from the Guam Economic Development Fund Act (GEDFA) no less than Five Hundred Thousand Dollars ($500,000) and up to One Million Dollars ($1,000,000), which shall provide the funding source for the loans granted pursuant to § 50307; and

(c)The sum of Four Hundred Thousand Dollars ($400,000) is appropriated from the operating fund balance of the Guam Economic Development Authority for the grant program pursuant to 12 G.C.A. § 50306.

(d)DPW shall provide as part of its planning and procurement of road construction, funding for economic mitigation and business interruption.