Farmers Assistance Revolving Fund

(a)There is established within the Guam Economic Development Authority a Farmers Assistance Revolving Fund to assist farmers involved in agriculture and aquaculture related services.

(b)The Fund shall be administered by the Guam Economic Development Authority Board of Directors, and all applications made shall be made pursuant to prescribed rules and regulations as with other loans submitted to the Authority. Funds so advanced will be on the basis of an interest charge of three percent (3%) per annum.

(c)Notwithstanding any law, rule, or regulation, the Authority is authorized to freeze all existing loans pending before the Authority for a period of six

(6)months.

(d)The Authority shall give preferential treatment to loans submitted regarding agriculture and aquaculture development, and shall encourage the development of agriculture and aquaculture.

(e)The Authority shall deposit the sum of Two Hundred Thousand Dollars ($200,000) into the Fund established by Subsection

(a)of this Section from funds derived from 12 GCA §64108.1.