Guam Regional Transit Authority Fund

(a)The Board shall adopt and maintain a system of accounting which is in accordance with generally accepted accounting principles.

(b)There is established a fund to be known as the “Guam Regional Transit Authority Fund” which the Authority shall maintain separate and apart from the other funds of the government of Guam, and independent records and accounts shall be maintained in connection therewith. The Guam Regional Transit Authority Fund shall be audited annually by an independent certified public accountant or by the Office of Public Accountability.

(c)All monies received by the Authority from whatever source derived shall be deposited in the Guam Regional Transit Authority Fund and used exclusively for the purposes of this statute.

(d)All expenditures, except as otherwise provided by law, shall be made from said Guam Regional Transit Authority Fund.

(e)The Authority shall present an annual report within one hundred twenty

(120)days after the end of each fiscal year and, if requested by I Maga’håga/Maga’låhi or I Liheslatura, the Authority shall present special reports within thirty

(30)days after the end of each quarter. The financial information presented in such reports shall be in accordance with the system of accounts adopted by the Board or as delineated by requestor.