Creation of the First Generation Trust Fund

(a)The First Generation Trust Fund

(Fund)is hereby created separate and apart from all other funds of the government of Guam, and shall be administered by the Superintendent of the Department of Education.

(1)The Fund shall not be commingled with the General Fund, or any other funds of the government of Guam; COL9192018 CH. 14 TEACHING AND LEARNING COMMUNITIES ACT AND FIRST GENERATION TRUST FUND INITIATIVE

(2)shall be maintained in a separate bank account in accordance with this Act; and

(3)shall not be subject to any transfer authority of I Maga’lahen Guåhan or

(A)to any inter-fund borrowing, or

(B)used for any other purpose not authorized by this Chapter.

(b)All funds appropriated, collected, or received pursuant to this Chapter shall be deposited in the Fund and used for the implementation of the First Generation Trust Fund Initiative.

(c)The DOE Superintendent may enter into contracts to obtain investment advice and management, and other professional services regarding the administration and investment of the Fund. All aggregated costs relative to the Fund shall not exceed five percent (5%) of the total portfolio.