Legislative Appropriation

(a)On February 15th, or earlier, of each year, a budget requirement for the following Fiscal Year for personnel and operating costs necessary for carrying out the mission, purposes and general activities of the University, including funds necessary for student loans, scholarships, and financial aid, shall be certified by the Board and submitted to I Liheslatura. Following public budget hearings before I Liheslatura, an appropriation shall be made available to the University in an amount to be determined by I Liheslatura based upon the fiscal condition of the government of Guam, to be allotted in four

(4)appropriately disproportional quarterly installments which shall be remitted on the first day of each quarter of the CH. 16 CHARTER appropriate University Year, under the full fiscal control of the Board which shall be fully accountable for the appropriate expenditure of all University funds. Such appropriation for the annual personnel and operating costs of the University shall not include any sums collected by the University from student tuition and fees. University funds derived from fees shall be considered non-appropriated funds of the University under the fiscal control of the Board. One Hundred Percent (100%) of the funds derived from student tuition shall be deposited in the University of Guam Bond Fund for repayment of general obligation bonds in accordance with 5 GCA § 22340(k). A Fiscal Year shall run concurrently with the Fiscal Year of the territorial agencies of the government of Guam. A University Year shall run from August 1 to July 31.

(b)Anything herein to the contrary notwithstanding, I Liheslatura may appropriate any additional funds for carrying out the activities of the University.

(c)No agreements to borrow money which shall be repaid in more than ten

(10)years from the date of execution of such agreement shall be entered into by the University without prior Legislative approval.(d) The Board shall disburse such funds as I Liheslatura may appropriate for the purpose of carrying out the activities of the University.