University of Guam Land Grant Research and Extension Special Fund

(a)For the purpose of compliance with Federal laws designating the University of Guam as one of the Land Grant Colleges eligible to receive land grant Federal funds for the benefit of research and extension services, there is hereby established the “University of Guam Land Grant Research and Extension Special Fund” (Research and Extension Fund), which shall be maintained separate and apart from any other funds of the government of Guam and independent records and accounts thereof shall be maintained by the University of Guam. A quarterly financial statement of the Research and Extension Fund shall be submitted to I Liheslatura.

(b)All Federal grants, Federal formula funds, donations and charitable contributions relating to agricultural and forestry research and extension services shall be deposited and credited to the Research and Extension Fund. I Liheslatura may appropriate or reappropriate to the Research and Extension Fund any local matching funds necessary for approved University of Guam Programs consistent with Research and Extension Programs in the areas of Agriculture, Home Economics, Forestry and any related programs.

(c)All income derived from the operation and services of the research farm and cooperative extension services by the University of Guam shall be deposited in and credited to the Research and Extension Fund.

(d)All debts, liabilities and any other obligations incurred for programs described in Subsection

(b)of this Section shall be paid from the Research and Extension Fund.