Creation of the University of Guam Capital Improvements Fund

(a)There is hereby created, separate and apart from other funds of the government of Guam, a fund known as the “University of Guam Capital Improvements Fund.” The University of Guam Capital Improvements Fund shall not be commingled with either the General Fund, the Current Fund of the University of Guam, or any other fund of the government of Guam. The University of Guam Capital Improvements Fund shall be held in an account, or accounts, at a Guam financial institution, or institutions, separate and apart from all other accounts and funds of the government of Guam account. The University of Guam Capital Improvements Fund shall be expended exclusively for the payment of lease rental payments payable pursuant to the lease-back agreement entered into in order to secure financing or refinancing of the design, construction and collateral equipment of the College of Business and Public Administration, the replacement of the roof of the Fine Arts Building, the refinancing of the existing USDA Community Facilities Loan for the Jesus and Eugenia Leon Guerrero School of Business and Public Administration Building, the expansion and renovation of the University of Guam Student Services Center, and the construction of an Engineering Annex facility onto the existing College of Natural and Applied Sciences

(CNAS)building for the School of Engineering.

(b)There is hereby appropriated annually, beginning with Fiscal Year 2002, the sum of Five Hundred Thousand Dollars ($500,000.00) from the Guam Highway Fund to the University of Guam Capital Improvements Fund for the purpose of paying the debt service incurred for the existing USDA Community Facilities Loan for the Jesus and Eugenia Leon Guerrero School of Business and Public Administration Building, or any USDA loan incurred to refinance such existing loan, until such debt service is fully paid. No funds appropriated herein shall result in a reduction of appropriations or allocation of funds appropriated or allocated to or in support of the Department of Public Works

(DPW)Highway Division. CH. 16 CHARTER