Land Acquisition Fund

There is within the government of Guam a special fund known as The Land Acquisition Fund. The Land Acquisition Fund shall be under the administration of the Governor of Guam. There is hereby authorized to be appropriated the sum of not to exceed five hundred thousand dollar ($500,000.00) as initial capital to said fund which shall be replenished by annual appropriations by the Legislature. The purpose of maintaining a separate fund for land acquisition is to account separately for all costs of acquiring private land for public purposes, expenditures from said fund to be made only in connection with such acquisition. A strict account shall be kept of all such expenditures and disbursements from such fund and an annual report thereof shall be made to the Legislature not later than one month following the close of each fiscal year.