The Chamorro Land Trust Survey and Infrastructure Fund

The Chamorro Land Trust Commission shall create a special fund called the Chamorro Land Trust Survey and Infrastructure Fund (Fund), which shall be maintained separate and apart from any other funds and shall not be subject to the transfer authority of I Maga’hågan/Maga’låhen Guåhan.

(a)Notwithstanding any other provision requiring the deposit of proceeds to other funds, the Fund shall receive:

(1)the proceeds of all sales of bull cart trails, substandard lots, irregular lots, remnants, splinter lots, fractional lots, easement purchase remnants, and easement condemnation remnants belonging to the government of Guam; and

(2)the proceeds of commercial leases or licenses executed after October 2015.

(b)Expenditures from the Fund shall be made pursuant to a resolution by the CLTC, and shall be restricted to the following expenditures:

(1)for the subdivision, surveying, mapping and registration of tracts of residential and agricultural land in the CLTC property inventory; and

(2)for the construction of infrastructure, to include access roads, water, and power utilities, to service CLTC residential and agricultural tracts of land, including debt service required for financing secured through the U.S. Department of Agriculture’s Rural Utilities Service

(RUS)to include the Substantially Underserved Trust Area

(SUTA)Initiative. In addition to the annual lease fee established by § 75108 of this Chapter, the Commission may recover from lessees, the full cost of SUTA funded investments which shall be prorated over the life of duly executed lease agreements.

(c)The Commission shall report on a quarterly basis to the Speaker of I Liheslaturan Guåhan as to the revenues collected and expended from the Fund, including any and all financial agreements CH. 75 CHAMORRO LAND TRUST COMMISSION secured through the U.S. Department of Agriculture’s RUS and SUTA Initiative, and post the same on the website of the Chamorro Land Trust Commission. The Fund shall be subject to audit by the Guam Public Auditor.