Administration

(a)The Commission shall adopt rules, regulations, and policies in accordance with Article 3, Chapter 9 of Title 5 of the Guam Code Annotated, Government Operations. The Commission may accept grants, contributions, and appropriations and may make such expenditures, loans and other disbursements as are authorized by this Chapter. These disbursements shall be allowed and paid out in accordance with the direction of the Commission upon presentation to the Administrative Director of itemized vouchers therefor signed by the Commission certifying officer.* The Administrative Director shall give bond in the sum of Five Hundred Thousand Dollars ($500,000) for the faithful performance of his duties. These funds created by § 75A112 of this Chapter shall be maintained separate and apart from any other government fund and shall be in the custody of the Commission certifying officer. The Commission shall make an annual finance and progress report to I Liheslatura upon the first date of each regular session thereof and such special reports as I Liheslatura may from time to time require. CH. 75A CHAMORRO LAND TRUST COMMISSION EFFECTIVE JANUARY 1, 2021

(b)When land originally leased by the Commission is, in turn, subleased by the Commission’s lessee or sublessee, the Commission shall submit, within ten

(10)days of the convening of any regular session, a written report to I Liheslatura which shall cover the sublease transactions occurring in the calendar year prior to the regular session and shall contain the names of the persons involved in the transaction, the size of the area under lease, the purpose of the lease, the land classification of the area under lease, the lease rental, the reason for approval of the sublease by the Commission, and the estimated net economic result accruing to the Commission lessee, and sublessee.

(c)The Commission shall have the power and authority to invest and re-invest any of the money in any of its funds, not otherwise immediately needed for the purposes of the funds in such bonds and securities authorized in 4 GCA Chapter 8. Any interest or other earnings arising out of such investment shall be credited to and deposited in the Beneficiary Home Loan Fund.

(d)The Commission is authorized to carry on any activities it deems necessary to assist lessees in obtaining maximum utilization of leased lands, including taking any steps necessary to develop these lands for their highest and best use commensurate with the purposes for which the land is being leased as provided for in § 75A107, and assisting lessees in all phases of farming and ranching operations and the marketing of their agricultural produce and livestock. In these efforts the Commission shall coordinate its efforts with the Department of Agriculture.

(e)The Commission, may designate and plan subdivisions in accordance with the provisions of Chapter 62 of this Title 21 Guam Code Annotated, on available lands, in, adjacent to, or near any village. Subdivision lots shall be leased in accordance with § 75A107.

(f)Assistance in the Development and Administrative Implementation of Loan and Fund Programs. The Chamorro Land Trust Commission is authorized to enter into memorandums of agreement, or contract with government or private agencies or lending institutions, relative to servicing loans made or guaranteed by the Commission pursuant to §§ 75A112, 75A113 and 75A114, or other applicable provisions of this Chapter 75A, applicable law and regulation. The Commission shall provide for in its administrative rules and regulations the processes by which nongovernment of Guam agencies, to include Federal agencies and instrumentalities and private lending institutions, may participate in the Commission’s revolving fund and special fund programs, to the extent authorized pursuant to this Chapter 75A, applicable law and regulation.