Title to Municipal Golf Course; Operation

(a)Transfer of title of golf course to Commission. Title to and jurisdiction over that parcel of government-owned real property in the municipality of Dededo encompassing the Guam Municipal Golf Course, described as Lot No. 10122-12, containing an area of 829,124+ square meters, less 28,328 + square meters set aside as easements for the use of the Guam Power Authority and the Guam Waterworks Authority are hereby transferred to the Chamorro Land Trust Commission which shall act as administrator of the lease to Guam Municipal Golf Course, Inc., and shall receive all payments thereunder. All other terms of the lease agreement executed on January 17, 1989 (the Lease) between the government of Guam and the Guam Municipal Golf Course, Inc. (the Golf Course) shall remain in effect, except that references to the Department of Land Management shall be deemed to refer to the Chamorro Land Trust Commission (the Commission).

(b)Rules. The Commission shall establish rules and regulations for the use of the lease payments described in subparagraph

(a)of this section in accordance with the procedures set out in the Administrative Adjudication Law. The Commission shall annually publish a properly audited financial statement in a newspaper of general circulation. Nothing in this section shall be deemed a ratification of the Lease or of any actions of the Golf Course.