Special Surplus Property Fund

(a)There is hereby established a fund to be known as the Special Surplus Property Fund, which shall be maintained separate and apart from any other funds from the government of Guam, and independent records and accounts thereof shall be established in connection therewith. The Chief Procurement Officer shall be the Certifying Officer of this Fund.

(b)All appropriations made for the purpose of implementing this Article shall be deposited with the Special Fund. All receipts from charges or fees assessed pursuant to § 20511 of this Article shall additionally be placed in the Special Fund. All proceeds from the sale or disposition of surplus supplies shall also be placed in the Special Fund. All debts, liabilities, obligations and operating expenses to manage this Fund, incurred pursuant to this Article shall be paid by the Chief Procurement Officer from said Fund. The Chief Procurement Officer is authorized to expend said funds for the training and development of GSA personnel and to support the operations of the Guam Procurement Advisory Council.

(c)The Chief Procurement Officer shall render quarterly to I Maga’lahi (the Governor) and to I Liheslatura (the Legislature) a statement reflecting the financial condition of the Special Fund and a financial statement of operations of the said Special Fund for the period covered.