Revolving Funds

(a)The Governor may, when he deems it necessary and proper, create, establish and continue from appropriated funds or service fees, revolving or other special funds to be used in providing services and in maintaining such activities of the COL4/6/2022 CH. 22 GENERAL FISCAL POLICIES AND CONTROLS government of Guam as the purchase and sale of seed by the Department of Agriculture and the purchase of books by the Department of Education.

(b)Such revolving or other special funds, if and when created and established, shall be maintained separate and apart from any other funds of the government of Guam, and independent records and accounts shall be maintained in connection therewith as prescribed by the Director of Administration.

(c)All moneys received from said activities shall be deposited in the appropriate revolving or other special funds, and all debts, liabilities, obligations and operating expenses in connection with such activities shall be paid therefrom.

(d)The Director of the Department or such other officer who has cognizance and jurisdiction over such revolving or other special funds established as provided herein, shall monthly render to the Governor a statement reflecting the financial condition of the fund or funds under his jurisdiction.

(e)The Director of Administration shall periodically audit the accounts and records of such revolving or other special funds and render a report thereon to the Governor.