Promissory Note; Issuance to Creditors

(a)Any creditor of the government of Guam (other than a tort claimant with an unadjudicated claim) who is not paid within thirty

(30)days of filing his claim may request that the Director of Administration issue a registered, nontransferable promissory note in the amount of his claim from the government of Guam, bearing interest at six percent (6%) per annum and maturing one year from its date of issue. Within thirty

(30)days of the request, the Director of Administration shall either issue said promissory note or shall deliver to the claimant a statement that part or all of the claim is disputed. If only part of the claim is disputed, a promissory note shall be issued for the undisputed portion. The Director shall, in the statement that part or all of the claim is disputed, designate a hearing officer for a hearing pursuant to the Administrative Adjudication Law, set a hearing date not less than thirty

(30)days nor more than sixty

(60)days from the date of the statement, and indicate with particularity the reasons the claim is disputed. If no such statement of disputed claim is issued within COL4/6/2022 CH. 22 GENERAL FISCAL POLICIES AND CONTROLS thirty

(30)days, the claim shall be deemed undisputed.

(b)The amount of promissory notes issued in a fiscal year pursuant to subsection

(a)hereof shall not exceed two percent (2%) of the total revenues projected pursuant to Title 2 Guam Code Annotated Chapter 13 for the General Fund for that fiscal year.