Creation of Fund

(a)There is hereby created, separate and apart from other funds of the government of Guam, a fund to be known as the “Line of Credit Repayment Fund” (Fund). The Fund shall not be commingled with the General Fund and shall be kept in a separate bank account, under the purview of the Public Auditor. The funds deposited into the Line of Credit Repayment Fund are hereby appropriated for the repayment of the line of credit authorized by I Liheslaturan Guåhan [Guam Legislature] in 5 GCA § 22431(a).

(b)All payments made pursuant to the written payment plans executed between the government and taxpayers for balance taxes due for all tax years, other than tax year 2001, not subject to an existing levy, payroll deduction, or written voluntary agreement, or constitute an account deemed by the Department of Revenue and Taxation to be pending due to litigation or other legal problems, shall be deposited into the Fund to be solely used for the repayment of the line of credit authorized herein.

(c)The Department of Revenue and Taxation shall provide I Maga’lahen Guåhan [Governor] and I Liheslaturan [Guam Legislature] Guåhan on a bi-weekly basis, upon the enactment of this Section, the total amount of balance taxes due, subject to a written payment plan, and the number of taxpayers executing the written payment plan.

(d)The deposits made to the Fund pursuant to 5 GCA § 22432(b) shall be invested or reinvested in interest-bearing instruments, United States treasury notes, investment grade and insured corporate notes, and other like instruments which are readily convertible to cash needed to pay for the line of credit COL4/6/2022 CH. 22 GENERAL FISCAL POLICIES AND CONTROLS authorized by I Liheslaturan Guåhan in § 22429(a) of Title 5 of the Guam Code Annotated.