Creation of the Mayors’ Council of Guam (MCOG) Revolving Fund

There is hereby established a Revolving Fund under the control and custody of the Mayors’ Council of Guam (the Council). The Mayors’ Council of Guam is hereby authorized to raise funds through fundraising efforts as approved by the Council, solicit corporate sponsorship, and to accept contributions that are solely beneficial to the Mayors’ Council of Guam. These revenues shall be deposited into the MCOG Revolving Fund, and shall be used to fund MCOG sanctioned programs, projects and special events. The Council shall take all necessary precautions to ensure that the Revolving Fund is operating in conformity with all existing statutes, rules and regulations, codes, executive orders, and any other authority which is applicable to the operations of the Revolving Fund. Any balance remaining in the funds at the end of the fiscal year shall carry over into the next fiscal year or until expended. All disbursement transactions on the Revolving Fund shall be as stipulated herein:

(a)the Mayors’ Council of Guam is hereby authorized to open a checking account for the purpose of establishing the Mayors’ Council of Guam Revolving Fund, and for the purpose of keeping these funds separate and apart from the General Fund;

(b)the Council shall approve all expenditures for MCOG sanctioned programs, projects and special events;

(c)the minutes of the MCOG meetings must verify the authorization given by the Council;

(d)there must be two

(2)authorized signatures; authorized signatures shall be that of the President and Treasurer of the Council. If a temporary absence occurs in either the office of the President or Treasurer, then the order of succession of the Officers who shall be eligible to serve in an acting capacity shall be recognized as an authorized signature; CH. 40 MAYORS OF GUAM

(e)the Treasurer (or the Council’s authorized representative) shall be responsible for receipts and other substantiation as determined by the Council for all checks issued.

(f)No later than thirty

(30)days after the end of every fiscal quarter, the President of the Mayors’ Council of Guam shall submit to the Public Auditor of Guam and the Speaker of I Liheslaturan Guåhan and post on its website, in written and electronic format (including, but not limited to, diskettes, CDs and email) a report making full disclosure of the Mayors’ Council of Guam Revolving Fund. Said report shall be in the form of financial statements or revenue and expenditure reports for the Mayors’ Council of Guam Revolving Fund.