Gymnasium Revolving Fund

(a)There are hereby established Gymnasium Revolving Funds for eligible municipalities, in accordance with this Chapter, which will be separate and apart from other funds, including the General Fund. The Mayors’ Council of Guam is hereby authorized to set charges for the use of village gymnasiums. These proposed fees shall be submitted to I Liheslaturan Guåhan for approval. The Mayor and the Municipal Planning Councils of each village are hereby authorized to raise funds through charging commercial enterprises to advertise on the walls of their gymnasium, raise funds through fund-raising efforts, to include approving concessionaire activities within each municipality’s gymnasium as approved by its Municipal Planning Council, and to accept contributions that are solely beneficial to the gymnasium. These revenues shall be deposited into the Gymnasium Revolving Fund of each eligible municipality and shall be expended in accordance with the provisions of this Chapter.

(b)The Mayors shall take all action to ensure that the Gymnasium 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 Gymnasium Revolving Funds. Any balance remaining in the funds at the end of the fiscal year shall carry over into the next fiscal year or until expended.

(c)All disbursement transactions on the Gymnasium Revolving Fund shall be as stipulated herein:

(1)the Municipal Planning Council of each village shall approve all expenditures for that particular village;

(2)the minutes of the meetings must verify the authorization given by the Municipal Planning Council;

(3)there must be two

(2)authorized signatures; authorized signatures shall be determined by the Mayor and the Chairperson of the Municipal Planning Council, or a member designee;

(4)the Mayor shall be responsible for receipts and other substantiation as determined by the Municipal Planning Council for all checks issued; and CH. 40 MAYORS OF GUAM

(5)each Mayor shall submit a financial statement at the end of each fiscal year to the Mayors’ Council of Guam.

(d)This Section shall be applicable to municipalities which have established a Gymnasium Revolving Fund in accordance with the provisions this Chapter.