Disposal of Excess Supplies and Surplus Equipment by the Jose D. Leon Guerrero

Commercial Port of Guam. Notwithstanding the provisions of § 5403 (Allocation of Proceeds from Sale or Disposal of Surplus Supplies), when the Jose D. Leon Guerrero Commercial Port of Guam engages in disposing of excess or surplus supplies and equipment that were purchased with funds generated from rates, tariffs, or other sources of the Jose D. Leon Guerrero Commercial Port of Guam and not from the General Fund, ninety percent (90%) of the total proceeds from the sale, lease or disposal shall revert to the Jose D. Leon Guerrero Commercial Port of Guam and the remaining ten percent (10%) of the total proceeds shall be deposited into the Guam Procurement Advisory Council Support Fund, and shall be administered in accordance with § 5906 of this Chapter. The Jose D. Leon Guerrero Commercial Port of Guam shall not transfer, sell, tradein, or otherwise dispose of supplies and equipment owned by the Jose D. Leon Guerrero Commercial Port of Guam without the authorization of the Jose D. Leon Guerrero Commercial Port’s Board of Directors.