Territorial Highway Fund

(a)For the purpose of securing the for the entire Territory proper maintenance and construction of existing highways, including roads and city and village streets and for implementing all highway-safety related plans, programs and projects, there is hereby established a fund to be known as the Territorial Highway Fund, which fund to be maintained separate and apart from any other funds of the government of Guam, and independent records shall be kept in connection therewith.

(b)For the period beginning July 1, 1971, all monies received under and monies and revenue made available from the Federal Government for public highway purposes and highway safety related plans, programs and projects shall be deposited with the Territorial Highway Fund, provided further that any increase of tax revenue pursuant to 11 GCA Chapter 26, Article 4 shall revert to the General Fund to the extent that the increase of tax imposed. Accounting procedures for the funds shall be prescribed by the Director of Administration and suitable reserves shall be maintained for tax drawbacks under this Article which shall be paid from the Fund.