Article VI — Guam Development Fund
6 sections · 0 paragraphs in this article.
Guam has not adopted a constitution of its own — the federal Organic Act of 1950 serves as its founding charter, establishing the three branches of the territorial government and a bill of rights. Codified at 48 U.S.C. ch. 8A.
48 U.S.C. § 1428 § 1428. Authorization of appropriations
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(a) For the purpose of promoting economic development in the territory of Guam, there is authorized to be appropriated to the Secretary of the Interior to be paid to the government of Guam for the purposes of this subchapter the sum of $5,000,000. (b) In addition to the appropria…
48 U.S.C. § 1428a § 1428a. Submission of plan for use of funds; contents of plan; term, interest rate, and premium charge of loan
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Prior to receiving any funds pursuant to this subchapter the government of Guam shall submit to the Secretary of the Interior a plan for the use of such funds which meets the requirements of this section and is approved by the Secretary. The plan shall designate an agency or agen…
48 U.S.C. § 1428b § 1428b. Prerequisite for loan or loan guarantee; maximum participation in available funds; reserves for loan guarantees
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No loan or loan guarantee shall be made under this subchapter to any applicant who does not satisfy the agency or agencies administering the plan that financing is otherwise unavailable on reasonable terms and conditions. The maximum participation in the funds made available unde…
48 U.S.C. § 1428c § 1428c. Accounting procedures
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The plan provided for in section 1428a of this title shall set forth such fiscal control and fund accounting procedures as may be necessary to assure proper disbursement, repayment, and accounting for such funds.
48 U.S.C. § 1428d § 1428d. Report for inclusion in annual report by Governor
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The Governor of Guam shall include in the annual report to Congress required pursuant to section 1422 of this title a report on the administration of this subchapter.
48 U.S.C. § 1428e § 1428e. Audit of books and records of agency, or agencies, administering loan funds
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The Comptroller General of the United States, or any of his duly authorized representatives, shall have access, for the purpose of audit and examination, to the books, documents, papers, and records of the agency, or agencies, of the government of Guam administering the plan that…