Guam Fund. (a) The Board shall adopt and maintain a system of accounting which is in accordance with generally accepted accounting principles applicable to airports. (b) The Board shall employ a firm of independent certified public accountants who shall examine and report to the Board, at least annually, upon the status of the financial records and accounts maintained by the Authority. Copies of any such reports shall be furnished to I Maga’håga/Maga’låhi and to I Liheslatura. (c) The Board shall report to I Maga’håga/Maga’låhi and to I Liheslatura concerning the administration of the affairs of the Authority. It shall present an annual report within one hundred twenty (120) days after the end of each fiscal year and, if requested by I Maga’håga/Maga’låhi or I Liheslatura,
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shall present special reports within thirty (30) days after the end of each intervening quarter. The financial information presented in such reports shall be in accordance with the system of accounts adopted by the Board. (d) There is established a fund to be known as the “Antonio B. Won Pat International Airport Authority, Guam Fund” which the Authority shall maintain separate and apart from other funds of the government of Guam, and independent records and accounts shall be maintained in connection therewith. (e) All monies received by the Authority from whatever source derived shall be deposited in said Fund, or in such funds as may be established pursuant to Article 2 of this Chapter, in eligible banks as defined in § 21112 of 5 GCA. (f) All expenditures, except as otherwise provided by law, shall be made from said Antonio B. Won Pat International Airport Authority, Guam Fund. SOURCE: GC § 62010, as enacted by P.L. 13-057 (Sept. 26, 1975). 2024 NOTE: References to “Governor” replaced with I Maga’håga/Maga’låhi pursuant to 5 GCA § 1510. References to “Legislature” replaced with I Liheslatura pursuant to 2 GCA § 1101. 2022 NOTE: Reference to the “Guam Airport Authority” replaced with “Antonio B. Won Pat International Airport Authority, Guam” pursuant to 12 GCA § 1102(a). NOTE: Pursuant to the authority granted by 1 GCA § 1606, the statute reference to the Government Code in subsection (e) was altered to the Guam Code Annotated.