(a) Nothing in this Chapter shall be construed to waive sovereign immunity of the government of Guam in regards to this Initiative, or to: (1) give a designated beneficiary any rights or legal interest with respect to an account; (2) guarantee that a designated beneficiary: (A) will be admitted to an institution of higher education; or (B) upon admission to an institution of higher education, will be permitted to continue to attend or will receive a degree from the institution;
COL9192018 AND FIRST GENERATION TRUST FUND INITIATIVE
(3) create residency for an individual merely because the individual is a designated beneficiary; or (4) guarantee that amounts available pursuant to the Initiative will be sufficient to pay the full enrollment, registration or tuition expenses of a designated beneficiary. (b) Nothing in this Chapter shall create, or be construed to create, any obligation of the Guam DOE or any agency or instrumentality of the government of Guam to guarantee for the benefit of a designated beneficiary: (1) the rate of interest or other return on any account; (2) the payment of interest or other return on any account; or (3) the repayment of the principal of any account. (c) The DOE shall provide by rule that every agreement, contract, application, deposit slip, or other similar document that may be used in connection with a contribution to an account, clearly indicates that the account is not insured by the government of Guam, and that neither the principal deposited nor the investment return is guaranteed by the government of Guam. (d) Nothing in this Chapter shall entitle a GDOE graduate to the cash equivalent of the scholarship award. Awards shall be paid directly from the Fund to UOG or GCC for enrollment, registration, and tuition fees. SOURCE: Added as § 14112 by P.L. 33-007 (Feb. 5, 2015). Codified to this section by the Compiler pursuant to 1 GCA § 1606.
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COL9192018