As-Tumbo Subdivision Fund

The sum of Three Hundred Thousand Dollars ($300,000) is hereby transferred from the revolving fund created by Section 3 of P.L. 14-5 as amended by P.L. 14-57, 14-92 and 14-137, to the Guam Housing and Urban Renewal Authority (GHURA) for the purpose of establishing the As-Tumbo Subdivision Revolving Fund. The money in said revolving fund shall be used for the purpose of meeting current obligations incurred in the development or construction of the subdivision in this Article. The Board shall authorize current payments to its contractors or suppliers and proceeds of sales of lots in the subdivision shall be deposited in the fund. Any balance remaining at the conclusion of the project shall be paid over to the General Fund. SOURCE: GC § 13948, as added by P.L. 14-138.