Lenders Disaster Escrow Account

After submission of the FEMA required documentation by the DDT to the GRO and the request for a drawdown by Guam on the revolving LOC, the lender shall pay the money to the LDEA, which will be through an escrow selected by lender, through an escrow process performed directly by lender, or by the Guam Department of Administration if lender so elects. The LDEA shall determine that the proper amount of money is allocated and disbursed to Guam, a Guam agency, a service provider or supplier or vendor. The LDEA shall issue the physical checks in the amounts, and to Guam and to the entities, consistent with the process established by this Chapter. SOURCE: P.L. 26-174:8 (Jan. 5, 2003); compiled by Compiler.