Chapter 52

COL12010612GCA AUTONOMOUS AGENCIES CH.52AGRICULTURAL DEVELOPMENT FUND 1CHAPTER 52 AGRICULTURAL DEVELOPMENT FUND § 52101. Agricultural Development Fund. § 52102. Same: Source of Moneys. § 52103. Same: Use of Fund Moneys. § 52104. Procedure. § 52105. Responsibilities. § 52106. Use of Funds. § 52106.1. From the Agricultural D evelopment Fund. § 52106.2. Criteria and Requirements. § 52107. Annual Reports. § 52108. Construction. § 52101. Agricultural Development Fund. Ther e is her eby established a special fund called the Agricultural Develop ment Fund, hereinafter referred to a s the Fund, which sha ll be maintained separate and apart from any other funds of the Guam Economic Development Authority, and indepen dent records and accounts shall be maintained in connec tion therewith. SOURCE: GC § 53596. § 52102. Same: Source of M oneys. The Fund shall consist of all moneys appropriated by the government of Guam or received from the United States Government or any agency thereof, or form any other source for the administra tion of this Chapter, or from any person or organization as compensation for services rendered or facili ties supplied; amounts received pursuant to any surety bond or

other source for the administra tion of this Chapter, or from any person or organization as compensation for services rendered or facili ties supplied; amounts received pursuant to any surety bond or insurance policy or from other sources for losses sustained by the Fund or by reason of damage to equip ment or supplies purchased with moneys from the Fund; and all proceeds realized from the sale or other disposi tion of any equip ment or supplies purchased with moneys from the Fund. SOURCE: GC § 53597. § 52103. Same: Use of Fund Moneys. The moneys in the Fund are to be used by the Guam Economic Develop ment Authority as part of a joint program with the Depart ment of Agriculture to aid in the development or subsidiza tion of poultry, pork COL12010612GCA AUTONOMOUS AGENCIES CH.52AGRICULTURAL DEVELOPMENT FUND 2and beef production, agricultural products, processing plants and equipment loans. This development will be wholly on the basis of a private enterprise, and government land will be used only when it is readily avail able and suitable, privately owned land to be utilized wher ever possible. SOURCE: GC § 53598. § 52104. Pro cedure.

private enterprise, and government land will be used only when it is readily avail able and suitable, privately owned land to be utilized wher ever possible. SOURCE: GC § 53598. § 52104. Pro cedure. The program will proceed in two (2) directions: (a) Direct loans to individuals as approved by the Department of Agriculture. (b) The organization of separate agricultural corpora tions to be jointly managed by the Guam Economic Devel opment Autho rity and the Depart ment of Agricultur e. SOURCE: GC § 53599. § 52105. Responsibilities. It shall be the responsibility of the Guam Economic Development Authority to (a) provide the needed funds, (b) provide financial and business management, (c) organize and direct marketing activities. It shall be the responsibility of the Department of Agri culture to (a) select and evaluate land when applicable, (b) approve and/or select the agri - cultural products in volved, (c) exercise operat ing ma nagement control, (d) exercise continuing technical surveillance of each project. SOURCE: GC § 53600. § 52106. Use of Funds. Funds will be advanced to whatever entity is involved for the purpose of purchasing poultry, hogs, cattle, supplies, feed, etc.,

rveillance of each project. SOURCE: GC § 53600. § 52106. Use of Funds. Funds will be advanced to whatever entity is involved for the purpose of purchasing poultry, hogs, cattle, supplies, feed, etc., all related to poul try, hog or beef production; leasing and purchasing of equipment; establishing and developing agriculture, aquaculture, horticulture and mariculture operations, processing plants and the leasing of land when applicable to the development of poultry, pork a nd beef production, agricultural products or processing plants. Collateral security will be obtained, if possible. Funds so advanced will be on the basis of an interest charge of four percent (4%) per annum. In some instances funds advanced will be on a co ntinuing and revolving basis, until such time as the project is self -supporting.COL12010612GCA AUTONOMOUS AGENCIES CH.52AGRICULTURAL DEVELOPMENT FUND 3SOURCE: GC § 53601; amended by P.L. 20 -97:4. § 52106.1. From the Agricultural Development Fund. The Guam Economic Development Authority shall make direct loans to and guarante e loa ns of r esponsible non -profit cooperative associations and individual farmers necessary for expanding facilities for the

Economic Development Authority shall make direct loans to and guarante e loa ns of r esponsible non -profit cooperative associations and individual farmers necessary for expanding facilities for the improvement of marketing of agriculture products and other related agriculture activities in carrying out provisions of §§ 52103, 5 2106, and 56103 of this Division. SOURCE: GC § 53601.1, as added by P.L. 16 -125; amended by P.L. 20 -97:2. § 52106.2. Criteria and Requirements. In undertaking any such loan, the Board of Directors shall be guided by and shall observe the following criteria and requirements; provided, that the deter mination by the Board of Directors as to its compliance with such criteria and requirements shall be final and conclusive: (1) Ther e is a need for such facilities in the area in which the facilities are to be loca ted; (2) No facilities shall be leased to any public or non -profit agency unless a feasibility study supporting the project’s financing is submitted by the applicant to the Corporation. The study shall contain information as directed by the Corporation.

non -profit agency unless a feasibility study supporting the project’s financing is submitted by the applicant to the Corporation. The study shall contain information as directed by the Corporation. (3) Adequate provision shall be made for the payment of the principal of and the interest on said loan and any necessary reserves therefor and for the operation, repair and maintenance of the facilities at the expense of the lessee(s); and (4) Public facilit ies, including utilities, and public services necessary for the facilities will be made available.' SOURCE: Added by P.L. 20 -97:5. § 52107. Annual Reports. An a nnual report shall be made jointly by the Guam Economic Development Authority and the Department of Agriculture to the Governor and the Legislature, reporting upon the progress made and contain ing a detailed financial analysis. SOURCE: GC § 53602. COL12010612GCA AUTONOMOUS AGENCIES CH.52AGRICULTURAL DEVELOPMENT FUND 4§ 52108. Construction. This Chapter shall be liberally construed to accomplish its purpose of aiding in the development of agriculture. SOURCE: GC § 53603. ----------