
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 23, 2000]
[Document not affected by Public Laws enacted between
  January 23, 2000 and December 4, 2001]
[CITE: 48USC1428a]

 
              TITLE 48--TERRITORIES AND INSULAR POSSESSIONS
 
                            CHAPTER 8A--GUAM
 
                  SUBCHAPTER VI--GUAM DEVELOPMENT FUND
 
Sec. 1428a. Submission of plan for use of funds; contents of 
        plan; term, interest rate, and premium charge of loan
        
    Prior to receiving any funds pursuant to this subchapter the 
government of Guam shall submit to the Secretary of the Interior a plan 
for the use of such funds which meets the requirements of this section 
and is approved by the Secretary. The plan shall designate an agency or 
agencies of such government as the agency or agencies for the 
administration of the plan and shall set forth the policies and 
procedures to be followed in furthering the economic development of Guam 
through a program which shall include and make provision for loans and 
loan guarantees to promote the development of private enterprise and 
private industry in Guam through a revolving fund for such purposes: 
Provided, That the term of any loan made pursuant to the plan shall not 
exceed twenty-five years; that such loans shall bear interest (exclusive 
of premium charges for insurance, and service charges, if any) at such 
rate per annum as is determined to be reasonable and as approved by the 
Secretary, but in no event less than a rate equal to the average yield 
on outstanding marketable obligations of the United States as of the 
last day of the month preceding the date of the loan, adjusted to the 
nearest one-eighth of 1 per centum, which rate shall be determined by 
the Secretary of the Treasury upon the request of the authorized agency 
or agencies of the government of Guam; and that premium charges for the 
insurance and guarantee of loans shall be commensurate, in the judgment 
of the agency or agencies administering the fund, with expenses and 
risks covered.

(Pub. L. 90-601, Sec. 3, Oct. 17, 1968, 82 Stat. 1172.)

                          Codification

    Section was not enacted as part of the Organic Act of Guam which 
comprises this chapter.

                  Section Referred to in Other Sections

    This section is referred to in section 1428c of this title.
