Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698749879392.pdf (Micronesia, Federated States of)
TWENTY-THIRD CONGRESS OF THE FEDERATED STATES OF MICRONESIA SECOND REGULAR SESSION, 2023 C.B.

NO.

23-54 A BILL FOR AN ACT To appropriate the sum of $2,000,000 from the General Fund of the Federated States of Micronesia for the fiscal year ending September 30, 2024, for the purpose of funding short-term loans to States to provide funding for continued and uninterrupted operations of State Governments, to be repaid from said State’s share of fishing access fees, and for other purposes.
BE IT ENACTED BY THE CONGRESS OF THE FEDERATED STATES OF MICRONESIA: 1 Section 1.

Purpose.

The purpose of this Act is to provide 2 funding for short-term loans to States that need temporary 3 financial assistance for continued and uninterrupted operations 4 while awaiting receipt of 2023 Compact Funds.

5 Section 2.

Appropriation.


The sum of $2,000,000 is hereby 6 appropriated from the General Fund of the Federated States of 7 Micronesia for the fiscal year ending September 30, 2024, for the 8 purpose of funding short-term loans to the States, subject to the 9 conditions below.

The funds appropriated under this section shall 10 be apportioned as follows: 11 12 1.

Short-term loans to the States...... ...$2,000,000 Section 3.
A State facing a budgetary shortfall for fiscal 13 year 2024 may apply for a short-term loan from the National 14 Government; PROVIDED THAT, said loan shall be repaid by 15 deducting the loan amount from that State’s share of fishing 16 access fees prior to any other fishing access fee revenue being 17 distributed to the State.

CBL 23-57 C.B.

NO.

23-54 1 Section 4.


The Secretary of Finance and Administration is 2 authorized to enter into loan agreements with a State to 3 effectuate the provisions of this Act.

4 Section 5.

Allotment and management of funds and lapse 5 date.

All funds appropriated by this act shall be allotted, 6 managed, administered and accounted for in accordance with 7 applicable laws, including, but not limited to, the Financial 8 Management Act of 1979.
The allottee shall be responsible for 9 ensuring that these funds, or so much thereof as may be 10 necessary, are used solely for the purpose specified in this 11 act, and that no obligations are incurred in excess of the sum 12 appropriated.

The allottee of the funds appropriated under this 13 act shall be the President.
The authority of the allottee under 14 this act may be sub-allotted to a cabinet secretary or 15 secretaries in accordance with the Financial Management Act and 16 shall lapse on September 30, 2024.

17 Section 6.

This Act shall become law upon approval by the 18 President of the Federated States of Micronesia or upon its 19 becoming law without such approval.

20 21 Date: 9/18/23 22 23 24 25 Introduced by: /s/ Isaac V. Figir Isaac V. Figir 2 of 2