As used in this subchapter, these terms shall have the following meanings unless otherwise required by context:
(1) “Borrowing” means a borrowing authorized by and undertaken pursuant to title 58 of this code.
(2) “Resolution” means a resolution relating to the terms of a Borrowing, duly adopted, as may be required or permitted pursuant to title 58 of this code.
Source: PL 5-121 § 33.
Cross-reference: The provisions of title 58 of this code are on Compact Funds Financing.
There is hereby created and established the Bond Repayment Fund, separate from the General Fund of the Federated States of Micronesia and all other funds.
The purpose of the Bond Repayment Fund is to provide for the deposit and disbursement of funds pledged by a State government and/or the National Government which participates in a Borrowing if such funds are not otherwise deposited with the Trustee pursuant to section 522(1) of chapter 5 of title 58 of this code.
Source: PL 5-121 § 35; PL 5-136 § 11.
Cross-reference: Section 522 of chapter 5 (Compact Funds Financing) of title 58 of this code is on the Pledge of Funds.
All funds pledged by and received, other than those funds deposited with a Trustee pursuant to section 522(1) of chapter 5 of title 58 of this code, from a State government or from the National Government for the purpose of securing its financial obligations related to or resulting from a Borrowing shall be deposited into the sub-fund of the Bond Repayment Fund established in connection with that Borrowing. Any unexpended moneys in a sub-fund of the Bond Repayment Fund shall not revert to the General Fund at the end of the fiscal year.
Source: PL 5-121 § 37; PL 5-136 § 12, modified.
Cross-reference: Section 522 of chapter 5 (Compact Funds Financing) of title 58 of this code is on the Pledge of Funds.
The moneys deposited into a sub-fund of the Bond Repayment Fund established in connection with a Borrowing shall be available for disbursement, pursuant to the terms of the Resolution setting forth the terms of the Borrowing, and of any and all other agreements relating to the Borrowing to which the National Government is a party. All such disbursements shall be without additional appropriation from such sub-fund to satisfy all financial obligations related to or resulting from the Borrowing.
The Bond Repayment Fund and each sub-fund therein shall be administered by the Secretary of Finance or his designee, who shall establish regulations and procedures necessary and appropriate for the effectuation and implementation of the provisions of this subchapter, pursuant to chapter 1 of title 17 of this code.
Source: PL 5-121 § 39, modified.
Cross-reference: The provisions of chapter 1 of title 17 of this code are on FSM Administrative Procedures.