YSC, Title 13.  Taxation & Finance
 
 
 
Chapter 16:  Pledges

1601.   Purpose.
1602.   Financing program authorized.
1603.   Maximum amount to be pledged to cover costs.

     1601.  Purpose.

     (a)  Pursuant to the authority and procedures of the National Compact Funds Financing Act, 58 FSMC 511 et seq., as amended, and the Yap State Compact Funds Financing Act, Yap State Law No. 2-14, as amended, Yap State is authorized to borrow funds by participating in a Medium-Term Note Program secured by the State's share of Compact Funds.

     (b)  The purpose of this chapter is to authorize the State to borrow money by and through the National Compact Funds Financing Act and Yap State Compact Funds Financing Act to be invested to generate income.

Source:  YSL 2-79 1, modified.

Cross-reference:  The statutory provisions of YSL 2-14 are codified in chapter 15 of this title.

     1602.  Financing program authorized.
     The Governor is hereby authorized to enter into a Medium-Term Note Program to borrow money to be invested to generate income.  This program shall be in accord with the procedures, powers, limitations and requirements set forth in the National Compact Funds Financing Act and Yap State Compact Funds Financing Act.

Source:  YSL 2-79 1, modified.

     1603.  Maximum amount to be pledged to cover costs.
     In accord with the maximum amounts which may be pledged and used to cover the costs of a borrowing as designated in the Yap State Compact Funds Financing Act, the following are the specific sums of money which are hereby authorized to be pledged and used to cover such costs:

     (a)  Operations 211(a) ................................... $  53,516,560;

     (b)  Capital 211(a) .......................................        30,446,800;

     (c)  Energy 214(b) ......................................            7,606,170;

     (d)  Medical Referral 216(a) ......................           2,373,088; and

     (e)  Inflation adjustment 217 ......................         26,422,593.
 
Source:  YSL 2-79 1, modified.
                                                                                                                                                                                                                                                                                                           
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