FSMC, TITLE 30.  DEVELOPMENT BANKING

 
 
 
Chapter 2:  Investment
Development Fund

201.    Investment Development Fund.

     201.  Investment Development Fund.

   (1)   There is hereby created the Investment Development Fund (hereinafter, the "Fund") separate from the General Fund and other funds.

   (2)   The sum of $12,000,000 received from the United States as grant funds pursuant to section 111 of United States Public Law 99-239, or so much thereof as may be necessary, together with any and all investment earnings accrued thereon since the date of receipt by the National Government and the date such sum is transferred to the Fund, is hereby appropriated from the General Fund of the Federated States of Micronesia for the fiscal year ending September 30, 1989, for the purpose of capitalizing the Investment Development Fund.  The sum of $8,000,000 received from the United States as grant funds pursuant to section 111 of United States Public Law 99-239, or so much thereof as may be necessary, together with any and all investment earnings accrued thereon since the date of receipt by the National Government and the date such sum is transferred to the Fund, is hereby appropriated from the General Fund of the Federated States of Micronesia for the fiscal year ending September 30, 1991, for the purpose of further capitalizing the Investment Development Fund.  In addition, all earnings accrued on investment of the Fund, all repayments of principal and interest and penalties on loans made from the Fund, all cash assets recovered on loans made from the Fund, and all fees, charges, and penalties collected in relation to administration of the Fund shall be deposited into the Fund.

   (3)   The Fund created by this section shall be allotted, disbursed, managed, administered, and accounted for in accordance with this section, with the "Agreement Between the Government of the United States and the Government of the Federated States of Micronesia Regarding the Investment Development Fund of the Federated States of Micronesia Concluded Pursuant to Section 111(c) of United States Public Law 99-239," with the Investment Development Act of 1988 and other applicable laws, and with such guidelines, policies, and procedures as may be established by the Federated Development Authority. The allottee shall be responsible for ensuring that these funds, or so much thereof as may be necessary, are used solely for the purpose specified in this act, and that no obligations are incurred in excess of the sums appropriated. The authority of the allottee to obligate funds appropriated by this act shall not lapse.

   (4)   Any unexpended money in the Fund shall not revert to the General Fund or lapse at the end of a fiscal year.

Source:  PL 5-122 2; PL 6-109 1.

Cross-reference:  The Investment Development Act of 1988 is codified in chapter 3 of this title.