There is created and established the Maritime Operations Revolving Fund, referred to in this subchapter as the "Fund," separate from the General Fund of the Federated States of Micronesia and all other funds.
The purpose of the Fund is to establish an ongoing revolving fund to allow appropriations for and revenues from the operation of all National Government vessels under the direct operational control of the Department of Transportation and Communication to be used for the ongoing operation and maintenance of such vessels.
Source: PL 3-8 § 2; PL 7-32 § 1.
Cross-reference: The statutory provisions on Admiralty and Maritime are found in title 19 of this code.
All future appropriations for the operation and maintenance of the vessels, as well as revenues received from the operation of these vessels, shall be deposited in the Fund. Any unexpended moneys in this Fund shall not revert to the General Fund nor lapse at the end of the fiscal year.
The Fund shall be administered by the President of the Federated States of Micronesia 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 3-8 § 4.
Cross-reference: The statutory provisions on the President and the Executive are found in title 2 of this code. Chapter 1 of title 17 of this code is on FSM Administrative Procedures.
The President or his designee shall report to the Congress of the Federated States of Micronesia on the status of the Fund at the close of each fiscal year.
Source: PL 3-8 § 5.
Cross-reference: The statutory provisions on the President and the Executive are found in title 2 of this code. The statutory provisions on the FSM Congress are found in title 3 of this code.