Upon the affirmative vote of two-thirds of the members of each house of the Legislature, the Commonwealth may issue pension obligation bonds, the cumulative amount of which shall not exceed the Commonwealth’s actuarially determined unfunded accrued liability to the Retirement Fund. The net proceeds of each bond issuance shall be deposited and invested along with other monies in a defined benefit plan trust fund administered by the Northern Mariana Islands Retirement Fund. The bonds issued under this section shall comply with Section 3 of this Article and shall be exempt from Section 4 of this Article.
Pension Obligation Bonds
N. Mar. I. Const. art. X, sec. 10 — under Taxation and Public Finance.
N. Mar. I. Const. art. X, sec. 10
Pension Obligation Bonds