Reservation of License Revenue

Reservation of License Revenue. (a) The Secretary of Finance shall first reserve $13,000,000.00 of the revenues generated from the licensing of amusement machines under 4 CMC § 1503(a)(2) and 4 CMC § 1503(a)(5) for reimbursement to the Second and Third Senatorial Districts for the payment of obligations of the Central Government under Public Law 7-31 to its employees as follows: (1) $1,700,000.00 shall be deposited into the Second Senatorial District Delegation account and made available for appropriation by the Second Senatorial District Delegation; and (2) $11,300,000.00 shall be deposited into the Third Senatorial District Delegation account and made available for appropriation by the Third Senatorial District Delegation. (b) After the amount required pursuant to subsection (a) is satisfied in full, the Secretary of Finance shall deposit all of the revenues generated from the licensing of amusement machines under 4 CMC § 1503(a)(2) and 4 CMC § 1503(a)(5) in a separate trust account in the General Fund to be known as the “Capital Building Trust Fund.” The revenues deposited in this account shall be reserved to fund new capital buildings for the Commonwealth Government, specifically for the Executive and Legislative branches including the construction of new government residences for the governor and lieutenant governor on the island of Saipan. Source: PL 9-22, § 1 (§ 1507), modified (repealing PL 5-3, § 7); amended by PL 9-29, § 5, modified; subsection (b) amended, and new subsection (d) created by PL 11-25, §§ 13 and 14, respectively; repealed and reenacted by PL 20-59 § 2 (May 11, 2018). Commission Comment: [Historical comments removed.] The Commission corrected the citation format by inserting “§” symbols in (a) and (b) pursuant to 1 CMC § 3806(g). The Commission changed capitalization in (b) for consistency pursuant to 1 CMC § 3806(f).