TITLE 10: LOCAL LAWS
DIVISION 3: THIRD SENATORIAL DISTRICT (SAIPAN, ETC.)
§ 3925. Saipan Higher Education Financial Assistance Fund. (a) There is hereby established the Saipan Higher Education Financial Assistance Fund, wholly segregated and separate from the General Fund, into which all monies accruing to the benefit of the Saipan Higher Education Financial Assistance Board shall be deposited. The Secretary of Finance is hereby authorized and directed to establish a separate account into which all funds appropriated, donated, or accruing to the benefit of the fund shall be deposited, and for the payments made therefrom as directed by the board. (b) Continuing Appropriation. The sum of $3,200,000.00 is hereby continuously appropriated from the fees collected from the Local Licensing Fee for Poker and Pachinko Machine pursuant to 10 CMC § 3821. The Secretary of Finance shall transfer the amount every fiscal year into the fund established under this article. Provided further that $3,000,000.00 shall be for the Saipan Higher Education Financial Assistance Fund and $200,000.00 for personnel and operations of the Board. Source: Saipan LL13-21, § 5; (b) amended by Saipan LL 14-13, § 2(b); (b) repealed and reenacted by Saipan LL 14-28, § 1, modified. Commission Comment: SLL 13-21 contained two sections numbered 5. See the comment to 10 CMC § 3922 regarding SLL 14-13. In subsection (b) above, the Commission replaced “this act” with “this article” and inserted “10 CMC § 3821" in place of “Saipan Local Law 13-8" pursuant to 1 CMC § 3806(d). Moreover, in the same subsection the Commission changed “Saipan Higher Education Financial Assistance funds” to “Saipan Higher Financial Assistance Fund” to correct a manifest error. SLL 14-28 was enacted on October 19, 2005 and contained severability and savings clauses. The SHEFA program was given funding priority on April 28, 2006, by SLL 15-3 [codified at 10 CMC § 3822].