Special Accounts

Special Accounts. The Secretary of Finance shall establish the following special accounts into which all revenues raised from the licensing of electronic table games under 4 CMC § 1503(a)(6) above shall be deposited: (a) Retirement Defined Benefit Plan Members Fund. The Secretary of Finance shall deposit 15% of the fees collected annually pursuant to this 4 CMC § 1503(a)(6) into this account. The funds in this account shall be available for expenditure without further act of appropriation for the payment owed to Defined Benefit members that terminated their membership in the Defined Benefit Plan and withdrew their employee contributions pursuant to Public Law 17-82, as amended by Public Law 18-02. Upon the satisfaction of the payment owed under this subsection, all funds allotted under this subsection shall be deposited in Northern Marianas Retirement Fund Account as provided in subsection (b). The expenditure authority of the funds under this subsection shall be the Secretary of Finance. (b) Northern Marianas Retirement Fund Account. The Secretary of Finance shall deposit 60% of the fees collected annually pursuant to this 4 CMC § 1503(a)(6) into this account. The funds in this account shall be available for expenditure without further act of appropriation for the payment of the twentyfive percent deferment of retirees’ pensions from the Northern Mariana Islands Retirement Fund. The expenditure authority of the funds under this subsection shall be the Secretary of Finance. (c) Special Account for Third Senatorial District. The Secretary of Finance shall create a special account and shall deposit 15% of the fees collected annually pursuant to this 4 CMC § 1503(a)(6) into this account. The funds deposited into this account shall be available for appropriation by the Legislative Delegation of the Senatorial District in which the fees were generated and shall be available for appropriation without limitation by 1 CMC § 1402 or any other related provisions of law. (d) Special Account for First and Second Senatorial Districts. The Secretary of Finance shall deposit 10% of the fees collected annually pursuant to this 4 CMC § 1503(a)(6) into this account and divide the fees equally in subaccounts for the First and Second Senatorial Districts. The funds deposited into subaccounts shall be available for appropriation by the Legislative Delegation of the First and Second Senatorial Districts, respectively. Source: PL 18-30 § 9 (Dec. 13, 2013), modified; (d) amended by PL 19-61 § 2 (Aug. 9, 2016). Commission Comment: The Commission corrected section numbers pursuant to 1 CMC § 3806(d). The Commission struck the figure “25%” from subsection (b) pursuant to 1 CMC § 3806(e). The Commission corrected the capitalization of the words “twenty-five percent” in subsection (b) pursuant to 1 CMC § 3806(f).