Title 4 — Economic Resources
115 chapters · 1,861 sections in this title.
4 CMC § 10401 Funds of the Authority
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TITLE 4: ECONOMIC RESOURCES DIVISION 10: COMMONWEALTH DEVELOPMENT AUTHORITY § 10401. Funds of the Authority. (a) The funds available to the authority as paid-in capital shall consist of the following: (1) All United States economic assistance for economic development loans provid…
4 CMC § 10402 General Management Guidelines
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TITLE 4: ECONOMIC RESOURCES DIVISION 10: COMMONWEALTH ECONOMIC DEVELOPMENT AUTHORITY § 10402. General Management Guidelines. (a) The board shall formulate operational plans, policies, and procedures to implement the provisions of this division. Plans, policies or procedures, othe…
4 CMC § 10403 Financial Prudence
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TITLE 4: ECONOMIC RESOURCES DIVISION 10: COMMONWEALTH DEVELOPMENT AUTHORITY § 10403. Financial Prudence. (a) The authority shall engage in prudent financial management of all its assets. (b) The authority shall maintain such reserves of cash or other assets as are necessary and p…
4 CMC § 10404 Interest Rates
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TITLE 4: ECONOMIC RESOURCES DIVISION 10: COMMONWEALTH DEVELOPMENT AUTHORITY § 10404. Interest Rates. In setting interest rates for loans for various types of projects and undertakings, the authority shall consider the cost and opportunity cost of capital, its own administrative e…
4 CMC § 10405 Borrowing by the Authority
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TITLE 4: ECONOMIC RESOURCES DIVISION 10: COMMONWEALTH DEVELOPMENT AUTHORITY § 10405. Borrowing by the Authority. (a) (1) The authority may issue bonds, debentures, securities notes, collaterals, and other obligations, at such rates and with such maturities as may be stipulated th…
4 CMC § 10406 Project Supervision
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TITLE 4: ECONOMIC RESOURCES DIVISION 10: COMMONWEALTH DEVELOPMENT AUTHORITY § 10406. Project Supervision. (a) The authority may at its discretion provide project guidance to any undertaking financed entirely or in part by the authority through periodic visits by authority staff a…
4 CMC § 10407 Economic Development Loan Fund
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TITLE 4: ECONOMIC RESOURCES DIVISION 10: COMMONWEALTH DEVELOPMENT AUTHORITY § 10407. Economic Development Loan Fund. (a) The Northern Marianas Economic Development Loan Fund shall be managed and administered by the authority in accordance with the provisions of this division. (b)…
4 CMC § 10408 Conflicts of Interest
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TITLE 4: ECONOMIC RESOURCES DIVISION 10: COMMONWEALTH DEVELOPMENT AUTHORITY § 10408. Conflicts of Interest. (a) No loan or other financial assistance shall be granted to any authority board member, the executive director, or any spouse or member of his or her household. Neither s…
4 CMC § 10409 Staff
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TITLE 4: ECONOMIC RESOURCES DIVISION 10: COMMONWEALTH DEVELOPMENT AUTHORITY § 10409. Staff. (a) Subject to the provisions of this section, the executive director may hire no more than 15 employees for those positions that the board may specifically provide for; provided, that whe…
4 CMC § 10410 Privacy of Information
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TITLE 4: ECONOMIC RESOURCES DIVISION 10: COMMONWEALTH DEVELOPMENT AUTHORITY § 10410. Privacy of Information. No member of the board, officer, counsel, agent, or employee of the authority who becomes privy to any proprietary information as a result of his official position with th…
4 CMC § 10411 Civil and Criminal Penalties
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TITLE 4: ECONOMIC RESOURCES DIVISION 10: COMMONWEALTH DEVELOPMENT AUTHORITY § 10411. Civil and Criminal Penalties. (a) Criminal Penalties. Any member of the board, or any officer, employee, counsel, or agent of the authority or any other person who embezzles, abstracts, or wilful…
4 CMC § 10412 Legal Relationships
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TITLE 4: ECONOMIC RESOURCES DIVISION 10: COMMONWEALTH DEVELOPMENT AUTHORITY § 10412. Legal Relationships. (a) The authority and all its property, transactions, and income shall be exempted from all taxes and other levies in the nature of taxes of the Commonwealth or any local gov…
4 CMC § 10413 Audits
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TITLE 4: ECONOMIC RESOURCES DIVISION 10: COMMONWEALTH DEVELOPMENT AUTHORITY § 10413. Audits. The Public Auditor shall audit the operations, books, and records of the authority at least annually and in accordance with 1 CMC § 7710(a) and title 1, division 2, part 1, chapter 6 [1 C…
4 CMC § 10414 Exemptions
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TITLE 4: ECONOMIC RESOURCES DIVISION 10: COMMONWEALTH DEVELOPMENT AUTHORITY § 10414. Exemptions. The funds of the authority shall be exempt from the regulations promulgated by the Director of Finance under 1 CMC §§ 7725 and 7726. The authority may promulgate regulations under 1 C…
4 CMC § 10415 Authority Reinvestment Revenue Bonds Program
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TITLE 4: ECONOMIC RESOURCES DIVISION 10: COMMONWEALTH DEVELOPMENT AUTHORITY § 10415. Authority Reinvestment Revenue Bonds Program. (a) In furtherance of 4 CMC § 10203 and not in limitation thereof, the authority is expressly authorized and empowered to make and issue bonds, notes…
4 CMC § 10416 Public Debt Authorization
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TITLE 4: ECONOMIC RESOURCES DIVISION 10: COMMONWEALTH ECONOMIC DEVELOPMENT AUTHORITY § 10416. Public Debt Authorization. The Commonwealth Economic Development Authority is hereby authorized, subject to the approval of the board of trustees of the Marianas Public Land Trust, to bo…
4 CMC § 10451 Definitions
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TITLE 4: ECONOMIC RESOURCES DIVISION 10: COMMONWEALTH ECONOMIC DEVELOPMENT AUTHORITY § 10451. Definitions. As used in this article: (a) “Authority” means the Commonwealth Economic Development Authority. (b) “Bonds” means general obligation bonds, notes, and other instruments of i…
4 CMC § 10452 Authorization to Issue: Amount
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TITLE 4: ECONOMIC RESOURCES DIVISION 10: COMMONWEALTH DEVELOPMENT AUTHORITY § 10452. Authorization to Issue: Amount. The Authority may issue from time to time general obligation bonds of the Commonwealth, in an amount not exceeding the total amount of those bonds authorized to be…
4 CMC § 10453 Application of Proceeds
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TITLE 4: ECONOMIC RESOURCES DIVISION 10: COMMONWEALTH DEVELOPMENT AUTHORITY § 10453. Application of Proceeds. (a) The proceeds of bonds so issued shall be devoted to the costs of issuance of the bonds, debt service reserves (if any), and any one or more of the following purposes …
4 CMC § 10454 Details of Bonds
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TITLE 4: ECONOMIC RESOURCES DIVISION 10: COMMONWEALTH DEVELOPMENT AUTHORITY § 10454. Details of Bonds. (a) All bonds issued pursuant to this article shall bear interest at such rate or rates (fixed or variable), payable at such time or times; shall mature and be payable at such t…
4 CMC § 10455 Sale of Bonds
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TITLE 4: ECONOMIC RESOURCES DIVISION 10: COMMONWEALTH DEVELOPMENT AUTHORITY § 10455. Sale of Bonds. (a) The Authority may make such arrangements as may be necessary or proper for the sale of each issue of bonds or part thereof as are issued pursuant to this article including, wit…
4 CMC § 10456 Form and Execution of Bonds
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TITLE 4: ECONOMIC RESOURCES DIVISION 10: COMMONWEALTH DEVELOPMENT AUTHORITY § 10456. Form and Execution of Bonds. Bonds issued pursuant to this article shall be in such form as the Authority may determine, and shall be lithographed or steel engraved. All bonds issued pursuant to …
4 CMC § 10457 Signatures
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TITLE 4: ECONOMIC RESOURCES DIVISION 10: COMMONWEALTH DEVELOPMENT AUTHORITY § 10457. Signatures. When bonds of the Commonwealth are prepared and signed (manually or by facsimile) by the chairman and the executive director of the Authority in office at the time of such signing, th…
4 CMC § 10458 CUSIP Numbers
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TITLE 4: ECONOMIC RESOURCES DIVISION 10: COMMONWEALTH DEVELOPMENT AUTHORITY § 10458. CUSIP Numbers. (a) The Authority may provide that CUSIP identification numbers shall be imprinted on bonds issued pursuant to this part. In the event that CUSIP identification numbers are imprint…
4 CMC § 10459 Credit and Liquidity Facility; Swaps and Hedges; Investments
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TITLE 4: ECONOMIC RESOURCES DIVISION 10: COMMONWEALTH DEVELOPMENT AUTHORITY § 10459. Credit and Liquidity Facility; Swaps and Hedges; Investments. Subject to the provisions of this article or the bond authorization act but notwithstanding any other provision of law, all of the fo…
4 CMC § 10460 Bonds Tax Exempt; First Charge on General Fund; Additional Security; Waiver of Sovereign Immunity
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TITLE 4: ECONOMIC RESOURCES DIVISION 10: COMMONWEALTH DEVELOPMENT AUTHORITY § 10460. Bonds Tax Exempt; First Charge on General Fund; Additional Security; Waiver of Sovereign Immunity. (a) All bonds issued pursuant to this article and the income therefrom shall be exempt from all …
4 CMC § 10461 Payment, Principal and Interest
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TITLE 4: ECONOMIC RESOURCES DIVISION 10: COMMONWEALTH DEVELOPMENT AUTHORITY § 10461. Payment, Principal and Interest. (a) When bonds issued pursuant to this article and the several interest amounts mature, the Authority shall pay the same. If the bonds or interest are made payabl…
4 CMC § 10462 Fiscal and Paying Agents and Registrars
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TITLE 4: ECONOMIC RESOURCES DIVISION 10: COMMONWEALTH DEVELOPMENT AUTHORITY § 10462. Fiscal and Paying Agents and Registrars. The Authority may appoint such trustees, fiscal agents, tender agents, paying agents, and registrars, within and without the Commonwealth, as may be neces…
4 CMC § 10463 Federal Tax Exempt Status, Preference, Protection
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TITLE 4: ECONOMIC RESOURCES DIVISION 10: COMMONWEALTH DEVELOPMENT AUTHORITY § 10463. Federal Tax Exempt Status, Preference, Protection. Bonds issued pursuant to this article, to the extent practicable, shall be issued to comply with requirements imposed by applicable law providin…
4 CMC § 10464 Bond Anticipation Notes
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TITLE 4: ECONOMIC RESOURCES DIVISION 10: COMMONWEALTH DEVELOPMENT AUTHORITY § 10464. Bond Anticipation Notes. In anticipation of the issuance pursuant to this article of general obligation bonds authorized by the legislature and of the receipt of the proceeds of sale of those bon…
4 CMC § 10465 Refunding Bonds Authorized
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TITLE 4: ECONOMIC RESOURCES DIVISION 10: COMMONWEALTH DEVELOPMENT AUTHORITY § 10465. Refunding Bonds Authorized. (a) Subject to the other provisions of this article, the Authority, without further authorization of the legislature, from time to time, for and in the name and on beh…
4 CMC § 10466 Bonds Negotiable, Incontestable
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TITLE 4: ECONOMIC RESOURCES DIVISION 10: COMMONWEALTH DEVELOPMENT AUTHORITY § 10466. Bonds Negotiable, Incontestable. This article, without reference to any other law except as provided herein, shall be full authority to issue or sell general obligation bonds of the Commonwealth,…
4 CMC § 1401 Definitions
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1401. Definitions. For purposes of this chapter: (a) “Ad valorem” means the value of goods, commodities, resources or merchandise. (b) “Alcoholic beverage” means beer or other malt beverage, distilled alcoholic bevera…
4 CMC § 1402 Excise Tax
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TITLE 4: ECONOMIC RESOURCES § 1402 DIVISION 1: REVENUE AND TAXATION § 1402. Excise Tax. (a) General. For the privilege of first sale, use, manufacture, lease or rental of goods, commodities, resources, or merchandise in the Commonwealth for business purposes or for personal use e…
4 CMC § 1403 Fuel Tax
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1403. Fuel Tax. (a) Liquid Fuel Tax. Except as provided in subsection (b) and (c) of this section, for the privilege of first selling or distributing fuel in the Commonwealth, there is imposed an excise tax at the rat…
4 CMC § 1404 Fuel Tax Exemption
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1404. Fuel Tax Exemption. The secretary may by regulation reduce or waive the fuel tax imposed under 4 CMC § 1403 where: (a) The price of aviation fuel without the aviation fuel tax would be more competitive than the …
4 CMC § 1405 Beverage Container Tax
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1405. Beverage Container Tax. (a) Soft Drink Beverage Containers. There is imposed a tax upon all soft drink beverage containers in the amount of five cents per container. (b) Alcoholic Beverage Containers. There is i…
4 CMC § 1406 Exemption
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1406. Exemption. Any goods, commodities, resources, or merchandise subject to tax under this chapter and requiring customs inspection and clearance may be exempted from such tax if such goods, commodities, resources, …
4 CMC § 1407 Payment of Tax; Time; Release of Goods; Container Tampering
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1407. Payment of Tax; Time; Release of Goods; Container Tampering. (a) Generally. Except as provided in 4 CMC § 1407(b), all taxes required by this chapter shall be paid within 30 calendar days after the first sale, u…
4 CMC § 1408 Refunds: Exports
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1408. Refunds: Exports. Upon application to the secretary, any person who imports goods, commodities, resources, or merchandise into the customs territory of the Commonwealth for sale, use, lease or rental and exports…
4 CMC § 1409 Refunds: Limitation Period
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1409. Refunds: Limitation Period. Application for refund pursuant to 4 CMC § 1408 shall be filed with the secretary within one year from the date the tax was paid or required to be paid or goods, commodities, resource…
4 CMC § 1410 Declaration Required
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1410. Declaration Required. Any person who imports any goods, commodities, resources, or merchandise from outside the Commonwealth and is subject to excise tax imposed on those goods, commodities, resources, or mercha…
4 CMC § 1411 Environmental Beautification Tax
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1411. Environmental Beautification Tax. (a) Notwithstanding any other provision of law, a tax at the rate of .42 percent ad valorem is hereby assessed on all consumer goods as defined in § 1401(f). The tax shall be co…
4 CMC § 1412 Penalties
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1412. Penalties. The following penalties for this chapter are in addition to the other penalties provided by this division: (a) A penalty of 100 percent of the value of the goods, commodities, resources, or merchandis…
4 CMC § 1421 User Fees
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1421. User Fees. Any person requiring the certification of the Department of Finance for country of origin or other purposes relating to exports from the Commonwealth shall be charged a user fee. The user fee shall be…
4 CMC § 1422 Nonrefundable Credit
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1422. Nonrefundable Credit. A person may take the user fee imposed under 4 CMC § 1421 as a nonrefundable credit against the tax imposed on Commonwealth source income under Subtitle A of the NMTIT pursuant to chapter 7…
4 CMC § 1423 Authorization
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1423. Authorization. The secretary or his designee is hereby authorized to collect the fees provided in 4 CMC § 1421 when due and collectible. Source: PL 9-22, § 1 (§ 1422) (repealing PL 4-14, § 2); renumbered by PL 9…
4 CMC § 1424 Penalty
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1424. Penalty. Any failure to comply with the provisions of this article shall be subject to a civil penalty not to exceed $10,000 as may be determined by the secretary. This penalty is in addition to the other penalt…
4 CMC § 1425 Regulations
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1425. Regulations. The secretary or designee may promulgate regulations consistent with the purposes of this article. Source: PL 9-59, § 2. Commission Comment: With respect to the reference to the “secretary” of the D…
4 CMC § 1426 Certificate of Origin Denials [Deleted]
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1426. Certificate of Origin Denials [Deleted]. Source: PL 11-123, § 2; deleted by PL 17-1 § 6(A) (March 22, 2010)*. Commission Comment: The last sentence of this section is missing language prior to the cross-referenc…