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TENTH CONGRESS
OF THE FEDERATED STATES OF MICRONESIA
SECOND REGULAR SESSION, 1997
To amend Public Law No. 10-11 by amending Section 4, to authorize the Joint Committee on Compact Economic Negotiations to administer its own funds; inserting a new Section 5A to establish a JCN Fund; and for other purposes.
BE IT ENACTED BY THE CONGRESS OF THE FEDERATED STATES OF MICRONESIA:
Section 1. Section 4 of Public Law No. 10-11 is hereby tobe read as follows:
"Section 4. Mandate. The Joint Committee on Economic Negotiations shall carry out the following responsibilities and obligations:
(1) In consultation with the Congress, set goals and objectives for the Compact of Free Association negotiations;
(2) Conduct a thorough analysis of all factorsrelating to the Compact of Free Associationnegotiations;
(3) Develop all necessary strategies and approaches to enable the Federated States of Micronesia to commence negotiating with the United States in November 1999;
(4) Direct its Secretariat in preparing thedocumentation necessary to accomplish itsresponsibilities hereunder;
(5) Analyze all economic information available on the Federated States of Micronesia, with the aim of identifying the FSM's continuing for requirement for reasonable, fair, and effective financial assistance from the United States of America from the year 2001 onward;
(6) Provide reports periodically to the Congress at each regular session, and to the Office of the President, on all developments, actual or potential, positive or negative, that may be related to the renegotiation of the Compact of Free Association, including but not limited to new information, actions communications, domestic and foreign policies, bilateral and multilateral plans, as well as periodic surveys exploring the value of net benefits to a foreign nation from an exclusive security perspective; and
(7) Collaborate with the State governments, the Department of External Affairs, the Congress, and the Office of President in identifying the nominees for the team of negotiators whose selection will be subject to Congress' express approval; approved nominees will represent the FSM in the bilateral Compact of Free Association negotiations; and
(8) Use funds for each separate category of expense only up to the aggregate amount of the line-items of the corresponding expense category set out in the associated appropriations bill or bills approved by Congress, and select and hire the personnel needed to staff the Secretariat, as specified in section 5 below.
(9) Manage its own funds, in accordance with procedures established by the Secretary of the Department of Finance, and to have the authority to administer the JCN Fund, as established under Section 5A below.
Section 2. A new Section 5A of Public Law No. 10-11 is hereby inserted after Section 5, to read as follows:
"Section 5A. Establishment of a JCN Fund. There is hereby created and established within the General Fund a JCN Fund, hereinafter referred to as the "Fund," for the operations of the Joint Committee.
(1) Authorized uses of the Fund. The Fund may be utilized to fund expenses of the Joint Committee and its Secretariat as authorized by the Joint Committee in accordance with its Standing Rules and Procedures.
(2) Disbursements. Procedures for disbursements from and reimbursements to the Fund Shall be established by the Secretary of the Department of Finance.
(3) Policies and procedures. The Fund shall be generally administered, managed, and accounted for in accordance with policies and procedures established by the Secretary of the Department of Finance.
(4) Authorization.
(i) All sums appropriated by Congress of the Federated States of Micronesia for the Joint Committee is hereby authorized to be used within the General Fund of the Federated States of Micronesia for the purpose of funding the JCN Fund.
(ii) All funds authorized by this Section shall be allotted, managed, administered, and accounted for in accordance with applicable law, including, but not limited to, the Financial Management Act of 1979. The Joint Committee shall be responsible for ensuring that these funds, or so much thereof as may be necessary, are used solely for the purpose specified in this act, and that no obligations are incurred in excess of the sum authorized."
Section 3. This act shall become law upon approval by the President of the Federated States of Micronesia or upon its becoming law without such approval.
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