§ 7203. Budget Requirements
TITLE 1: GOVERNMENT DIVISION 7: PLANNING, BUDGETING AND AUDITING § 7203. Budget Requirements. (a) The Governor’s proposed annual budget for each fiscal year shall be a balanced budget. (b) The financial reporting and accounting system of the Commonwealth shall be in accordance with generally accepted accounting principles as set forth in the publications of the National Council on Governmental Accounting entitled Governmental Accounting, Auditing, and Financial Reporting and including its subsequent official pronouncements. (c) Not less than five percent of the total budget appropriated for each respec- tive office in the object class code of office furniture and fixture shall be spent for the acquisition of indigenous works of art for display in said office. (1) For the purposes of this section, “Indigenous works of art” is defined as those artistic products which depict the cultural inheritance of the indigenous peoples of the Commonwealth of the Northern Mariana Islands and that are produced locally. (2) For the purposes of this section, “produced locally” means that at least fifty-one percent of the value of the work was added within the Common- wealth of the Northern Mariana Islands. (3) Purchase of Indigenous Works of Art. All departments, agencies, boards, councils, commissions, and quasi public corporations shall allocate, as a non-reprogrammable, non-deductible item, out of the moneys appropriated each year, the amount of not less than five percent of the total appropriation for each respective office in the object class code of office furniture and fix- ture to be expended for the acquisition of indigenous works of art for public display in each respective office and government building. (4) Unused Allocation. In the event that the amount allocated for the pur- chase of indigenous works of art is not used for such purpose, the subsequent annual budget of that office shall be decreased by an amount equal to the un- used portion of amount allocated under 1 CMC § 7203(c)(3). (5) Indigenous Works of Art Collection. Any indigenous works of art ac- quired pursuant to 1 CMC § 7203(c) shall collectively belong to the Com- monwealth of the Northern Mariana Islands, provided that the creator of the work of art shall retain all copyrights, trademarks, and other such rights to the work, unless a contrary arrangement is made between the parties. Source: PL 3-68, § 203; (c)(1)-(2) added by PL 14-85, § 2, (c)(3) by § 3, (c)(4) by § 4, (c)(5) by § 5, modified. Commission Comment: The Commission removed figures where they were a repetition of words and also inserted the proper sections being refer- enced to in subsection (c) above pursuant to the authority granted by 1 CMC § 3806(e) and (d). PL 14-85 was enacted on August 19, 2005, and contained the following findings, in addition to severability and savings clause provi- sions: Section 1. Findings. The Legislature finds that in order to preserve the indigenous arts for the enjoyment of the public and future generations, it is necessary to support the local Chamorro and Rafalawasch artists through the purchase of such local indigenous works of art for display in public buildings.
Source: CNMI Law Revision Commission