§ 10506. Lapse of Trust Account Funds
TITLE 4: ECONOMIC RESOURCES DIVISION 10: COMMONWEALTH ECONOMIC DEVELOPMENT AUTHORITY § 10506. Lapse of Trust Account Funds. If, for any reason whatsoever, Covenant funds, or interest earned therefrom, are no longer needed to secure, or to make, principal or interest payments to bondhold- ers, then, within 60 days after such determination by CEDA and the bond trustee, CEDA shall inform the legislature by joint letter to the chairman of the House of Representatives Committee on Appropriations and the chairman of the Senate Committee on Fiscal Affairs, that Covenant funds being held in the trust account are now available for use on their CIP projects as may be authorized or appropri- ated for by the legislature. Source: PL 5-37, § 3 (§ 10506); PL 22-1, § 3 (June 7, 2021).
Source: CNMI Law Revision Commission