Alternative Energy Fund Act of 1989

(a) any money appropriated by the Nitijela for payment into the Fund;

(b) revenue received from the development, marketing, and operation of alternative energy systems; and

(c) other amounts received for payment into the Fund, including grants, gifts and donations. [P.L. 1989-63, §3 Paragraphs were renumbered for consistency with the format and style of the Code.] §1704. Payments out of the fund. (1) Payments may be made out of the Fund for the development, marketing, and operation of alternative energy systems and for related matters, including administrative costs, provided, 543 11 MIRC Ch. 17 CHAPTER 17 - ALTERNATIVE ENERGY FUND ________________________________________________________________________________________________ however, that sums received for a specific purpose may and shall only be used for said purpose. (2) The Minister primarily responsible for the matter, or his designee in writing, shall in advance of each financial year prepare a budget for the withdrawal and expenditure of monies out of the Fund for that financial year, provided, however, that if the budget is not prepared by the Minister it shall be approved by the Minister prior to coming into effect. The budget may be revised, by the Minister or with the approval of the Minister, from time to time as is necessary. Budgets prepared or approved by the Minister shall be forwarded to the Secretary of Finance to guide him in the proper administration of the Fund. (3) No money shall be withdrawn from the Fund except in accordance with this Chapter and with the procedures prescribed by the Financial Management Act, 11 MIRC 1. [P.L. 1989-63, §4; amended by P.L. 1994-99, §3(16)(b-c).] §1705. Accounts and records. (1) The Secretary of Finance shall maintain, in accordance with the procedures prescribed by the Financial Management Act, proper accounts and records with respect to the Fund, any money paid into or out of the Fund, and any property purchased with money from the Fund. (2) The accounts and records referred to in Subsection (1) of this Section, are subject to audit under Article VIII, Section 15 of the Constitution of the Republic of the MarshallIslands.[P.L. 1989-63, § 5; amended by P.L 199499, §3(16)(d).] §1706. Taxation. The Fund and related transactions are not subject to any tax, rate, charge or impost under any other law. [P.L. 1 989-63, § 6.] §1707. Regulations. The Cabinet may make regulations, not inconsistent with this Chapter, prescribing all matters that are necessary or convenient to be prescribed in the operation of the Fund. [P.L. 1989-61, §7.] 544