FSM Vice President Signed into Law Congressional Act No.10-17

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FSM Vice President Signed Into Law Congressional Act No. 10-17, Authorizing an Exceptional Redesignation of Certain Compact Inflation Adjustments Funds

PALIKIR, Pohnpei (FSM Information Service): July 4, 1997 –
FSM Vice President Leo A. Falcam, this morning, signed Congressional
Act No. 10-17, and designating its as Public Law No. 10-5, in the
presence of Pohnpei Lt. Governor Dion G. Neth and Acting Attorney
General Emilio Musrasrik. Lt. Governor Neth was given the historic
pen with which Falcam signed the new law as a memento of the
occasion.

Public law 10-5, authorize an exceptional redesignation of an
estimated $2 million capital inflation adjustments to current account
or operations costs of the government which is needed to cover the
third quarter expenses of this fiscal year, from July to end of
September this year.

During the State and National Leadership Conference (SNLC) held in
early May, it was agreed that FSM President shall submit a proposed
amendment to Congress for its favorable consideration, to Pohnpei
State to use Capital inflation adjustment proceeds for operations.
Without the new law, it was anticipated that Pohnpei State would have
to face financial problems and drastic cuts in operations during the
last quarter of the current fiscal year.