Page:United States Statutes at Large Volume 117.djvu/2794

 PUBLIC LAW 108–188—DEC. 17, 2003

117 STAT. 2775

under section 111 (d) of Public Law 99–239 (January 14, 1986), or successor provisions, would be contributed to the Trust Fund as a Federated States of Micronesia contribution. (c) The terms regarding the investment and management of funds and use of the income of the Trust Fund shall be set forth in the separate Trust Fund Agreement described in subsection (a) of this section. Funds derived from United States investment shall not be subject to Federal or state taxes in the United States or the Federated States of Micronesia. The Trust Fund Agreement shall also provide for annual reports to the Government of the United States and to the Government of the Federated States of Micronesia. The Trust Fund Agreement shall provide for appropriate distributions of trust fund proceeds to the Federated States of Micronesia and for appropriate remedies for the failure of the Federated States of Micronesia to use income of the Trust Fund for the annual grant purposes set forth in section 211. These remedies may include the return to the United States of the present market value of its contributions to the Trust Fund and the present market value of any undistributed income on the contributions of the United States. If this Compact, as amended, is terminated, the provisions of sections 451 through 453 of this Compact, as amended, shall govern treatment of any U.S. contributions to the Trust Fund or accrued interest thereon. Section 216 - Sector Grant Funding and Trust Fund Contributions The funds described in sections 211, 212(b) and 215 shall be made available as follows:

Reports.

[In millions of dollars]

Fiscal year

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................

Annual Grants Section 211

Audit Grant Section 212(b) (amount up to)

Trust Fund Section 215

Total

76.2 76.2 76.2 75.4 74.6 73.8 73 72.2 71.4 70.6 69.8 69 68.2 67.4 66.6 65.8 65 64.2 63.4 62.6

.5 .5 .5 .5 .5 .5 .5 .5 .5 .5 .5 .5 .5 .5 .5 .5 .5 .5 .5 .5

16 16 16 16.8 17.6 18.4 19.2 20 20.8 21.6 22.4 23.2 24 24.8 25.6 26.4 27.2 28 28.8 29.6

92.7 92.7 92.7 92.7 92.7 92.7 92.7 92.7 92.7 92.7 92.7 92.7 92.7 92.7 92.7 92.7 92.7 92.7 92.7 92.7

Section 217 - Inflation Adjustment Except for the amounts provided for audits under section 212(b), the amounts stated in this Title shall be adjusted for each United States Fiscal Year by the percent that equals two-thirds of the percent change in the United States Gross Domestic Product Implicit Price Deflator, or 5 percent, whichever is less in any one year, using the beginning of Fiscal Year 2004 as a base.

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