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Senate Committee holds bill on CNMI emergency reserve fund, cites unclear 'special revenue' link
Summary
The Fiscal Affairs Committee held House Bill 24-33 after legal counsel warned the bill lacks a required link between the source and use of funds to qualify as 'special revenue,' potentially leaving the 25% PSS constitutional set-aside intact; members proposed using FEMA reimbursements and tighter definitions.
Chairman opened debate on House Bill 24-33, which would create a dedicated CNMI emergency reserve fund with mandatory annual deposits and defined disbursement procedures, and invited legal guidance and member comment.
Counsel Bermudez told the committee that portions of the bill mirror language already used in the FY2026 budget and that codifying the language would make it permanent. Counsel also warned the bill, as written, fails to show the legal 'nexus' required to treat the reserve as…
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