To be enacted by the Legislature of the State of Yap.

Section 1

Section 1 of Yap State Law No. 7-78 is hereby amended by amending Subsection (d) of Section 1 to
read as follows:
“(d) ‘Fund’ means the Airport and Airway
Operation and Maintenance Fund established under
Section 7 of this Act;”

Section 2

Section 7 of Yap State Law No. 7-78 is hereby amended to read as follows:
“Section 7. Airport and Airway Operation and Maintenance Fund.
(a) Establishment. There is hereby established
an Airport and Airway Operation and Maintenance Fund to
be maintained and controlled within the General Fund of
the State of Yap under the authority of the Director of
Administrative Services. All fees and penalties paid or
collected pursuant to this Act, or any regulation issued
under this Act, shall be deposited into the Fund.
(b) Use of Fund. The Fund shall be
appropriated to be used only for the purposes of
defraying the costs of constructing, improving,
maintaining and operating airports, airport facilities
airways and other costs incidental thereto.
(c) Fund Subject to Appropriation Laws Use
of the Fund shall be made pursuant to further
appropriation, and such use shall be subject to all
applicable laws including, but not limited to, the Yap
State Financial Management Act of 1983, and the Yap State
Contracts Act.”

Section 3

This Act shall take effect upon its approval by the Governor or upon its becoming law
without such approval.