The Legislative Bill No. 9-7 is now Koror State Public Law (KSPL) No. K9-221-2010 after it was approved by Adachi on July 20, 2010.
Under the new law the three percent collection from the use permits will serve as a reserve fund to be used only for unforeseen contingencies, natural disasters or for other emergency purposes as determined by the law.
The amount to be collected will be deposited to the Koror State Treasury.
The law also states that the funds to be deposited shall be made on a quarterly basis, within 15 days of the close of each quarter. The deposits shall be done on or before April 15th for the revenues received during the first quarter of the fiscal year, by July 15th for the revenues received during the second quarter of each year. October 15th for the revenues during the third quarter of each year and by January 15th of the following year for the revenues received during the fourth quarter of each year. The first quarter deposit shall be made on or before April 15, 2011.
The act will take effect on January 1, 2011.
