The new law also grants the government a continuing budget authority for fiscal year 2009, which starts on Oct. 1.
Senate President Surangel Whipps and Speaker Antonio Bells witnessed the signing of the new law.The supplemental budget bill went through several changes and two House-Senate conference committees that tried to produce a draft acceptable to all the lawmakers the administration.Since the government has no additional sources of revenue, the supplemental budget will be funded by a loan from a Taiwan bank.Remengesau said the money is already available and will be used to cover the increased government operation costs caused by soaring fuel prices.The new law also allows the president to seek a line of credit from any lender able to advance the needed funds.The law, moreover, has a rider authorizing the Ministry of Finance to promulgate rules and regulations establishing fees for water and wastewater services and imposing a tax on imported bottled water.The new law likewise earmarks $200,000 for the Pacific Savings Bank investigation and prosecution.The law does not include the contentious provisions regarding payments lawmakers want to receive for attending sessions, and funding for dengue fever eradication.Lawmakers said they will take up these issues later.Remengesau thanked them for passing the budget on time.He said a continuing budget authority will cover government operations until the new administration is sworn in this January.Remengesau has already served two terms and is not eligible to seek re-election this year.
