-
Compace of Free Association
IN WITNESS WHEREOF, the undersigned, duly
(3)
(b)
’
invasion of corpua no more Frequently than once
avery chree years.
Tha Bikini Fund Manager shall be che dealgnaced recipi-
ant of the sums vreferred co in Article II, Section
Agreemenc.
euthorized, have
Gigned thie agreement which shall come into effect in accordance
.
of this
(c) The Biking Fund Manager shall discribuce $660,000 of
7”
the quarcerly amounce of $1.25 million get forth in Article II, -
with its terme becween che Governmont of the United States and
the Governmenc of che Marshall Islands.
Section 2 of this Agreement to che Bikint Distribucion Auchority,
which shall disburse said sums in accordance with Arcicles IL and
TI] of this Agreement.
The Bikini Fund Manager shall place the
DONE at Majuro, Marshall Islands, this 25th day of
remaining
June, one thousand, nine hundred aighty-three.
§650,000 of such quarterly smounts,in trust in che
corpus of
FOR THE GOVERMENT
the Bikini Fund.
(d)
.
The Bikini Fund Manager shall reinvesac 65 to 85 percent
of income earned by che Bikini Fund for the 1$-year period
commencing one calendar quarter after the firet anniversary of
oF
the effecciva date of this Agreamenc, and shall reinvest 30 to 85
THE MARSILALL ISLANDS
percent of income earned by the Bikini Fund for che period
eginning one calendar quarter after che fifteenth anniversary of
the effective date of this Agreemonc.
Article Il - Distribucion of Annual Proceeds, People of Enewetak:
C
is the underatanding of the Government of che Unite
cates
and the Government of che Marahall Lelands chat:
FOR THE GOVERNMENT
ee ee
or
THE UNITED STATES OF AMERICA
(a)
The people of Enewetak, acting chrough cheir local
governmanc council (che Enewetak Distribucion Authoricy), may
elect to assign the payments specified in Article I1, Section 3, .
of chis Agreement to a financial inacicucion in the United Scaces
in return for an equivalent sum representing the present value ofsuch paymencs.
For che purpose of this Agreed Minutc, it is
assumed chac the equivalent eum payment will amount co $25
million or more.
People of Bikini:
a
and the Governmenc of the. Marshall Islands thac:
{a)
be discribuced as follows:
$10 million for the paymenc of claims arising out
Of the Nuclear Testing Program;
(2)
$10 million from which the Enewerak Diseribucion
Authority shall creace tha Enewecak Claims Trust
Fund (Enewetak Fund), and shall appoint as trusteu.
and manager of the Eneawetak Fund (Enewetak Fund
AGREED MINUTES
Arctiche Il - Ofseribution of Annual Proceeds,
Te fe the understanding of t e
uch amount shall
ql)
e
Manager) a United States investment manager with
The poopie of Bikini, sccing through their local gov-
substantial experience in the administration of
‘truata and wit funds under management in excess
of $250 million. The Enewetsk Fund shall be
invested in accordance with the guidelines sec
forth in Article I, Section 2(c) of this Agreemenc,
The Enewecak Fund Manager shall be che
ernmenc council
(che Bikini Distribution Auchority), shall create
the Bikini Claims Dyuec Fund (Bikini Fund), and shall appoinc as
truates and manager“of the Bikini Fund (Bikini Fund Manager) a
United States investment manager with substantial experience in
the administration of trusts and with funds under management in
excess of $250 million. The Bikini Fund shall be inveaced in «
accordance with the guidelines set forth in Article I, Section
2(c) of this Agreement.
The Bikini Fund shall provide for:
;
designated racipienc of the sume referred to in
Continued page 14
Conference
From page 1
eh en ee
(2), maximum invasion of three percent of corpus; and
From page 8
-Agreement between
the Government of che United Scaces and
the Governmenc of tha Farshall Islands for
.the Implomentation of Section 177 of the
invasion of corpus oniy in the event of an unfore-
seen natural disaster or other similar circumaCance mixing it necessary to distribute corpus in
order tu prevent hardship co che people of Bikini,
Page 9
;
elected Rev. Jude Samson
whose term was expired as
it’s president for a six-year
term.
Rev. Harry Rakin,
ee rin ee ee ee ee
(1)
Volume 14, Number 56
whose term on the board
was also expired was again |
reelected
Tipne
to
the
Philippo
board.
is
the
board’s newest member
when
he.
beat former
board member Rev. Hirim
Langidrik whose term was
also expired.
- In its meeting today, the
conference endorsed Pres-
ident Amata Kabua’s pro-
posal which he explained —
in a letter to Rev. Samson
of his support for prayers
in public schools,
The
conference’ will « inform
Nitijela of their decision.
In his letter, Pres. Kabua
' said Marshalls people are a
God fearing people. thus
every school day must
start with prayers. Pray-
_
me a ee eB a, -
MARSHALL ISLANDS JOURNAL
Friday, July 15, 1983
ers will be conducted by a
clergy or someone from
the church. If the majorContinued page 13
_ Althea Bing & Company ©
~~ YOUR NEIGHBORHOOD STORE
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