Lib Island Devleopment Authority (LIDA) Act, 2024 (P.L. 2024-08).

The purpose of this Act is to enable the people of Lib Island to: (i) develop and implement programs and projects for social, economic and cultural betterment of the Lib Island; (ii) address the special needs of the Lib Community at Lib Island, Majuro Atoll and other Lib Communities within the Marshall Islands and United States, with responsible and appropriate review by the government of the Republic of the Marshall Islands to ensure fiscal responsibility and consistency with the development policies of the Government of the Republic; (iii) approve the distribution of Compact funds allocated from the Repurpose Trust Fund as agreed under the new Compact Agreement.
This Act lays down provisions on the establishment, functions, powers, funds, organization and management of the Lib Island Devleopment Authority, and the establishment of the Lib Island Devleopment Authority Fund. The powers and duties of the Authority are vested in and shall be exercised by the Board. The Board shall adopt by-laws to govern and regulate the operations of the Authority and the Board. Every member of the Board and employee of the Authority shall be subject to the provisions of §240.1 of the Criminal Code of 2011.
The primary functions of the Authority are: (a) to investigate, study, develop, implement, and aid in the financing of social, economic and cultural development programs and projects for the better of the inhabitants of the Lib Island by itself or jointly with other government or private organizations or agencies; and (b) to develop and implement a comprehensive Lib Island Development Plan to develop and improve the quality of life on Lib Island.