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A
BILL
TO
Financially Organize the Government and Amend Monetary Spending
BILL
TO
Financially Organize the Government and Amend Monetary Spending
1 - About this Act
(1) This Act
(a) may be cited as ‘Financial Organization and Monetary Omnibus Act’ or ‘FOMO Act’ for short.
(b) may be numbered as P.B.03-019.
(c) shall be enacted upon receiving assent from Her Majesty the Queen.
(d) has been authored by ConsequencesInc.
(e) has been co-sponsored by Prime Minister Capt11543.
2 - Alexandrian Strategic Commodities Reserve
(1) In order to support and maintain the Alexandrian economy and encourage activity and resource gathering, the Ministry of Trade and Finance (MoTF) will issue public tenders as it sees fit to build up a strategic reserve of various items, blocks, goods and other resources as it sees fit. This strategic reserve will be referred to as the Alexandrian Strategic Commodities Reserve (ASCR).
(2) Resources gathered from this process will be itemized and kept track of in a way that the public can see the commodities that the Kingdom holds.
(3) Resources in the Alexandrian Strategic Commodities Reserve may be used for any government or public function as seen fit by the MoTF.
(4) The MoTF holds final say over the release of any materials from the ASCR via sale or distribution by other means to any individual, business or government entity as it sees fit.
3 - About FOMO Bonds
(1) FOMO (Financial Organization and Monetary Omnibus) Bonds are a special form of bonds that the government may issue via the Ministry of Trade and Finance in order to manage the long-term financial stability of Alexandria. FOMO Bonds are comparable in many ways to preferred stock in a company in that they have an optional call date and an interest yield. Where FOMO bonds deviate is in that they pay their interest monthly, and the interest can be claimed in either cash or trade goods
4 - FOMO Bond Management
(1) The Ministry of Trade and Finance may issue a class of FOMO Bonds via a Motion to Issue Bonds approved by parliament no more than once per month.
(2) FOMO Bonds when issued must meet the following standards:
(a) The total value of the bonds issued in a single class cannot exceed £250,000, or 15% of the private and government balances of the entire server as determined by /baltop, whichever is greater.
(b) They may not have a set maturity date. Bonds instead will have a call date, on or after which the Ministry of Trade and Finance may choose to exercise the right to retire the class of bonds by paying their face value to the holders of the bond.
(c) Interest rates on the bonds will be monthly.
(d) The interest rate may be fixed or variable, or a combination of the two. The variable interest would be determined based on one of the following:
(i) The Alexandrian Base Rate (ABR) or,
(ii) another measure that is determined reasonable by the MoTF.
(e) The monthly interest rate of a FOMO Bond may not be lower than the current balance tax calculated by month, and may be no higher than 4 times the current balance tax balance tax calculated by month at the time of issuing. This also applies to the minimum and maximum interest rate of a variable interest FOMO Bond.
(g) For example, a £100 face-value bond with an interest rate of 5% would yield a monthly interest payment of £5 (£100 x .05 = £5).
(h) The issuing price of the bond may be no less than 70% of the face value of the bond when it reaches maturity.
5 - FOMO Bond Terms and Conditions
The following are the Terms and Conditions for the holders FOMO Bonds:
(1) Interest payments of a FOMO bond will be redeemable in any combination of the following options:
(a) Cash, and/or
(b) Trade goods and/or services rendered by the MoTF, MoW or similar ministries of the government, who can supply goods or services at a fair market rate close to the current best price for the goods or services on the open market.
(i) The government and its ministries reserves the right to determine and maintain a fair market rate that deviates from the open market if it determines that the prices of goods/services are being manipulated in order to exploit the fair market rate.
(2) Redeeming the interest payments for FOMO Bonds in trade goods provides a bonus interest yield of 1.5% higher than the Bond’s current yield.
(3) FOMO Bonds may never be subject to a prune tax, inactivity buyback, or other similar form of activity-based cancellation or claw-back except those set forth in this Act.
(4) FOMO Bond redemptions and interest payments may only be claimed actively by either claiming them in-person from an MoTF representative or via direct contact with the MoTF through a ticket or other established means of redemption as outlined by the MoTF. The MoTF will utilize synchronous or asynchronous delivery of interest after payments are properly claimed. Any back interest payments or redemptions that occurred while a bond holder is inactive will be held in trust for them in the form of cash by the MoTF until the bondholder claims them. Back interest or redemptions held in trust for longer than 6 months may be subject to forfeiture to the Ministry of Trade and Finance.
(5) In the event that the FOMO Act is amended, altered, repealed or ruled unconstitutional, the version of the FOMO Act Terms and Conditions that was currently in-place and active at the time of the issuance of the class of FOMO Bond that a bond's class holder has will be honored as closely as legally possible until the the FOMO Bond class is retired.
(6) FOMO Bonds may not be cashed out early or transferred to another player or entity, unless the FOMO Bond was used as collateral for a loan, or is part of a bankruptcy proceeding or similar asset resolution due to debts owed. The Ministry of Trade and Finance reserves the right to either transfer the FOMO Bond or cash it out to creditors as part of a legally binding judgement or process.
(7) The maximum value of FOMO Bonds that an individual or entity owns may not exceed 10% of the total value of the issuing class.
(8) A player may only purchase FOMO Bonds for themselves and one entity that they own or majority control. Any further entity that is owned or majority controlled by a player who has met this limit, or another entity that is controlled by that entity, is barred from purchasing further FOMO Bonds.
(9) Any violations, or attempts to circumvent in bad faith the Terms and Conditions set out in this part by bondholders will result in the immediate cancellation of the bond, and at the discretion of the MoTF forfeiture of the bondholder’s initial investment and past interest payments into the public purse.
(10) The bondholder and the Government of Alexandria agrees to settle any legal disputes or disagreements first via opening a ticket with the MoTF, and if a compromise cannot be found there then via legal mediation. If mediation does not produce a final result, then the dispute moves to binding arbitration with an arbitrator agreed upon by the Government of Alexandria and the bondholder. If an arbitrator cannot be mutually agreed upon, the respondent to the dispute reserves the right to pick the arbitrator.
(11) By purchasing a FOMO Bond, this creates a legally binding contract between the bondholder and the Government of Alexandria. Additional Terms and Conditions will be spelled out in the offering post for the FOMO Bond and will include the FOMO Bond Terms and Conditions from §5 of this act.
6 - Severability
(1) The provisions of this act are severable. Should one part of it be declared unconstitutional, it shall not affect the parts which remain.