CONGRESSIONAL BILL NO. 18-145, C.D.1 P.C. NO. 18-254 PUBLIC LAW NO. 18-52 1 licences shall be based on a percentage of the gross 2 revenues of the licensee; and 3 4 (f) Operating licence fees for class licences shall be a fixed sum. 5 6 (3) The total projected annual licence fees payable by all licensees in a year shall not exceed the lesser of: 7 (a) 5% of the gross revenues of all licensees 8 from the provision of communications services and from 9 interconnection and access in the Federated States of 10 Micronesia in the prior financial year of the Authority; 11 or 12 13 (b) The Authority’s proposed annual budget and forecasts under section 319. 14 (4) Spectrum licence fees paid as a result of a 15 competitive tender process shall be paid into the 16 Universal Access Special Revolving Fund, after deduction 17 of any costs reasonably incurred by the Authority in 18 relation to the tender process.” 19 Section 41. Title 21 of the Code of the Federated States of 20 Micronesia, as amended, is hereby further amended by adding a new 21 section 337 under chapter 3, to read as follows: 22 “Section 337. 23 surrender of a licence. 24 25 Revocation, suspension, dealing or (1) An operating or spectrum licence continues in effect until: 55 of 119