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House approves $29 million loan authorization to Marianas Public Land Trust to free funds for pension settlement and schools
Summary
The House passed House Bill 24-50 (House Substitute 1) authorizing a $29 million loan arrangement with the Marianas Public Land Trust (MPLT). Sponsors said the loan will allow the government to meet a court-ordered retirement settlement and free general-fund money for priorities including the Public School System; the vote was 16-0.
The House of Representatives passed House Bill 24-50, House Substitute 1, authorizing a $29,000,000 loan arrangement between the Commonwealth government and the Marianas Public Land Trust (MPLT). The measure passed by voice and roll-call votes with all 16 members present voting yes.
Proponents, led by the bill’s author, Representative John Paul Sablan, said the loan is designed to dedicate $29 million to a retirement settlement obligation and thereby free general-fund resources to address budget shortfalls, including for the Public School System (PSS). "This would dedicate the 29,000,000 to the 75% retirement fund, settlement obligation," Sablan said during floor debate.
The measure included a substitute amendment offered by Sablan that adds a protection clause for MPLT board members in the narrowly defined transaction. The floor…
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