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House committee backs $29 million loan agreement with Marianas Public Land Trust to free pension settlement funds
Summary
The House Committee on Waste and Means approved a committee report recommending support for House Bill 24-50, authorizing a $29 million loan with the Marianas Public Land Trust (MPLT) to fund a 75% pension settlement and free revenues for reappropriation; trustees are also considering a low‑interest option requiring congressional authorization.
The House Committee on Waste and Means on Aug. 19 recommended that the full House support House Bill 24-50, a measure authorizing a $29,000,000 loan between the Commonwealth government and the Marianas Public Land Trust (MPLT) and permitting MPLT to withhold net annual distributable income to secure repayment.
Chairman Sablan described the bill as a mechanism to free $29 million in revenues for appropriation by the legislature after the loan proceeds pay a pension settlement. "When that payment goes to the…
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