THE Senate yesterday unanimously passed the proposed constitutional amendment that will allow the government to float a bond for the Retirement Fund.
All the eight senators present during the session on Rota voted in favor of House Legislative Initiative 17-1, according to Senate President Paul A. Manglona.
Sen. Ralph DLG. Torres, R-Saipan, was excused.
The proposal, which does not require the governor’s approval, will be placed on the November ballot and will be ratified if it gets the support of the majority of the voters.
H.L.I. 17-1 is supported by the administration and the Retirement Fund, which was owed by the government over $230 million as of April 2009.
Its proponents said a bond is needed because the commonwealth has failed to contribute its actuarially required employer contributions to the Retirement Fund.
Comments
1. A loan piled on the shoulders of our children and private sector employees they don't know anything about. 2. NMI government incurs additional deficit by millions of dollars.
Paying it off while piling deficits brings NMI back to square one. Wow! Call it Advancing to the rear!
You still need to "sell" it to some one.