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Last updateSat, 21 Sep 2019 12am

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    Friday, September 20, 2019-5:52:05P.M.

     

     

     

     

     

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Governor signs bond measure

GOVERNOR Ralph DLG Torres on Monday signed into law House Bill 21-63 which will provide the CNMI government pension obligation bond options so it can meet its obligation to the Settlement Fund at least for fiscal year 2020, which starts on Oct. 1, 2019.

H.B. 21-63, which is now Public Law 21-4, will provide a “greater flexibility for future refunding of bonds issued by the Commonwealth Development Authority.”

Authored by Speaker Blas Jonathan Attao, the bill amends P.L. 18-12 to authorize refunding of bonds.

Gov. Ralph DLG Torres signs Public Law 21-4 as Lt. Gov. Arnold I. Palacios, Speaker Blas Jonathan Atto and Vice Speaker Lorenzo Deleon Guerrero smile in the governor’s conference room, Monday.  Photo by Emmanuel T. EredianoGov. Ralph DLG Torres signs Public Law 21-4 as Lt. Gov. Arnold I. Palacios, Speaker Blas Jonathan Atto and Vice Speaker Lorenzo Deleon Guerrero smile in the governor’s conference room, Monday. Photo by Emmanuel T. Erediano

It states that the CNMI “may issue general obligation refunding bonds of the Commonwealth to pay or provide for the payment of all or any part of the then-outstanding bonds of the Commonwealth issued under this article, at or before their maturity or redemption date, and may include various series and issues of those outstanding bonds in a single issue of refunding bonds and bonds otherwise to be issued pursuant to this article in a single issue of bonds.”

Present during the signing of the new law were Lt. Gov. Arnold I. Palacios, CDA Executive Director Manny Sablan, Speaker Attao, and other lawmakers.

Before signing the bill, Torres asked the CDA executive director to expedite the process of floating a bond.

Sablan said the bond, authorized under P.L. 21-4, is taxable. Now that the law has been signed, he said CDA will get its bond team together and proceed as quickly as possible.