Introduced by Rep. Stanley T. Torres, Ind.-Saipan, House Bill 17-93 also requires NMC to use the services of Attorney General’s Office for legal advice and representation.
The House minority opposed the bill, saying it is an interference in the college’s affairs. But the House leadership disagreed and by a 10-8 vote, H.B. 17-93 was passed and it now goes to the Senate.
The bill stated that in the past, NMC only submitted to the governor an annual accomplishment report with very little details on financial matters.
To ensure NMC is fiscally responsible and is complying with CNMI law, it must submit its college trust fund report and annual financial report to the governor and the Legislature, the bill stated.
It is in the best interest of the commonwealth, the bill stated, that the NMC board of regents’ financial duties be modified.
Torres wants a report of the bank deposits in the college general fund included in the annual report.
Such an annual report “shall follow acceptable accounting practices, including revenue collections, line item expenditures, banking reports, college trust fund reports and accomplishment report.”
Failure to meet the 90-day deadline will result in suspension of quarterly allotments from the CNMI government.
