that the Commonwealth Utilities Corp. may now use it for buying fuel, according to Taotao Tano president Gregorio Cruz.
He said CUC’s acting chief financial officer Joanne Paraiso and Executive Director Antonio S. Muna have asked Bank of Guam vice president/manager Marcie M. Tomokane to transfer the $390,000 from account number 0603-003886 to the general fund’s account number 0603-001343.
The $390,000 represents the 50 percent of the security deposit fund that CUC may use to pay for fuel, Cruz said.
CUC’s accounts payable section has already processed a check for Mobil Oil Mariana Islands in the amount of $616,488 for the fuel delivery to Tinian’s power plant, Cruz added.
He is questioning the propriety of CUC’s subsidizing the power and water expenses of Rota and Tinian.
“Why are Saipan consumers paying for the fuel of Tinian?” he asked in a telephone interview.
P.L. 16-2 authorizes CUC to use a portion of the customer security deposits to pay for its fuel expenses.
As of May 27, CUC had $9,076,459 in security deposits representing $8,652,709 from electric; $423,464, water; and $286 from sewer.
CUC also has $3,354,551 in security deposit residential accounts — $3,027,650, electric; $326,614, water; and $286, sewer.
From $3,027,650, CUC allotted $1,677,275 representing 50 percent of security deposits of residential accounts.
The remaining $1,677,275 was reduced by $390,000, which means that the cash available for the security deposit was $1,287,275 as of May 27.
“We have reasons to believe that a huge portion of the total consumer security deposits is being withdrawn from Saipan consumers,” Cruz said.
He urged legislators, particularly those representing Rota and Tinian, to address this issue.
“Why are they quiet about it and why are Saipan consumers being taken advantaged of?” he asked.
