The proposed bond will allow PSS to build new buildings, classrooms and facilities for public schools.
The House joint resolution authorizing the bond flotation was introduced by Rep. David M. Apatang, R-Saipan.
“If reliable funds can be identified to prudently service such a debt obligation, I am sure the administration would be willing to consider the merits of such a proposal,” Reyes told Variety.
He said the Fitial administration “favors fiscal prudence and accountability and is adverse to budget deficits.”
Apatang’s resolution will allow the CNMI government to incur a public debt of $20 million for the financing of the construction of a gymnasium at Saipan Southern, Hopwood Junior High, Rota High and Tinian Jr. and Senior High Schools.
The bond will also finance classroom renovation and other capital improvement projects of PSS.
The resolution has to be passed by an affirmative vote of two-thirds of the members of each house of the Legislature.
Apatang’s resolution stated that PSS does not have the funding to construct the gymnasiums either from local funds or federal 702 financial assistance.
The construction of gymnasiums, new schools, and classroom are mentioned in the PSS 7-Year Strategic Plan which the Board of Education intends to revisit to identify “priority areas.”
PSS, under the House budget bill now pending in the Senate, stands to receive $38.2 million in fiscal year 2009, which started on Oct. 1
In the previous school year, PSS received only $35.2 million for personnel and school operations.
BOE Vice Chairman Herman T. Guerrero acknowledged the possibility of a “lukewarm” support for the proposed bond due to declining government revenues.
However, he said the board is still hoping for a “positive” outcome.
Last week, the board asked lawmakers to provide BOE with “broad authority and flexibility” in determining the priority areas that will be funded by the proposed bond.
