Rep. Victor B. Hocog, Ind.-Rota, said the Department of Finance wants to access MPLT funds so that CUC can make an initial payment for its $6 million contract with Aggreko, a U.K.-based power company.
Finance will try to borrow $4 million from MPLT, which invests money collected by the government from the use and administration of public lands.
Hocog expects the MPLT board of trustees, whose members are gubernatorial appointees, to meet today and discuss the proposed loan and the interest rate.
Asked whether the administration or CUC can borrow some funds from MPLT, Hocog replied: “I believe that it is permitted.
He added, “I’m in support of any borrowing as long as it is going to be paid back with interest.”
Power generation in the commonwealth should be a priority, he said.
Variety was unable to get comments from the administration or CUC, but Press Secretary Charles P. Reyes Jr. earlier said that the governor would work with CUC and the Legislature to secure the funds for the Aggreko deal.
Under their contract signed on June 19, Aggreko will provide CUC with “temporary power generation services” for one year while the utilities agency and its contractors rehabilitate the power plant engines.
