The $4 million will form part of the $10 million that the cash-strapped CNMI government is raising to cover the payroll shortfall for three pay periods beginning on June 18.
All 17 members of the House present during the session voted in favor of House Bill 17-78, sponsored by Rep. Ray N. Yumul, R-Saipan.
Speaker Froilan C. Tenorio, Covenant-Saipan, Yumul and Rep. Joseph P. Deleon Guerrero, R-Saipan, were excused.
On Aug. 4, 2008, MPLT loaned CUC $3.4 million.
Of which, $1.7 million remains to be paid.
“The Legislature finds that it is prudent to amend Public Law 16-7 so as to earmark for an additional year the MPLT anticipated interest income to fully pay back MPLT the amount of $3.4 million,” reads the findings of H.B. 17-78 which now goes to the Senate.
“Further, because of the urgent need to address the state of the commonwealth, the Legislature finds it appropriate to amend P.L. 16-7 to earmark the future MPLT general fund distributions in the amount of four million dollars to include the anticipated constitutionally mandated distributions for future fiscal years until the four million dollars plus debt plus accrued interest is paid in full,” it added.
