By Emmanuel T. Erediano
emmanuel@mvariety.com
Variety News Staff
REPRESENTATIVE Patrick San Nicolas will introduce House Local Bill 24-40 in the next House session to appropriate $300,000 in dividends collected by the Commonwealth Economic Development Authority from the Commonwealth Utilities Corporation for infrastructure projects on Tinian.
The legislation cites the Second Senatorial District’s need for additional funding to improve and maintain public infrastructure.
Under Public Law 5-37, loan repayments by autonomous public agencies must be deposited into a revolving fund to finance additional capital improvement projects. Such projects require approval through House Joint Resolution 5-12, as amended, by a majority vote of legislative members representing the senatorial district where the project is located.
H.J.R. 5-12 also authorizes CEDA to enter into agreements to issue tax-exempt industrial bonds, providing a mechanism to support local infrastructure development.
The bill reflects ongoing efforts to ensure that dividends from CUC are reinvested in community projects, supporting public services, utilities, and overall infrastructure in the CNMI’s Second Senatorial District, San Nicolas stated.
Emmanuel “Arnold” Erediano has a bachelor of science degree in Journalism. He started his career as police beat reporter. Loves to cook. Eats death threats for breakfast.
