The loan was authorized by Public Law 21-3 that Lt. Gov. Arnold Palacios signed in his capacity as acting governor in July last year.
Authored by Speaker Blas Jonahan Attao, P.L. 21-3 allows the government to borrow $15 million from MPLT and pledges, as payment, the public land interest income that MPLT is required to remit to the general fund.
On Saturday, the trustees met via video conference, MPLT Chairman Martin Ada said. Also present in the meeting were trustees Peter Cruz of Tinian, Vianney Hocog of Rota, Pedro Deleon Guerrero and vice chair Maria Frica Pangelinan of Saipan.
Ada said, the meeting “went smoothly and in an hour, the decision to release the $5 million was reached.” He said it will take approximately 10 to 12 working days before the check is released.
