the $3.4 million that CUC wants to “borrow” from the Marianas Public Lands Trust.
The Legislature earlier passed a bill, which the governor has signed, allowing MPLT to lend CUC $3.4 million.
Pangelinan, D-Saipan and chairwoman of the Senate Committee on Fiscal Affairs, said CUC should be allowed to borrow an additional $1.6 million in “standby money” that will be used only in “critical” situations.
“We requested the governor to provide a letter to make sure he identify that this was the intention of the [$5 million] cap,” Pangelinan said.
She said the $1.6 million should not be used for CUC’s operational expenses, but only for the repair and maintenance of its power plant engines.
But who will loan CUC $1.6 million given the agency’s financial shortfall? she asked.
