Noting that the Senate in the past supported similar proposals, Manglona, Ind.-Rota, said he does not see any obstacles for House Legislative Initiative 17-1.
Introduced by Rep. Joseph P. Deleon Guerrero, R-Saipan, H.L.I. 17-1 states that the pension obligation should be in a cumulative amount “not to exceed the government’s liability” to the Retirement Fund.
The Superior Court in April 2009 ruled that the government owed the Fund some $231 million.
The net proceeds from the bond issuance, H.L.I. 17-1 stated, “shall be deposited and invested along with other monies in the defined benefit plan trust fund administered by the…Retirement Fund.”
Manglona said he met with the Fund’s legal counsel, Viola Alepuyo, on Friday to discuss the proposal, which is also supported by the agency.
Manglona said the Senate has to pass the legislative initiative before Aug. 4 so it can be placed on the November ballot.
He said once voters ratify the proposal, the Legislature will still have to look over the details of issuing the bond when it is already feasible to do so.
The House on Thursday passed H.L.I. 17-1 by an 18-0 vote. It must get at least seven votes in the nine-seat Senate.
A legislative initiative must be passed by at least three-fourths of the members of each house of the Legislature present and voting.
A legislative initiative doesn’t need the governor’s signature, but voters must ratify it so it can take effect.
