SENATOR Edith Deleon Guerrero on Friday introduced Senate Legislative Initiative 22-8, which aims to ensure that interest from the investment proceeds of public lands is reserved for the benefit of persons of Northern Marianas Descent.
The legislative initiative is a proposal to amend Section 1, Article 11 of the CNMI Constitution, which allows the Marianas Public Land Trust to “transfer to the general revenues of the Commonwealth” the remaining interest accrued on the trust proceeds.
S.L.I. 22-8 will mandate MPLT to “deposit in an NMDs account separate from MPLT funds and accounts, the remaining interest accrued on the trust proceeds except that the trustees may retain the amount necessary to meet reasonable expenses of administration.”
S.L.I. 22-8 will also require that the funds in the NMDs account “shall be used strictly for the benefit of NMDs through legislative appropriations.”
The public land trustees “shall make an annual written report to the people of the Commonwealth accounting for the revenues received and expenses incurred by the trust and describing the investments and other transactions authorized by the trustees who shall be held to strict standards of fiduciary care.”
Each trustee, “shall annually submit to the governor and the presiding officers of the Legislature a report disclosing their financial affairs, as provided by law.”
S.L.I. 22-8 is included on the agenda of the Senate Committee on Judiciary, Government, Law and Federal Relations, which will meet at 1:30 p.m. Tuesday, May 4.
A legislative initiative must be passed by three-fourths of the members of the Senate and the House of Representatives present and voting. It cannot be vetoed by the governor, but it must be approved by voters.
Edith Deleon Guerrero
