The administration of Gov. Ralph DLG Torres on Monday paid $1 million to the NMI Settlement Fund completing the amounts owed for the third quarter of this fiscal year, the Office of Governor said yesterday
This is the first time that the obligation has been paid off this far in advance since entering into the Settlement Agreement, it said.
The $1-million payment received on Monday satisfies the CNMI government’s payment obligation of $6 million for the third quarter with $9 million remaining payable for the 4th quarter.
“It is our plan to continue making payments of $1 million per week until we reach our obligation for this fiscal year. Also, I have advised the administrator that once we reach the appropriation level, we will make further payments when the new budget kicks in on Oct. 1,” Department of Finance Secretary Larissa Larson said in the statement.
In March, the CNMI government fulfilled its second quarter obligation to the Settlement Fund for $10.5 million.
For the third quarter obligation the Department of Finance in April remitted $1 million, $4 million on May 2, an additional $1 million on May 6, and two more payments of $1 million on May 31 and June 3.
The Settlement Fund annual payment agreement amounts to $30 million to be paid by Sept. 30 of this year. So far, a total of $21 million has been remitted to the Fund.