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Governor gives OK for park improvement
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Posted on Mar 22 1999
Gov. Pedro P. Tenorio has signed a bill into law that will clear the way for the Commonwealth Development Authority to borrow up to $2 million from the Marianas Public Land Trust which will be used to improve the American Memorial Park.
The law allows CDA to tap portion of the funds held by the MPLT for the much needed development and maintenance of the memorial park subject to the approval of Board of Trustees.
MPLT, which has the expending authority over funds received from the United States pursuant to the Covenant and Technical Agreement, can lend only interests generated from the original amount.
According to the law, MPLT is authorized to use the interest of the amount received from the US government for the lease of a property at the Tanapag Harbor in order to implement beautification of the American Memorial Park.
Repayment of the interest and the principal of the amount to be loaned to CDA will come solely from interest earned subsequent to the effectivity of the law on funds presently held by the MPLT.
“It is a worthwhile endeavor and I hope MPLT will consider the request, if and when CDA determines it is an appropriate undertaking to proceed with,” the governor said in a letter to the Legislature after approving the measure.
