The Marianas Public Land Trust has placed he CNMI government’s request for a line of credit under an investment review process.
The five-member fund manager board has set a 20-day deadline for the review process and would decide whether to grant or deny the government’s LOC request after the review.
The trustees met with House Speaker Blas Jonathan T. Attao (R-Saipan), acting Finance secretary Connie Agulto, and House Ways and Means Committee chair Rep. Ivan A. Blanco (R-Saipan), and House Natural Resources Committee chair Rep. Antonio SN Borja (R-Tinian) Wednesday night at the MPLT office on Capital Hill.
The trustees already met with their financial consultant Bruce McMillan to get all necessary documents from the Finance Department, do a cost analysis of the LOC, and the payment analyses.
The MPLT has also decided to only give a $7.5 mil-lion LOC to the government, half of the $15 million amount requested by Gov. Ralph DLG Torres, at an interest rate of 7.5 percent.
The LOC is considered a local investment.
The trustees decided that they would only grant the LOC based on the amount that was remitted to them by the Department of Public Lands from public land leases. MPLT administrator Bobbie Reyes said they have $7.5 million on hand after DPL remitted another $2.4 million last Wednesday, together with the funds transmitted in fiscal year 2017.
The LOC is intended to address the government’s bond obligations and fund its payment to the NMI Settlement Fund.