A lawmaker has proposed allowing the Public School System to borrow up to $20 million for construction projects.<\/p>\n
Rep. David Apatang on Thursday introduced a House joint resolution authorizing public borrowing for the construction of gymnasiums at five high schools, classroom renovations, and other capital improvement projects. <\/p>\n
To be adopted, the resolution must be approved by two-thirds of the members in each house of the Legislature.<\/p>\n
The proposed bond will fund the building of new gymnasiums at Saipan Southern High School, Kagman High School, Hopwood Junior High School, Rota High School, and Tinian Jr.\/Sr. High School, as well other unidentified school-related capital improvement projects.<\/p>\n
The resolution limits the range of allowable interest rate to 4 percent to 5.5 percent each year, and the term of repayment to 15 years. The bond will be repaid by the central government.<\/p>\n
The construction of new gymnasiums is part of PSS\u2019 seven-year capital improvement plan. The CIP plan encompasses PSS\u2019 high priority school facility needs from school year 2004-05 to school year 2011-12. It was drafted in anticipation of continued increase in student population.<\/p>\n
In 1999, PSS floated a $16-million general obligation bond also for capital improvement projects at the schools. PSS is expected to make the final payment to bondholders at the end of the current fiscal year. <\/p>\n","protected":false},"excerpt":{"rendered":"
A lawmaker has proposed allowing the Public School System to borrow up to $20 million for construction projects.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-124947","post","type-post","status-publish","format-standard","hentry","category-local-news"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/124947","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=124947"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/124947\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=124947"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=124947"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=124947"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}