Gov. Ralph DLG Torres plans to take advantage of the Trump administration\u2019s plan for a national infrastructure program by taking out a low-interest federal loan that would be used to rejuvenate the islands\u2019 infrastructure.<\/p>\n
Trump earlier said he would ask Congress to approve a $1-trillion infrastructure bill that could fulfill one of his campaign promises.<\/p>\n
Torres met with Republican lawmakers on Tuesday at the Governor\u2019s Office conference room to talk about the U.S. Department of Agriculture\u2019s low-interest loans and federal gran programs.<\/p>\n
The USDA\u2019s interest rate on federal loans ranges from 2.67 to 2.8 percent. <\/p>\n
\u201cWe discussed how we could revitalize our government needs through our infrastructure. It is about time for us to look into addressing our infrastructure,\u2019 said Torres. \u201c[We] want to get a federal loan to fund the infrastructure development that we need. Now is the best time for us to float a loan or a bond that is low in interest. Our economy is growing, so we would able to pay for it, refinance our current bonds and get a low-interest loan.\u201d<\/p>\n
Bonds are debt investment where investors borrow money from a certain financial institution for a certain period of time that carries a fixed interest rate. Companies, governments, municipalities, and states use bonds to finance their projects.<\/p>\n
Torres said several government agencies, especially the autonomous ones, have bonds. \u201cWe\u2019ve never seen this low interest before and we would like to be able to lock on that low interest rates.<\/p>\n
\u201cThis government right now has bonds from [the Commonwealth Ports Authority], the CNMI Court, Settlement Fund, and we also have CHCC, I think. There are certain departments that have floated bonds,\u201d said Torres. \u201cWe want to refinance that through USDA loans, that\u2019s the discussion with the Legislature.\u201d<\/p>\n
He also talked with GOP legislators about the need to address land compensation as a whole, including judgments and other settlements to be made by the CNMI government.<\/p>\n","protected":false},"excerpt":{"rendered":"
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