The CNMI government is looking to float a bond for up to $65 million that is specifically for the benefits of retirees.<\/p>\n
Lt. Gov. Arnold I. Palacios announced in a press conference Thursday afternoon that the CNMI government is starting to look at their bond options to finance retiree benefits for at least a year.<\/p>\n
“We had a teleconference with our…bond consultants and our bond issuers with the Moody’s bond rating company…and the conference call went very well. We answered a lot of questions regarding our economic state and our current finances,” said Finance Secretary David Atalig Thursday.<\/p>\n
“We also discussed where we are going in the future and what we’ve done to maintain our finances. \u2026We were struggling after [Super] Typhoon Yutu as we see in our financials the effects of that storm and what it did to our economy,” he added.<\/p>\n
Atalig said he is expecting to get the bond ratings within 10 to 14 days and float a bond for up to $65 million by mid-December.<\/p>\n
“This will take care of all settlement fund debt that we\u2026owe for fiscal year 2017 to the tune of $17.6 million, which has [added] to our current deficit in our last audit,” he said.<\/p>\n
He assured that the $65 million would be enough for a full year of payment to the Settlement Fund.<\/p>\n
Atalig said that floating a bond is in line with the Torres administration’s strategy of relieving its annual payments to the Settlement Fund.<\/p>\n
“… [This] will allow us to use available resources to take care of our current deficits and obligations that came upon us in the last two fiscal years,” he said. <\/p>\n","protected":false},"excerpt":{"rendered":"
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