All Roll Calls
Yes: 0 • No: 0
Northern Mariana IslandsHB 24-5024th Northern Mariana Islands Legislature (2025-2026)HouseWALLET
To authorize a loan between the Commonwealth Government and the Marianas Public Land Trust in the amount of $29,000,000 and authorize the Marianas Public Land Trust to withhold and retain net annual distributable income starting Fiscal Year 2026 for repayment and security of the loan.
Sponsored By: John Paul Palacios Sablan (Independent)
Became Law
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
Government borrows $29 million from land trust
The law authorizes a loan of up to $29 million from the Marianas Public Land Trust to the Commonwealth Government to make the Minimum Annual Payment to the Settlement Fund for Fiscal Year 2026. The loan uses simple interest at 7.5% per year, calculated annually. The Governor and the Secretary of Finance sign the loan, and the government and the Trust set the repayment schedule. Starting in FY2026, interest earned on the Trust’s funds that goes to the General Fund is used to pay this debt, and the Trust may hold back that interest until the loan is fully paid. The Secretary of Finance must file a quarterly MPLT Loan Report showing the balance, interest, expenses, drawdowns, and any offsets from withheld interest, and must share a drawdown payment list before spending the money.
Sponsors & Cosponsors
Sponsor
John Paul Palacios Sablan
Independent • House
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
Senate vote • 9/15/2025
Senate Final Reading — Passed (HS1)
Yes: 0 • No: 0
House vote • 9/9/2025
House Final Reading — Passed (HS1)
Yes: 0 • No: 0
Actions Timeline
PL 24-13
9/23/2025HouseSenate Final Reading — Passed (HS1)
9/15/2025SenateHouse Final Reading — Passed (HS1)
9/9/2025HouseHouse First Reading — Passed (HS1)
9/9/2025HouseHouse Report Action — Approved
8/29/2025HouseIntroduced
8/15/2025House
Bill Text
HB 24-50
8/15/2025
PL 24-13
8/15/2025
SCR 24-27
8/15/2025
[HS1]
8/15/2025
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