TITLE 1: GOVERNMENT DIVISION 2: EXECUTIVE BRANCH
§ 2283. Loan Agreement Authorization. Notwithstanding any law to the contrary, the Commonwealth of the Northern Mariana Islands Public School System is hereby authorized to enter into a loan agreement for a sum up to $5,000,000.00 for the purposes of building additional classrooms, Early Head Start Centers, and to pave roads and parking lots at its facilities in Rota and Tinian. The Public School System has identified its own revenue sources and will not need additional legislative appropriations above its constitutional allotment to service the loan. Since no collateral and no additional appropriations are necessary, no additional authorization is necessary by the Legislature. Source: PL 19-31 § 2 (Jan. 21, 2016). Commission Comment: PL 19-31 was enacted on January 21, 2016, and contained, in addition to severability and savings clause provisions, the following section: Section 1. Findings. The Legislature finds that the Commonwealth of the Northern Marianas Islands Public School System (“PSS”) is in need of six additional kindergarten classrooms, four Early Head Start Centers, and to pave school roads and parking lots on Tinian and Rota. In order to continue with its mission to provide the best education and services available to the students of the Mariana Islands, the PSS is needs to continue to provide quality early education. This mean both more kindergarten classrooms to keep up with a growing population and more Early Head Start Centers in order to identify needs and meet them from the earliest ages. Consequently, the PSS has identified a loan program through the USDA Rural Development program that will lend the PSS the three million dollars ($3,000,000.00) necessary to accomplish the above goals. However, the Legislature finds that PSS should be given authorization to loan up to $5,000,000.00 to give PSS the flexibility to loan additional funds in the future if necessary to complete its projects or to address new projects. The PSS has further identified its own revenue sources and will not need additional legislative appropriations above its constitutional allotment to service the loan. The Legislature concludes therefore that the contemplated loan is in the public interest and should be approved.