Senate Passes Bill Authorizing Emergency Financing for Utility Restoration
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- Developments
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New informationRepeats or wire copies
What happened
The Senate unanimously passed a bill authorizing Commonwealth Utilities Corp. to obtain emergency financing for utility restoration, stabilization, and fuel purchases following super typhoons Sinlaku and Bavi. The House of Representatives adopted the conference committee report on September 25, and the measure now proceeds to the governor. Donald M. Manglona stated that the conference committee removed a provision that would have allowed Commonwealth Economic Development Authority dividends to serve as collateral.
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Why it matters
The legislation provides Commonwealth Utilities Corp. with authorization to take loans from lenders for utility stabilization and recovery. Senate President Karl R. King-Nabors noted that the authorization allows CUC to seek more cash collateral in two or six months.
From mvariety.com
Who's involved
- Donald M. ManglonaSenate Floor Leader who commented on the removal of a collateral provision in the bill.
- senateLegislative body that unanimously passed the bill authorizing emergency financing.
- house of representativesLegislative body that adopted the conference committee report on September 25.
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The entities involved
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Donald M. Manglona
Northern Mariana Islander politician
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senate
type of legislative body, often the upper house or chamber of a bicameral legislature