Senate passes bill letting Marianas Public Land Trust open margin account to support $29 million loan
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Summary
The Senate passed House Bill 24‑68 HD1 on Nov. 14, 2025, authorizing the Marianas Public Land Trust to establish a margin account to facilitate a $29,000,000 loan authorized under Public Law 24‑13, subject to trustees’ fiduciary and constitutional duties. The measure passed by voice/roll call (6 yes, 2 absent).
The Senate of the Commonwealth of the Northern Mariana Islands passed House Bill 24‑68 HD1 on Nov. 14, 2025, authorizing the Marianas Public Land Trust (MPLT) to establish a margin account solely to facilitate a $29,000,000 loan previously authorized under Public Law 24‑13.
Floor Leader Prieta introduced the bill on the floor, saying the measure "conditionally authorizes the Marianas Public Land Trust to establish a margin account solely to facilitate the $29,000,000 loan authorized under Public Law 24‑13, subject to the continuing fiduciary and constitutional duties of the trustees." The motion for passage was seconded and placed for a roll call vote.
Clerk Dolores Bermudez reported the final tally as six members voting yes and two members absent; the bill therefore passed the Senate. The motion and recorded vote establish Senate approval but do not by themselves implement the loan; the bill conditions the MPLT action on the trust’s ongoing fiduciary obligations and constitutional duties.
The transcript record shows no extended floor debate on the policy specifics of the loan or margin‑account mechanics during this session. The bill text and committee analyses referenced on the calendar (not fully read on the floor) will be the sources for technical details about collateral, loan terms, and trustee safeguards. The Senate announced no amendments adopted on the floor when voting.
What happens next: passage by the Senate is a legislative step toward implementing the loan mechanism that Public Law 24‑13 authorized; any administrative or trustee actions required to open the margin account must comply with the law and MPLT fiduciary duties. The Senate did not specify further implementation deadlines during the session.
"With 6 members voting yes, House Bill 24‑68 hereby passes the Senate," the clerk stated after the roll call.
Ending: The bill passed during the Nov. 14 session and will proceed as provided under legislative procedure and applicable law; the Senate scheduled no additional floor action on this measure during the session.