SAIPAN — The Commonwealth of the Northern Mariana Islands government has executed a $29,000,000 promissory note in favor of the Marianas Public Land Trust (MPLT), with the note setting simple annual interest of 7.5% and a minimum repayment period of seven years (84 months), based on the signed document provided to NMI News Service.
The promissory note states the loan is from the General Trust Fund and says proceeds may be used only as permitted in the related loan agreement for the NMI Settlement Fund obligation for FY 2026, and “for no other purpose or program.” The note also says interest accrues on each drawdown received by the CNMI government up to the $29 million total.
The document states payments are to be made to MPLT and that payments are to be made as set forth in the loan agreement by offset against funds available from the distributable interest income due to the General Trust Fund pursuant to Public Laws 24-13 and 24-17. The note further states it is secured by “all distributable income due to the General Trust Fund.”
The promissory note is dated as executed on the 5th day of December 2025. Signature blocks shown include Gov. David M. Apatang, Tracy B. Norita (Secretary of Finance), Edward Manibusan (Attorney General, “approved as to form and legal capacity”), and Phillip Mendiola Long (Chairman, MPLT Trustees), with Robert T. Torres listed as attorney for MPLT (“approved as to form only”).
