AS CUC GOES SO GOES THE CNMI GOVERNMENT It's only a matter of time, the end is nearing, see my last post MC8 and pick when you think it will happen. Lets see where we are at now... Story Here....
Speaker: CUC is in Critical Condition:
SPEAKER Arnold I. Palacios says the Commonwealth Utilities Corp. is not joking — it really doesn’t have money to pay for its fuel supplies. Palacios, R-Saipan, yesterday said he is hoping that the Senate will pass House Bill 16-90 to allow the administration to reprogram funds for CUC’s fuel expenses. “In the absence of a (law repealing the residential power rate cut), I hope the (senators) can take a look at this legislation as an alternative,” said Palacios. “To sit back and do nothing is ludicrous.” The House passed H.B. 16-90 on Friday.
Speaker: CUC is in Critical Condition:
SPEAKER Arnold I. Palacios says the Commonwealth Utilities Corp. is not joking — it really doesn’t have money to pay for its fuel supplies. Palacios, R-Saipan, yesterday said he is hoping that the Senate will pass House Bill 16-90 to allow the administration to reprogram funds for CUC’s fuel expenses. “In the absence of a (law repealing the residential power rate cut), I hope the (senators) can take a look at this legislation as an alternative,” said Palacios. “To sit back and do nothing is ludicrous.” The House passed H.B. 16-90 on Friday.
CUC is short about $1.5 million for its next fuel purchase.
So H.B. 16-90 a short term fix, allowed CUC to take half of it's security deposits to pay for fuel, it allowed the transfer of funds due to the retirement fund to be used for payment of fuel, so what is next? Could it be the other half of the security funds, re- appropriations from empty funds? It's all downward from here. How ironic it was Palacious who drafted the bill to lower CUC's rates along with the 'we can't do the math' TTT.... Rates = Costs.
So H.B. 16-90 a short term fix, allowed CUC to take half of it's security deposits to pay for fuel, it allowed the transfer of funds due to the retirement fund to be used for payment of fuel, so what is next? Could it be the other half of the security funds, re- appropriations from empty funds? It's all downward from here. How ironic it was Palacious who drafted the bill to lower CUC's rates along with the 'we can't do the math' TTT.... Rates = Costs.
This is the very cause of the trouble CUC is in today, yet you won't hear one squeak out of them that it was their fault. No, they won't even repeal the stupid law that caused the problem.
The part of this that I find amusing is the retirement funds to be 'saved' and used for CUC. First of all they aren't paying now, and haven't paid into the fund since 2006, so how is the money they are saving from payment to this fund (it's the non-existing money again) gonna pay for fuel for CUC? It's simply ridiculous!
So maybe they can save the day this time by using their piggy bank and scratching for chicken feed, but next week it will be the same shit all over again, and the next week and the next.... Where is all the money gonna come from, it is a snowball headed to hell...
Do you think they will start to spend next years budget (which is already behind schedule) to pay for the remainder of this year? This is a common ploy used by this broke government before, so maybe they will use it again. Wait and watch!
THIS WHOLE GOVERNMENT IS IN A STATE OF DENIAL
Have a happy day...
.....GED.....
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