Flashback March 31, 2000-2004

[B]March 31, 2000

Art. 12 restrictions hamper NMHC’s home loan program[/B]

The exclusive right to own a land granted by the CNMI Constitution to people of Chamorro and Carolinian descent remains a major hindrance in the growth of real estate financing in the Northern Marianas, according to Housing Corporation Executive Director Marylou S. Ada. Ms. Ada said Article 12 in the Commonwealth Constitution which restricts land ownership in the islands to local residents hamper the housing corporation’s efforts to move home mortgage financing to a much better scale.

[B]Reinforce ban on meat from Japan, S. Korea[/B]

The Department of Lands and Natural Resources has ordered the Quarantine Office to strictly enforce a ban on the importation of meat from South Korea and Japan due to the recent outbreak of foot and mouth disease in these two countries. While imported meat on the island comes mainly from the United States, the department has expressed concern that tourists coming from these countries may bring in meat to the island, according to Marianne Teregeyo, special assistant at DLNR.

[B]Gov’t projects $226M revenue for FY2001[/B]

In apparent sign of growing confidence on the island’s economy, the Tenorio administration has projected revenues to reach about $226 million for FY 2001 — up by over six percent from the current fiscal year’s estimated collections of $211 million. Gov. Pedro P. Tenorio is expected to submit by April 1 to the Legislature for approval of the new budget proposal as provided under the Constitution.

[B]March 31, 2003

DPH on alert vs entry of SARS virus[/B]

Passengers from Asia, particularly Hong Kong, China, and Singapore, would undergo stricter screening at all ports of entry in the CNMI following the spread of a fatal and mysterious illness called severe acute respiratory syndrome (SARS) at these places. According to the Department of Public Health, local authorities have met to implement a course of action to reduce the risk of possible entry of the disease into the CNMI.

[B]Federal Reserve Bank allows BoS to reopen account[/B]

The Bank of Saipan will not be reopening on the first week of April as earlier projected, but its receiver indicated that several prerequisites to the reopening are falling into place. Among receiver Antonio Muna’s precondition for the reopening is the reestablishment of relationship with the Federal Reserve Bank of San Francisco (FRB) and local banks to allow off-island and local clearing of BoS checks.

[B]Tinian University gets temporary license[/B]

The State Board of Regents has granted Tinian University a one-year provisional license to offer a postsecondary program. The license, however, restricts the new university from offering credit courses until fall this year when it shall have acquired basic equipment and instruction tools, including library materials and hired faculty.

[B]March 31, 2004

Casinos on the three islands?[/B]

Former governor Froilan Tenorio is pushing for the legalization of casinos on Saipan and Rota, citing its importance to boost the local economy. In an interview with reporters Monday, Tenorio said he plans to bring up the issue with the CNMI Legislature, more likely the Senate. He said he hopes the bill would be introduced by a Senate member from Rota or Saipan.

[B]Non-FDIC banks pressed to get coverage[/B]

Banks not covered by the Federal Deposit Insurance Corp. are under more pressure to obtain FDIC coverage, with the House Committee on Commerce and Tourism stressing the need for these banks to be federally insured within five years. During a House committee public hearing yesterday afternoon, proponents of House Bill 14-66 explored the possibilities on how non-FDIC banks could be strictly monitored so they could be in compliance with federal regulations.