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NMC to fund improvements using loans
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Posted on Jan 14 2006
The Northern Marianas College would enter into additional borrowing of funds to continue improving its academic facilities in the CNMI.
According to a weekly update issued Friday afternoon by the college, as NMC’s financial position continues to improve, the college intends to enter into supplementary borrowing of funds to address facility issues in the campus.
NMC president Tony Y. Deleon Guerrero said the renovation and improvement of the college’s facilities have been neglected for sometime now due to lack of funding.
In December 2005, the NMC president received approval of the campus’ application for a $250,000 loan from the Bank of Guam. Deleon Guerrero said that, upon official approval of this short-term loan by the Board of Regents, the loan would be used to fund urgent repair and renovation projects on the Saipan campus.
“This institutional borrowing is another first for the college. It is the first time the college has been able to borrow on its own financial standing,” he said.
NMC said that the approval of the loan demonstrates NMC’s commitment to look for new ways to help the campus during difficult economic times in the Commonwealth.
Deleon Guerrero said after the needed board actions, an updated list of critical projects, which would be funded through this initial borrowing, would be developed and shared with the college community.
