MARSHALL ISLANDS’ SOCIAL SECURITY BOARD BACKS US$ ONE MILLION LOAN

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MARSHALL ISLANDS’ SOCIAL SECURITY BOARD BACKS US$ ONE MILLION LOAN

MAJURO, Marshall Islands (October 8, 1999 – Marshall Islands Journal)---Social Security’s board of directors has approved getting a $1 million loan from the Bank of Marshall Islands.

According to a resolution signed by all five board members, the loan is to be taken in order to save on interest by refraining from withdrawing funds from the Investment Accounts of MISSA, to pay for monthly retirement benefit checks due at the end of the month."

The resolution, which notes that it was done without a meeting, was dated last week Monday, September 27.

It is sighted by Marshall Islands Social Security Administration Chairman Minister Tom Kijiner, Vice Chairperson Evelyn Kondu and members Francis Horiuchi, Marok Lalimo and Kikai M. Jatios.

The resolutions authorizes MISSA to apply for a "short term loan" from Bank of Marshall Islands of $1 million to be direct deposited into MISSA’s Bank of Hawaii account.

The Marshall Islands Journal, Box 14, Majuro, Marshall Islands 96960 E-mail: journal@ntamar.com Subscriptions (weekly): 1 year US $87.00; international $213.00 (air mail).

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