CEDA Dividend Funds Bill

At a glance

What: S.B. 24-52, introduced by Senator Castro, would authorize the Commonwealth Economic Development Authority (CEDA) to use its preferred dividend funds to carry out its mandate under Public Law 22-01.
Where it stands: The Resources, Economic Development and Workforce committee recommended passage, but the bill remained on the calendar without a vote on August 14, 2026. President King-Nabors said it is tied to negotiations with the House over collateral for a CUC line of credit.
Related veto: The Governor vetoed two $300,000 CEDA dividend appropriations for disaster relief in the First and Second Senatorial Districts (communications 24-298 and 24-299).

July 20: CEDA's executive director said Public Law 22-01 gave CEDA the economic development mandate with no funding source, that dividends from CEDA loans to other agencies were the intended source, and that two prospective high-tech manufacturers could bring more than 600 direct jobs.
August 14: CEDA's comptroller, for the director, reiterated support, citing a pending application for a qualifying certificate for a roughly $77.7 million investment (25 jobs in five years, about 56 later) with a CEDA public hearing set for August 19.

President King-Nabors said on August 14 that the Senate supports the bill's intent but is using it in House negotiations: lenders for CUC want collateral, and the interest cost is the hard part, since principal is expected to come from FEMA reimbursement. See CUC Emergency Financing Bill.

On July 20 President King-Nabors noted that the Governor vetoed two $300,000 appropriations of CEDA dividends for personnel and operations after the typhoons in the First and Second Senatorial Districts (Rota and Tinian). The Attorney General's veto advice said the money is limited to capital improvements, which President King-Nabors contrasted with advice on over $5 million of dividends for retirees and $1 million for the Department of Finance (see Retirees Pension Obligation Funding).
The mayors of the two districts were preparing a joint letter asking the House to override; overrides must originate in the House.

Senate Journal, July 20, 2026 (Sixth Special Session, SJ 24-29): https://cnmileg.net/documents/senate/journal/24/1587.pdf
Senate Journal, August 14, 2026 (Eighth Special Session, SJ 24-31): https://cnmileg.net/documents/senate/journal/24/1589.pdf

S.B. 24-52 stayed on the bill calendar; no vote. President King-Nabors explained the hold. CEDA's comptroller spoke in support.

CEDA's executive director spoke in support. President King-Nabors criticized the two $300,000 vetoes (communications 24-298 and 24-299).