Company: OIA
Filing Date: 2025-03-13
Form Type: 424B5
Source: 0001104659-25-023508
Chunk: 194

Company: Invesco Municipal Income Opportunities Trust
Filing Date: 2025-03-13
Form: 424B5
Chunk 194
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9% between fiscal years 2020 and 2021. On September 30, 2024, the Governor signed into law the Commonwealth’s budget for FY2025 (Enacted Budget). The Enacted Budget identifies total budgetary resources of approximately $158.6 million, which, after adjustments and transfers, including debt service, would leave $111.5 million for appropriations during the fiscal year. Unfunded liabilities of the Northern Mariana Islands Retirement Fund and minimum annual payments required to the Northern Mariana Islands Settlement Fund (“NMISF”) as part of a 2013 pension-related settlement present a significant risk to the fiscal condition of the Commonwealth. Pursuant to law, the Commonwealth is required to make contributions to the retirement fund each year on an actuarially funded basis toward the annuities related to retirement and other benefits. Due to recurring budget deficits, the Commonwealth has often delayed or suspended payments to the retirement fund. For the years ended September 30, 2021, 2020 and 2019, the Commonwealth recorded payments to NMISF of $40 million and $13.57 million, $42 million and $13.98 million, and $44 million and $14.15 million, respectively. However, the enacted Fiscal Year 2025 budget makes no provision for payments to NMISF in Fiscal Year 2025. Debt. As of September 30, 2021, the Commonwealth had $80.6 million in long-term debt outstanding, which represents a net decrease of $4.8 million or 5.6% from the prior year. The expected annual debt service requirements on the Commonwealth’s general obligation bonds are $9.77 million for the fiscal year 2024 and $9.65 million for fiscal year 2025. As of September 30, 2020, CNMI’s total public debt outstanding was about $114.1 million, or about 12 percent of GDP ($938.8 million). This reflects CNMI’s inability to borrow through capital markets in recent years. CNMI has struggled to finance its pension plan. Moreover, its economy continues to decline with limited prospects for recovery as its tourism industry struggles and its largest casino is closed and unlikely to reopen soon. CNMI’s financial management and reporting has also worsened. With CNMI’s limited financial prospects and weak financial management practices persisting, CNMI is at risk of a severe fiscal crisis. Natural Disasters.The Commonwealth underwent two typhoons during the months of September and October