REPRESENTATIVE Joseph Leepan T. Guerrero will introduce House Joint Resolution 22-13, which seeks to allow the Marianas Public Land Trust to receive $15 million as a “sub-recipient” of American Rescue Plan Act funds.
Leepan’s resolution seeks to “materialize the discussion” among the Office of the Governor, the Department of Finance and MPLT about the participation of MPLT in the government’s economic recovery efforts, in response to the negative impact of Covid-19 on the CNMI economy.
The purpose of the sub-grant, according to H.J.R. 22-13, “is for MPLT to use its experience with investment review to administer and manage [a] grant out [of the] ARPA funds consistent with CNMI and U.S. Department of Treasury requirements and guidelines under parallel prudent investment or lending standards.”
The proposed sub-grant is the same amount of money that the government borrowed from MPLT two years ago for Super Typhoon Yutu recovery.
Leepan’s joint resolution stated that, as with prior loans or investments, “the trustees are counseled that authorizing legislation is appropriate for the ARPA-MPLT sub-grant of $15 million for MPLT to administer for the Commonwealth Government through the Secretary of Finance/Office of the Governor.”
H.J.R. 22-13 also noted that the trustees have determined that MPLT “can assist and be a sub-recipient of the ARPA program without affecting their primary duties and responsibilities in carrying out their fiduciary duties as trustees in their investment decisions.”
The sub-grant will be implemented with a memorandum of agreement for the administration and monitoring of the $15 million sub-grant from the CNMl’s share of ARPA’s Coronavirus State and Local Fiscal Recovery Fund.
“These funds shall be used to respond [to] and address the negative economic impact of Covid-19 on the CNMI through grant agreements in the areas of business recovery, tourism recovery, transportation recovery, hospitality industry recovery and other eligible uses,” the joint resolution stated.
Leepan Guerrero
