THE CAPITOL – The spokesman for the Majority in the House of Representatives, Ángel Matos García, reported on Thursday that he presented a project that seeks to create the Trust for the Recovery of Municipal Projects, in order to improve the recovery processes in the municipalities after the past atmospheric events such as Hurricane Maria, and earthquakes.“Faced with a difficult panorama in the execution for the reconstruction and recovery of Puerto Rico, different efforts have been generated through government agencies to raise our Island. One of them was the creation of the Central Office for Recovery, Reconstruction and Resilience. of Puerto Rico, which is known as “COR3”, in charge of channeling reconstruction projects. This office has served as an immediate response in relation to state government agencies, corporations, and instrumentalities. However, much remains to be done in terms of the municipalities, ”said Matos García in written statements.
The Municipalities of Puerto Rico have suffered these attacks dramatically. Their recovery has become more difficult than that of the state government due to their economic and fiscal capacity. These, on several occasions, have been unable to carry out reconstruction projects, due to the imposition of onerous requirements by federal agencies and insurance companies.
“This project will allow the municipalities to carry out the work certified by FEMA (Federal Emergency Management Agency), it will provide interim financing, and once the work is completed and certified, the reimbursement will be made instead of to the municipality, to the Trust that we are here creating, ”concluded the spokesperson and representative Matos García.
The Trust for the Recovery of Municipal Projects that is proposed to be created will allow financing of millionaire municipal works for the benefit and economic development of the communities.
Initial contributions to the Trust will come from the Puerto Rico Fiscal Agency and Financial Advisory Authority, the Department of the Treasury, and contributions from the State Treasury of the Commonwealth of Puerto Rico authorized by law. It will also be able to draw on contributions from time to time of federal funds, investments, reinvestments, and contributions from the Legislative Assembly. For this, the Economic Development Bank for Puerto Rico, as fiscal agent and financial advisor to the government, will be the depository of the Trust funds.
Document: P of C 421