1. Short Title
This Act may be cited as the “Insular Area Liquidity Act”.
Insular Area Liquidity Act
A BILL
To amend the Act entitled An Act to authorize certain appropriations for the territories of the United States, to amend certain Acts relating thereto, and for other purposes to provide partial advanced payment for grants awarded to Insular Areas, and for other purposes.
2. Capital advance for grants awarded to insular areas
Section 501 of the Act entitled “An Act to authorize certain appropriations for the territories of the United States, to amend certain Acts relating thereto, and for other purposes” (48 U.S.C. 1469a; Public Law 95–134) is amended by adding at the end the following:
“(e) Each department or agency making a grant to an Insular Area shall provide to the Insular Area—
“(1) not less than 50 percent of the grant funds through advanced payments, as defined in section 200.3 of title 2, Code of Federal Regulations; and
“(2) additional monitoring and technical assistance to manage the grant funds.”
3. Effective Date
The amendment made by this Act shall take effect on October 1 of the first fiscal year that begins after the date of the enactment of this Act.