DOE done negotiating with third-party agent
The Department of Education has completed negotiations with chosen firm to act as a third-party fiduciary agent for the agency.
By KUAM NewsGuam - The Department of Education has completed negotiations with chosen firm to act as a third-party fiduciary agent for the agency. According to superintendent Dr. Nerissa Bretania Underwood, DOE held a videoconference this morning with USDOE, and the third-party agent. She says they're now preparing a contract for review.
"Te attorneys are putting the terms of our agreement in contract form. That will be circulated to the attorney general, the Governor's Office, USDOE and the third party. For here on Guam, we have to make sure it's approved by the governor, the attorney general and the superintendent," she explained.
Dr. Bretania Underwood couldn't disclose the name of the chosen company or how much DOE plans on paying this firm, since a contract hasn't been signed yet. She says while DOE cannot access $39 million in federal funding until one is put in place, she has received assurances from the federal government that it could use American Reinvestment and Recovery Act funds as a financial bridge until a contract has been signed.