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The Virgin Islands Public Finance Authority (the "PFA" or the "Authority") was created by Act No. 5365 as a public corporation and autonomous governmental instrumentality, operating on behalf of the Government of the United States Virgin Islands (the "Government"). Its primary duties are 1) to aid the Government of the United States Virgin Islands in the performance of its fiscal duties; 2) to raise capital, public or private, for essential public projects; and 3) to create programs and enter into contracts which will support the financing needs of the Government, promote economic recovery, and contribute to the stability of the Territory’s economy.
The United States Virgin Islands Code provides that the debts, obligations, contracts, bonds, assets, receipts, expenditures, accounts, funds, facilities and property of the Authority shall be deemed to be those of the Authority and not to be those of the Government or of any of its offices, bureaus, departments, agencies, commissions, branches, agents, or employees.
Consequently, the Authority may borrow money, enter into contracts, and accept grant proceeds for public purposes. The PFA may also 1) lend the proceeds of bonds and/or other financing instruments to the Government; 2) guarantee loans and financial obligations incurred by the Government; 3) invest its funds; 4) arrange for the investment of funds belonging to the Government; 5) purchase notes and other obligations or instruments secured by real property; 6) execute contracts and financing instruments; 7) appoint, employ, and contract for the services of officers, agents, employees, and professional service providers as the Authority may deem appropriate; and, 8) exercise all such incidental powers as may be necessary or convenient for the purposes of carrying out the business objectives and interests of the Authority.
For more information about the USVI’s investor website please contact Lonnie Soury at (917) 519-4521, or Lsoury @soury.com.
Please be advised that as of August 25, 2017, the US Virgin Islands Public Finance Authority (“PFA”) will no longer be providing information for credit ratings on its Matching Fund Loan Notes and Gross Receipts Tax Bonds to Moody’s Investors Service, Inc., Standard & Poor’s Global Ratings and Fitch Ratings, Inc. We understand that, at your discretion, you may withdraw these ratings at any time. Please note this decision does not include the PFA’s GARVEE Bonds, US Virgin Island Water and Power Authority Bonds and Virgin Islands Port Authority Bonds.
Going forward, it is our intention to provide updated financial information regarding the PFA and the Government of the Virgin Islands on EMMA and BondLink. You may access information on these sources. If you have any questions regarding this matter, please contact our financial advisor, Richard Tortora, President, Capital Markets Advisors, LLC at (516) 487-9815.
August 25, 2017
NEWS PROVIDED BY
Limetree Bay Terminals, L.L.C.
CHRISTIANSTED, Virgin Islands, Oct. 5, 2017 /PRNewswire/ -- In coordination with the U.S. Coast Guard and local officials, Limetree Bay Terminals, L.L.C. ("Limetree") has resumed commercial operations after the passing of Hurricane Maria. Truck rack loading operations serving local and area fuel suppliers resumed within 24 hours of the hurricane, and vessels commenced shore tank loading and unloading operations shortly thereafter.
In addition, Limetree continues to work in coordination with the Government of the U.S. Virgin Islands, FEMA, and private relief efforts to aid in the delivery and distribution of supplies. Limetree is committed to supporting near term hurricane relief efforts as well as longer-term regional recovery planning and will continue to provide assistance in support of these efforts where possible.
Limetree Bay Terminals, L.L.C. owns and operates a terminal storage and marine facility in St. Croix, U.S. Virgin Islandsthat consists of 32 million barrels of crude oil and petroleum product storage capacity, a deep-water port with ten ship docks and six dedicated tug boats, a truck rack, and idled refinery units with total peak processing capacity of 650 thousand barrels per day. It is located on approximately 1,500 acres situated along the south shore of St. Croix. Limetree is a joint venture between an affiliate of ArcLight Energy Partners Fund VI, L.P. ("ArcLight") and an affiliate of Freepoint Commodities LLC ("Freepoint"). More information about ArcLight, and a complete list of ArcLight's portfolio companies, can be found at www.arclightcapital.com. More information about Freepoint can be found at http://www.freepoint.com.