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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.
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U.S. VIRGIN ISLANDS—Governor Albert Bryan Jr. announced Wednesday that the United States Department of Housing and Urban Development (HUD) has approved the Virgin Islands Housing Finance Authority’s Substantial Amendment, paving the way for the use of $145 million in Community Development Block Grant mitigation (CDBG-MIT) funds to the Virgin Islands Water and Power Authority (WAPA) to acquire the VITOL propane terminals at the Richmond Power Plant in St. Croix and the Randolph Harley Power Plant in St. Thomas.
This landmark development marks a significant milestone in the Administration’s ongoing efforts to enhance the Virgin Islands’ energy infrastructure and improve the delivery of utility services to its residents.
With the acquisition of the LPG assets from VITOL, WAPA will gain greater control of the fuel supply and management of fuel costs.
Control of the propane facilities will enable WAPA to refocus efforts toward executing its strategic priorities and resiliency projects, which include the significant expansion of renewable energy integration into the grid.
Governor Bryan underscored the importance of this achievement, stating, “There is no easy fix to a system that has been broken for 60 years. It takes commitment, diligence, political courage, and, most importantly, working together. I want to again thank the members of the 35th Legislature who supported the legislation approving the line of credit needed to complete this plan and the leadership teams at HUD, VIHFA, and WAPA for their diligent efforts, which helped us achieve this milestone.
This transformational development will position WAPA to deliver more affordable and efficient services to its ratepayers, ultimately benefiting the people of the U.S. Virgin Islands.
The acquisition of the VITOL propane terminals represents a significant step forward in the Administration’s goal to build a more resilient and sustainable energy future for the U.S. Virgin Islands.
U.S. VIRGIN ISLANDS — Governor Albert Bryan Jr. acted on 30 bills passed by the 35th Legislature in its September 22nd session. The bills approve agreements between the Virgin Islands government and various health insurance companies and appropriate operating funds for several government agencies, boards, and commissions. Additionally, Governor Bryan approved a bill authorizing the administration to payout $25 million in fiscal years 2023 and 2024 as part of its plan to continue payment of the decades-old backlog of retroactive wages owed to eligible government employees.
In his transmittal letter to Senate President Novelle E. Francis Jr., Governor Bryan thanked members of the Senate Finance Committee and all members of the 35th Legislature for their hard work on the Fiscal Year 2024 Budget.
The Governor also took the opportunity to use his line-item veto authority for sections of Bill No. 35-0141, to strike the reference to the Government Insurance Fund in Sections P and R because the amounts are appropriated in Bill No. 35-0156. He also exercised a line-item veto of “VIPD (Virgin Islands Police Department) Police Athletic League STX $8,000” because the subsection replicates the appropriations contained elsewhere in the bill. He also noted that a typographical error in the VITEMA (Virgin Islands Territorial Emergency Management Agency) allocation, Section G, “Other Services and Charges,” wherein the sum of $363,892 should read $636,892. Additionally, Gov. Bryan noted the total for VIPD, Section T should read $74,542,585.
In Bill No. 35-0171, Governor Bryan exercised his line-item veto to strike Sections 8 and 9 related to placement of underground storage tanks in proximity to water wells because, he said, the Department of Planning and Natural Resources did not have an opportunity to weigh in on the wisdom or practicality of the amendment, and the proposed measure conflicts with 12 VIC 657(a). Governor Bryan also line-item vetoed Section 12(a) because the proposed language is more restrictive than the existing language. Finally, he noted that in Section 5(b), there is no sum appropriated for the construction and repair of Contentment Road.
In his transmittal letter, Governor Bryan requested that the Legislature review his recommendations at its earliest convenience.
The Bryan-Roach Administration is investing in the Territory’s people, infrastructure, and future through transparency, stabilizing the economy, restoring trust in the government and ensuring that recovery projects are completed as quickly as possible. Visit transparency.vi.gov
During Monday’s Government House press briefing, Governor Albert Bryan Jr. introduced the newest member of his Cabinet, Finance Commissioner Nominee Kevin McCurdy. McCurdy, a Virgin Islander, returns to the territory from Chicago, where he worked as the Associate Vice President of Finance and Planning at Adler University.
“I know he is committed to this community,” Governor Bryan said, stating that McCurdy’s family is in the territory. “I welcome him today and introduce him to you as our designee for the Commissioner of Finance.”
McCurdy previously served as Associate Director for the Office of Management and Budget and held several positions at OMB to include Senior Budget Analysis and Revenue Control Officer. McCurdy holds a master’s degree in economics and a bachelor’s degree in accounting from Roosevelt University in Chicago.
Governor
Commissioner of Finance
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