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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.
Governor Albert Bryan Jr., submitted his first Executive Budget as governor Thursday to the 33rd Legislature to fund the operations of the Government of the Virgin Islands (GVI) for Fiscal Year 2020.
Much improved economic outlook highlighted in national publication.
During a Cabinet meeting on St. Croix on Tuesday, Governor Kenneth E. Mapp thanked his leadership team and other members of his Administration for working tirelessly with the U.S. Virgin Islands community and federal officials to submit proposals which resulted in the approval of critical funds for the recovery and the long-term sustainable development of the Territory.