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PFA Reallocates Funding for 14 Capital Projects

June 12, 2005 — Kenneth Mapp, executive director of the Public Finance Authority, presented a resolution at Friday's PFA board meeting amending the designation of capital projects financed with PFA’s revenue bonds—VI gross receipts taxes loan note—series 2003A. Reallocations will go to fund 14 projects suspended in 2004 due to lack of funding:
-$2 million for repairs and restoration of Fort Christian
-$1.8 million to the Department of Health for repairs and restoration of the Old Municipal Hospital (Dr. John S. Moorehead Complex on St. Thomas)
-$1.8 million allocated to the Department of Health for Phase III of the Charles Harwood Hospital Complex on St. Croix
-$500,000 to the Department of Housing, Parks and Recreation for improvements to Coki Point Beach
-$275,000 to the Department of Planning and Natural Resources for repairs to the Frenchtown Fish Market
-$250,000 to the Department of Property and Procurement to upgrade, improve, and secure the department’s communication site at Recovery Hill
-$200,000 to the Department of Property and Procurement for improvements to the St. Thomas Motor Pool and Estate Richmond offices
-$300,000 for repairs to the Sion Farm Greathouse
-$325,000 to WTJX Public Television for improvements and security at its facilities in St. Croix
-$1.6 million to the Department of Justice to fund the Lindquist Beach project
-$595,000 on a temporary or permanent basis to fund new wastewater treatment plants on St. Croix and St. Thomas
An additional $7.25 million will go to the Department of Education, of which $2 million will be used for capital projects at St. Croix Central High School, up to $1 million for capital projects at John Woodson Jr. High, $725,000 for capital projects at Elena Christian Junior High, $200,000 to St. Croix Educational Complex, $50,000 to Arthur Richards Jr. High, and $3.25 million for capital projects at elementary schools throughout the territory.
The sum of $6.7 million to the Frederiksted Economic Revitalization Project on behalf of WAPA and the V.I. Port Authority was opposed by PFA Board Secretary Ira Mills. Although Mills stated his support for the project, he favored an exchange between the PFA and WAPA/Port Authority, which would reduce outstanding debts owed from the V.I. government to WAPA. A motion regarding this issue led to Mill’s suggestion being tabled until the next PFA meeting.
All other reallocations were approved unanimously by the other members of the PFA Board.
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