Oct. 19, 2005 — The Public Finance Authority board voted unanimously Wednesday to appropriate $1 million in bond proceeds to V.I. Fire Services for repairing facilities in Bordeaux and Estate Dorothea on St Thomas.
PFA Executive Director Kenneth Mapp said the funds can be available immediately from bond proceeds earmarked for capital improvement projects.
The board will also send out an invitation for institutions to bid on a $3.5 million financing proposal to provide Fire Services with new equipment and vehicles.
Board members said the money must be repaid by Fire Services over a period not to exceed seven years, with an interest rate not to exceed 5.5 percent. If Fire Services is unable to repay the loan by that time, the $3.5 million will be repaid by gross receipts revenues.
"This money is something which is urgently needed," Lt. Gov. Vargrave Richards said, adding that without this funding, the department cannot "meet the demands and needs" of the territory. Richards told the board that Fire Services officials made several attempts to alert the government about the situation.
The board unanimously, and without much discussion, voted for the $1 million appropriation, and to send out the $3.5 million financing proposal.
The cost breakdown for these items is:
— $259,800 for two 3,000-gallon tankers.
— $124,900 for one 2,000-gallon tanker.
— $76,000 for one cab and chasis.
— $91,280 for one Ford tanker.
— $133,570 for two Ford pumpers.
— $160,000 for two mini-pumpers.
— $190,000 for five 2005 Chevy Trail Blazers.
— $28,164 for one 2006 Chevy Trail Blazer.
— $62,748 for three Chevy Colorado Crew Cabs.
— $75,248 for three extended-cab pickups.
— $100,000 for shipping and handling.
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