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HomeNewsLocal newsWAPA Moves Forward On $75 Million in Federal Disaster Loans

WAPA Moves Forward On $75 Million in Federal Disaster Loans

Acting WAPA Executive Director Clinton Hedrington testifies at a recent Legislative hearing. (V.I. Legislature photo by Barry Leerdam)
Acting WAPA Executive Director Clinton Hedrington testifies at a recent Legislative hearing. (V.I. Legislature photo by Barry Leerdam)

The V.I. Water and Power Authority Governing Board approved resolutions at an emergency meeting Tuesday that are part of the process of securing a $75 million Community Disaster Loan.

The loan is one of several federal disaster loans the territory is seeking. In a statement, WAPA officials said they will use water system revenues to secure the loans.

Both the U.S. Treasury and FEMA require senior lien bonds to secure the loan, which will offset the loss of revenues by both the electric and water systems. WAPA hopes to close on the loan Wednesday.

On Monday, the board authorized WAPA to draw down the remaining loan proceeds, which total $44 million.

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Board members at Tuesday’s meeting were: chairwoman Elizabeth Armstrong, vice-chairman Noel Loftus, secretary Juanita Young, Director Marvin Pickering, Commissioner Devin Carrington and attorney Gerald Groner. Members Cheryl Boynes Jackson, Hubert Turnbull, and Public Works Commissioner Nelson Petty were absent.

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Acting WAPA Executive Director Clinton Hedrington testifies at a recent Legislative hearing. (V.I. Legislature photo by Barry Leerdam)
Acting WAPA Executive Director Clinton Hedrington testifies at a recent Legislative hearing. (V.I. Legislature photo by Barry Leerdam)
The V.I. Water and Power Authority Governing Board approved resolutions at an emergency meeting Tuesday that are part of the process of securing a $75 million Community Disaster Loan. The loan is one of several federal disaster loans the territory is seeking. In a statement, WAPA officials said they will use water system revenues to secure the loans. Both the U.S. Treasury and FEMA require senior lien bonds to secure the loan, which will offset the loss of revenues by both the electric and water systems. WAPA hopes to close on the loan Wednesday. On Monday, the board authorized WAPA to draw down the remaining loan proceeds, which total $44 million. Board members at Tuesday's meeting were: chairwoman Elizabeth Armstrong, vice-chairman Noel Loftus, secretary Juanita Young, Director Marvin Pickering, Commissioner Devin Carrington and attorney Gerald Groner. Members Cheryl Boynes Jackson, Hubert Turnbull, and Public Works Commissioner Nelson Petty were absent.