Gov. Albert Bryan, Jr. convened a regular meeting of the Virgin Islands Public Finance Authority’s Board of Directors on November 25, 2024. Department of Finance Commissioner, Kevin McCurdy, Office of Management and Budget Director Designee Julio Rhymer Secretary Keith O’Neale and Attorney Dorothy Isaacs attended the meeting.
The Board of Directors of the Virgin Islands Public Finance Authority (VIPFA) received an updated quarterly report from Stephan Adams, President and Chief Executive Officer of Virgin Islands Next Generation Network (viNGN) regarding the operations of viNGN. Adams shared that viNGN anticipates an NTIA Digital Equity Capacity grant for $2.1M and has also applied for an NTIA Digital Equity Competitive grant for $2.5M.
The Board also approved a resolution to take whatever action necessary to secure an increase of the current Line of Credit with FirstBank Puerto Rico from $100 million to $150 million. This Line of Credit will continue to be used to fund disaster recovery efforts and to make outstanding payments to vendors of the Government of the Virgin Islands up to a total amount of $50 million. The PFA Board also unanimously approved a resolution authorizing the Executive Director or the Director of Finance and Administration to engage Duane Morris, LLP as bond counsel and disclosure counsel to the Authority. the issuance of the VIPFA Grant Anticipation Revenue Bonds (GARVEE). Last week, the Authority received legislative approval to issue Garvee bonds in the aggregate principal amounts of $156 million to be used to fund major infrastructure projects, including
1. St. Croix – St. Thomas Ferry: $20 million to fabricate a high-speed ferry to improve interisland connectivity.
2. Veterans Drive Project – Phase 2A: $48 million to continue improvements and expand the current roadway and pedestrian infrastructure in St. Thomas.
3. Additional Federal-aid Eligible Road Improvement Projects on St. Croix: $28 million for various road projects.
The remainder of the proceeds will be used to re-finance existing GARVEE bonds and for debt service. In its last action for the day, the Board voted to increase the Authority’s budget by $2 million.
