The board of directors of the VI Public Finance Authority met via video conference on Tuesday and voted unanimously to execute the term sheets with Banco Popular and First Bank for $ 60 million in loans to fund government operations.
âThe revenue anticipation notes will be split with $ 30 million on loan from Banco Popular and First Bank loaning the remaining $ 30 million. The funds will be used to help government operations that have been affected by the economic downturn and revenue losses due to the COVID-19 pandemic, âaccording to the press release.
With the notes already approved by the Sixth Legislature, the PFA Board of Directors plans to meet again at the end of July to approve the actual loan once the final loan documentation has been reviewed by its legal team.
âMore and more businesses are closing because they cannot bear the brunt. We have such a tight economy if the government cuts spending further, we will be in a cataclysmic situation, âGovernor Albert Bryan Jr. said in a statement.
Bryan, who is also chairman of the PFA board of directors, also noted that his administration had the lowest number of employees of any government in the past 20 years.
âWe have a closed loop economy, and if you don’t fuel it, it will only collapse,â Bryan said.
The PFA Board of Directors also unanimously approved a cleaning services agreement with Balboa Construction Corporation to provide general cleaning and maintenance services five days a week and improved sanitation for the PFA building in St Thomas, given the ongoing COVID-19 pandemic. The contract is $ 63,120 per year with an option to renew for one year and to be partially funded by federal relief funds for COVID-19 disaster recovery.
The Board of Directors voted unanimously to authorize the President or Executive Director to execute correspondence transferring part of the 2020 Private Activity Bonds volume cap in the amount of $ 54.73 million from the cap. total bond volume of $ 59.28 million to the VI Housing Authority.
The transfer allows the Housing Authority to issue tax-exempt bonds for the modernization of the D. Hamilton Jackson and Alphonso Gerard public housing communities and the Wilfred Pedro Homes (Whim Gardens) affordable housing community for seniors.
The board then moved on to the executive session and Bryan indicated that they had discussed:
â¢ A repayment opportunity for the counterpart fund obligations and received an update regarding the 2018 audits for the authority and its component units.
â¢ That the 2018 audits were completed according to the revised schedule and that the authority is now working on a smooth transition to the completion of the 2019 audits.
â¢ Increased monitoring of its subsidiaries through the presence of staff at meetings of the board of directors of its subsidiaries, the submission of monthly operating reports to the authority and the presentation of quarterly reports to the board of directors.