The Virgin Islands Daily News
The Daily News Staff
ST. THOMAS, VIRGIN ISLANDS — The V.I. Public Finance Authority board has authorized the agency to open a $10 million line of credit to purchase vehicles for the territory’s first responders and other essential government services.
At its regular monthly meeting Wednesday, the board directed Executive Director Valdamier Collens and Finance and Administration Director Joanne Bozzuto to negotiate terms with Banco Popular to set up a revolving credit line.
The borrowing is the result of legislation recently passed by the Senate, which Gov. Kenneth Mapp has said will enable the V.I. government to purchase essential vehicles — such as ambulances or police cars — piecemeal instead of having to replace an entire fleet of vehicles at one time.
“When we do this, all of the fleets expire at the same time, need replacement and the cash outlays are significant,” Mapp has said previously. “Through the multiple appropriations authorized in this credit facility, the government can now stagger our purchase of fleet vehicles to keep the equipment modern.”
The Public Finance Authority board also approved $105,850 to upgrade the DC Canegata Ball Park on St. Croix.
The island will host the Regional Caribbean Little League Tournament from July 15 through 24, and the refurbishments are necessary to make certain the field meets the regulations required by the Little League Baseball organization.
Eleven Caribbean Countries are expected to be represented at the tournament and the winner will represent the region at the World Series of Little League Baseball in Williamsport, Pa.
In its final action during Wednesday’s regularly scheduled board meeting, the board moved to approve spending $10,000 to finalize HVS International’s Destination Study necessary to move the St. Croix Branded Hotel project forward. Mapp has said the HVS study is essential in the effort to attract an international hotel brand to the big island.
Copyright 2016 The Virgin Islands Daily News