Government

PFA Sends $1.5 Million to VIPA After Agreement to Avoid Reprogramming Hotel Bond Fees

The V.I. Public Finance Authority board on Thursday approved a $1.5 million payment to the V.I. Port Authority, following discussions between the executive and legislative branches that will avoid moving forward with a bill to reprogram more than $4 million in administrative fees collected by a PFA subsidiary. The payment is also intended to help resolve a fine owed to VIPA by the V.I. Waste Management Authority, while directing the Port Authority to use the money for St. Croix airlift subsidies. At issue was Bill 36-0258, which was passed in the Senate Committee on Rules and Judiciary in late April. The measure would have redirected more than $4 million in fees collected by the Virgin Islands Hotel Development Financing Corporation from the Frenchman’s Reef bond deal. Under the bill, the funds would have been allocated among VIPA, the Department of Tourism and the Budget Stabilization Fund. VIPA would have received $1 million for airline subsidies for St. Croix. The Department of T...