Government

PFA Approves $17 Million For Dredging at WICO to Allow For Larger Cruise Ships

The V.I. Public Finance Authority during its Friday meeting approved $17 million for the dredging of the West Indian Company (WICO) dock to accommodate larger cruise ships. "We have met all the local permitting requirements and are awaiting approval from the Army Corp of Engineers to ensure that this harbor will be able to accommodate bigger cruise ships," PFA Board Chairman Governor Albert Bryan said during the meeting, referring to WICO. According to PFA Director Nathan Simmonds, financing for the project is secured through earnings in the territory's Debt Service Reserve Fund for the Gross Receipts Tax Bonds held with The Bank of New York Mellon Trust Company. The earnings resulted in an overfunding of the Debt Service Reserves totaling $17 million. Mr. Simmonds said these funds can be withdrawn and used for specific projects tied to the government of the Virgin Islands. The Gov't Employees' Retirement System, which owns the Havensight Mall that is adjacent to the WICO dock, in J...