The governing board of the Virgin Islands Water & Power Authority on Tuesday approved resolutions necessary to further secure a $75 million community disaster loan (CDL) utilizing water system revenue bonds, WAPA made known Tuesday.
As with the central government, the U.S. Treasury and the Federal Emergency Management Agency, require senior lien bonds to secure the loan which has been issued to offset the loss of revenues by both the electric and water systems, WAPA said.
WAPA said it’s tapping its water revenue bonds to secure the loan. The board action, which came in an emergency meeting, adopted the amended and restated water revenue bond resolution; adopted a second supplemental resolution authorizing the issuance of the 2018 series bonds, and approved the undertaking of the authority. WAPA is expected to close on the loan Wednesday.
On Monday, the board authorized the authority to draw down the remaining loan proceeds which total $44 million.
Board members at today’s meeting included Chairwoman Elizabeth Armstrong, Vice-Chair Noel Loftus, Secretary Juanita Young, Director Marvin Pickering, Commissioner Devin Carrington and Gerald T. Groner, Esq. Members Cheryl Boynes Jackson, Hubert Turnbull, and Commissioner Nelson Petty were excused.
Tags: community disaster loan, wapa usvi
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