{"id":31901,"date":"2015-11-27T11:50:35","date_gmt":"2015-11-27T11:50:35","guid":{"rendered":"https:\/\/viconsortium.com\/?p=31901"},"modified":"2015-11-27T16:02:30","modified_gmt":"2015-11-27T16:02:30","slug":"major-road-and-highway-projects-coming-to-territory-early-2016-thanks-to-rivera-oreilly-measure","status":"publish","type":"post","link":"http:\/\/wp.viconsortium.com\/?p=31901","title":{"rendered":"Major Road And Highway Projects Coming To Territory Early 2016, Thanks To Rivera-O&#8217;Reilly Measure"},"content":{"rendered":"<p class=\"\">ST. THOMAS &#8212; The Virgin Islands Public Finance Authority Board of Directors recently voted unanimously to adopt a resolution authorizing the VIPFA to issue not more than $102 million of Grant Anticipation Revenue Vehicles (GARVEE) bonds for the funding of major road and highway construction projects throughout the territory, a press release Government House issued on Wednesday revealed.<\/p>\n<p class=\"\">The resolution comes months after a bill sponsored by Senator Nereida Rivera-O&#8217;Reilly authorized the government to float bonds of up to $250 million for the reconstruction of the territory&#8217;s roads. Mrs. Rivera-O&#8217;Reilly <span style=\"color: #3366ff;\"><a style=\"color: #3366ff;\" href=\"https:\/\/viconsortium.com\/politics\/sen-oreilly-says-250-million-road-reconstruction-bill-will-bring-hundreds-of-jobs-to-st-croix\/\" target=\"_blank\">said<\/a><\/span> the measure, once adopted, woukd add &#8220;hundreds of jobs&#8221; to St. Croix&#8217;s economy.<\/p>\n<p class=\"\">But the $250 million that Rivera-O&#8217;Reilly&#8217;s law authorized to be borrowed was on the premise that Governor Kenneth Mapp&#8217;s lobbying of Congress to increase the amount of highway funding the territory receives from $16 million to nearly $30 million, would be granted. However, <span style=\"color: #3366ff;\"><a style=\"color: #3366ff;\" href=\"https:\/\/viconsortium.com\/featured\/territorys-250-million-road-reconstruction-project-uncertain-as-congress-neglects-mapps-request\/\" target=\"_blank\">Congress rejected the governor&#8217;s offer<\/a><\/span>, diminishing the total amount of bonds to be floated to $100 million, according to the law, on the security of the $16 million received annually from the federal government.<\/p>\n<p class=\"\">\u201cWe anticipate closing this bond transaction on December 8, 2015 and fund a project account with approximately $91 million,\u201d said the territory&#8217;s leader, who also chairs the VIPFA&#8217;s board. \u201cThis means that beginning early 2016, we will begin major road construction projects. $51 million of this sum is slated to be spent on the island of St. Croix,&#8221; Mr. Mapp added. He also thanked Mrs. O&#8217;Reilly for sponsoring the bill, adding that such measures &#8220;projects her willingness to work with my administration to perfect the legislation.<\/p>\n<p class=\"\">As for Congress&#8217; refusal to increase highway funding for the territory, the governor said he remains &#8220;committed to working with our federal partners in Congress to increase the highway grant funds to the Virgin Islands.&#8221;<\/p>\n<p class=\"\"><em>Feature Image: Senator Nereida Rivera-O&#8217;Reilly.<\/em><\/p>\n<p class=\"\"><em>Image Credit: 31st Legislature of the Virgin Islands.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>ST. THOMAS &#8212; The Virgin Islands Public Finance Authority Board of Directors recently voted unanimously to adopt a resolution authorizing the VIPFA to issue not more than $102 million of Grant Anticipation Revenue Vehicles (GARVEE) bonds for the funding of major road and highway construction projects throughout the territory, a press release Government House issued [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":29622,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[228,3,11,854,191,2474,147],"tags":[3966,3967,3965,2916],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Major Road And Highway Projects Coming To Territory Early 2016, Thanks To Rivera-O&#039;Reilly Measure - V.I. Consortium<\/title>\n<meta name=\"description\" content=\"Find Virgin Islands new, opinion, politics, lifestyle, business and more\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/wp.viconsortium.com\/?p=31901\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ernice Gilbert\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"http:\/\/wp.viconsortium.com\/?p=31901\",\"url\":\"http:\/\/wp.viconsortium.com\/?p=31901\",\"name\":\"Major Road And Highway Projects Coming To Territory Early 2016, Thanks To Rivera-O'Reilly Measure - V.I. 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I've been the Editor-In-Chief at my videogames website, Gamesthirst, for over 5 years, writing over 7,000 articles and more than 2 million words. I'm also very passionate about where I live, the United States Virgin Islands, and I'm intent on making it a better place by being resourceful and keeping our leaders honest. VI Consortium was birthed out of said desire, hopefully my efforts bear fruit. Reach me at ernice@viconsortium.com.\",\"sameAs\":[\"http:\/\/ernicegilbert.com\/\"],\"url\":\"http:\/\/wp.viconsortium.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Major Road And Highway Projects Coming To Territory Early 2016, Thanks To Rivera-O'Reilly Measure - V.I. 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