Senators OK range of bills including $250M in bonds to fund new ferry, road repairs
ST. THOMAS — Senators approved a wide range of bills during Wednesday’s Legislative session, including up to $250 million in bonds to fund infrastructure projects such as road repair and a ferry between St. Thomas and St. Croix, elimination of the statute of limitations for civil claims by childhood sexual abuse survivors, leases, honors for community leaders and more.
2024-11-22 19:19:30 - VI News Staff
Senators began the day in the Committee of the Whole and heard testimony on Bill No. 35-0415 authorizing the issuance of up to $250 million in bonds by the V.I. government and the V.I. Public Finance Authority. V.I. Department of Public Works Commissioner Derek Gabriel explained the proposed allocation of $156 million in GARVEE, or Grant Anticipation Revenue Vehicle, federal bond funding. The bonds are a funding mechanism that leverages future federal grants, “ensuring that projects can begin immediately rather than waiting for yearly funding allotments,” Gabriel said.
A 2015 GARVEE bond provided $91 million in funding for road improvement projects, such as $16 million for Melvin Evans Highway, and $40 million for Veterans Drive. The new $156 million bond issuance would cover critical infrastructure projects, such as $20 million for fabrication of a new ferry linking the territory’s two largest islands, $48 million for Phase 2A of the Veterans Drive Project, $54 million to refinance existing bonds and $28 million for additional eligible road projects on St. Croix.