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THE VIRGIN ISLANDS NEXT GENERATION NETWORK SHARES FINANCIAL STATUS  - Legislature of the United States Virgin Islands Close About Us History Functions and Structure FY 2026 Budget Honor Roll Rules of the 36th Legislative Youth Advisory Council Application Careers Archives Legislative Archives Tours × St. Thomas Senators  St. John Senators  St.Croix Senators  Districts All Senators St. Croix St. Thomas - St. John Senator at Large × Committees Committee of the Whole Budget, Appropriation and Finance Culture, Youth, Aging, Sports, and Parks Disaster Recovery, Infrastructure and Planning Economic Development and Agriculture Education and Workforce Development Government Operations, Veteran Affairs and Consumer Protection Health, Hospitals and Human Services Homeland Security, Justice and Public Safety Housing, Transportation and Telecommunications Rules and Judiciary Session Folder × No event found! Calendars Bi-Weekly Senate Calendar Session Agenda × Dialog window Dialog window General Senators Committees Media Calendars Contact BUDGET, APPROPRIATIONS AND FINANCE | Press Releases | Senator Donna A. Frett-Gregory THE VIRGIN ISLANDS NEXT GENERATION NETWORK SHARES FINANCIAL STATUS  Published: Apr 16, 2024 Search for: ST. THOMAS – Members of the Committee on Budget, Appropriations, and Finance, chaired by Senator Donna A. Frett-Gregory, convened in a meeting at the Capitol Building. The Virgin Islands Next Generation Network (viNGN) shared a financial update. Separately, lawmakers voted to take a measure off the agenda.  One of the major challenges facing the Virgin Islands Next Generation Network is repaying its $36.8 million bond, according to Stephan Adams, President and CEO of viNGN, Inc. The Public Finance Authority's (PFA) proposed resolution treats this bond as a loan, with the option to convert to equity at the PFA's discretion. This issue has been the subject of multiple board discussions between the PFA and viNGN. Thus far, neither the interest rate nor the amortization plan have been decided upon yet. Furthermore, Adams expressed that viNGN neither has the financial resources nor anticipates loan repayment solely on their own. Although viNGN presented evidence of loan forgiveness, PFA instructed viNGN to apply for federal grant programs to resolve the debt.  In response to a line of questioning by Senator Frett-Gregory regarding $36.8 million bond, Adams indicated that the bond was issued in 2011. Currently, the loan is directly under PFA, and viNGN does not have insight on it, although the unpaid loan is under the purview of viNGN. Senator Frett Gregory stated that the loan is a liability. It is important to have a clear understanding of this matter because the Senate previously contributed financially to viNGN. Separately, regarding the expenses of viNGN, the main components of operating expenses include utilities, salary, court costs, depreciation, and building rental income. Totaling an estimated $10.2 million in 2023. viNGN anticipates an increase in operating expenses in 2024, totaling $10.6 million. Meanwhile, operating revenue was $5.0 million in 2023 and is expected to reach $4.9 million in 2024. Net revenue decreased in 2023 because certain ISPs terminated their operations while others added new ones.  Separately, senators voted to remove from the agenda:  Bill No. 35-0204: An Act appropriating $3,000,000 from the General Fund of the Government of the Virgin Islands to the Virgin Islands Police Department for the purchase and installation of cameras throughout the Territory. Senator Javan E. James, Sr. is the sponsor of the bill.  Senators present at the committee hearing included Donna A. Frett-Gregory, Carla J. Joseph, Novelle E. Francis, Jr., Marvin A. Blyden, Dwayne M. DeGraff, Ray Fonseca, Javan E. James, Sr. and Samuel Carrión.  The Division of Public Affairs is committed to providing the community with accurate information on legislative proceedings and other events at the Legislature of the Virgin Islands. Find More Search for: Categories News Observances Press Releases Special Events Related Content COMMITTEE REVIEWS FY 2027 EXECUTIVE BUDGET REQUESTS FOR GOVERNOR’S OFFICE, LIEUTENANT GOVERNOR’S OFFICE, AND BUREAU OF MOTOR VEHICLES July 23, 2026 ST. CROIX, U.S. VIRGIN ISLANDS – Members of the Committee on Budget, Appropriations, and Finance, chaired by Senator Novelle E. Francis Jr., met in the Frits E. Lawaetz Conference Room to receive testimony on the proposed Fiscal Year 2027 budgets for... Read More COMMITTEE RECEIVES UPDATES FROM WASTE MANAGEMENT CONCERNING SEWAGE HEALTH RISKS, CANCER CARE IN THE TERRITORY                                   July 22, 2026 ST. THOMAS, VI – The 36th Legislature of the Virgin Islands’ Committee on Health, Hospitals, and Human Services, led by Senator Ray Fonseca, met at the Earle B. Ottley Legislative Hall.  Lawmakers received testimony concerning the potential and observed public... Read More SENATORS CONSIDER PROPOSED HORSE RACE LEGISLATION IN SPECIAL SESSION  July 22, 2026 Members of the 36th Legislature, led by Senate President Milton E. Potter, convened at the Earle B. Ottley Legislative Hall. Lawmakers met in special session by request of the governor to consider Bill No. 36-0313, an act approving lease and franchise agreements for the development and operation of the Randall “Doc”... Read More Quick Links Home Senators Committees Media News Contact Important Links Revised Organic Act of 1954 (PDF) 36th Oath of Office Booklet 100 Day Report Rules of the 36th Public Information or Archives Request Search for: Follow Follow Follow Follow