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TWENTY-THIRD LEGISLATURE OF THE VIRGIN ISLANDS Territory of the Virgin Islands REGULAR/SPECIAL SESSION 20_90 ROLL CALL Bill No. 23 - 0238 Date: September 19, 2000 Short Title: _To authroize the issuance of bonds, notes or other evidences of indebtedness of the Government of the Virgin Islands and the Virgin Islands Public Finance Authority and for other related purposes LEGISLATIVE HISTORY (a) Introduced and sent to Committee on.............0sececceeeececeeeeeeeees PD At Coro. Wars ttn estat conan Tel ania leaned (b) Reported: from: Committee and sent to Rules Onvese-cssce5: eeoecss oa occas estes sake eens a ome RG poss Ree parted tor orice Gr Rules ct 50 dst vessel ols tong zaanlav ave taveon sdnashvtinehesictllibone erceancsec dan ee (d) Recalled from Committee by Special Order Cg apes ici etdlnds wet ened coer as a bene eee eS ee t (f) IRE JE CLEAR OT ettee sean es ah ere Ne ie eC AE Ua tte we dh ea ted ss oat ea sat baa iplileninstal eodare ene A i etoe overnor on Y, ) Gee ere GOH aca eee i ea bo ine gl i iG) O¢ (h) Reconsidered by Legislature and passed or rejected OME GOVEMMOrSiViEtOy Oma Won, sect aed satire parte cen ated Uesre vont var australe eae eat ound ube eR ee MEMBERS YEA NAY NOT VOTING ABSENT BENNERSON, Gregory A. BERRY, Lorraine L. BRYAN, Adelbert M. \LE, Donald “Ducks” DAVID, Roosevelt St. C. Hp DONASTORG, Adlah “Foncie” cage | GOLDEN, Violet Anne ny ie (2 GOMEZ, Judy M. os 2 HANSEN, Alicia “Chucky” GOODWIN, George E. Ae JN. BAPTISTE, Norman fe )) JONES, David S. if LIBURD, Almando “Rocky” J PETRUS, Allie-Allison RICHARDS Vargrave A. Vz oe SOUVLLE EL ie py ON F 4 ELNANCR 09/01/00 —- AMEMDED AND REPORTED OUT TO THE COMMITTEE ON RULES BILL NO. #3-093? Twenty-Third Legislature of the Virgin Islands of the United States JUNE 23, 2000 To authorize the issuance of bonds, notes, or other evidences of indebtedness of the Govemment of the Virgin Islands and the Virgin Islands Public Finance Authority and for other related purposes J . Senators Roosevelt St. C. David, Lorraine L. Berry and PR OPOSED BY: David S. Jones, George E. Goodwin, Violet Anne Golden, Gregory A. Bennerson, Vargrave A. Richards, Akmando “Rocky” Liburd and Donald “Ducks” Cole WHEREAS, the Senate of the Virgin Islands has determined that there is an immediate need for highway, transportation and related improvements throughout the United States Virgin Islands (the “Terntory”) in order to provide for the health, safety, and welfare of its citizens and to promote employment and economic development within the Territory; WHEREAS, the Senate has determined that the best way to accomplish such improvements expeditiously is through the issuance of federal highway grant anticipation COANOD ARAN = revenue bonds to finance certain of such highway and transportation improvements; and wal, md wh mh oh QN-= © © ee NNNNNNN BAe ee OMbhANAOCHOOANTOS ub ONO GA WN =. WHEREAS, the Senate has further determined that the bonds should be payable from certain designated revenues derived from federal highway assistance funding: WHEREAS, the Senate is seeking to finance certain transportation projects for which the Government expects to receive federal grants pursuant to the National Highway System Designation Act of 1995, the Transportation Efficiency Act for the 21 Century and other federal programs; and WHEREAS, in order to facilitate the Government’s borrowing for transportation projects in anticipation of receiving such federal highway grants, the Authority intends to issue up to $75,000,000 aggregate principal amount of its bonds and, pursuant to a loan agreement, loan the proceeds thereof to the Government against delivery of a limited obligation loan note of the Government to fund certain transportation projects approved by the Government and the Federal Highways Administration as part of the Territorial Transportation Improvement Program or as otherwise eligible for federal funding, fund any necessary reserves in connection therewith and pay the related costs of issuance of such bonds; Now, Therefore; BE IT ENACTED by the Legislature of the Virgin Islands: SECTION 1. Definitions The following terms, as used in this subchapter, shall have the meaning set forth in this section: (1) “Additional Bonds” means additional bonds issued under a duly authorized supplement to the Indenture for the Bonds; (2) “Bonds” means the “2000 Federal Highway Grant Anticipation Revenue Bonds” or “GARVEE Bonds”, as authorized in this legislation; OOnN OG AWN =. (3) “Debt Service” means all amounts required for the payment of principal. interest on, and premium, if any, due with respect to the Bonds in any fiscal year along with all associated costs, including the fees and costs of paying agents and trustees, remarketing agent fees, credit enhancement cost, and other amounts necessary in connection with the Bonds; (4) “Federal Aid Highway Funds” means funds or to be received from the federal government of the United States as federal highway assistance funding allocated to the Territory, including those available under the Transportation Equity Act for the 21" Century (“TEA-21”) and the National Highway System Designation Act of 1995(“NHS Act”) and other federal programs; (5) “Loan” means the debt obligations set forth in the loan documentation securing the Bonds, including the Loan Note, the loan agreement and other instruments; (6) “Loan Note “ means the note issued by the Govemment to the Authority evidencing the loan of the proceeds of the Bonds; and (7) “Transportation Projects” means the transportation projects approved by the Government and the Federal Highways Administration as part of the Territorial Transportation Improvement Program or as otherwise eligible for federal finding. SECTION 2. Authorization to borrow on a jimited obligation basis (a) The Authority is herby authorized to issue up to Seventy-five million dollars in an aggregate principal amount of the 2000 Federal Highway Grant Anticipation Revenue Bonds for the following purposes: CONOURWDND a (i) to fund the Enighed Pond Port Project on St. John, the Red Hook Terminal Facility on St. Thomas and the Christiansted By-Pass Road on St. Croix and certain other Transportation Projects to be approved by the Legislature in accordance with applicable federal laws, including TEA-21 and the NHS Act, and other appropriate federal highway and transportation assistance laws; and (ii) to allocate apportion of the proceeds of the Bonds to fund ten million dollars to pave roads of the Virgin Islands and any necessary reserves, capitalized interest, if any, and pay the cost of issuance of the Bonds and the Loan Note including any credit enhancement, therefore; (b) The Government is hereby authorized to issue the Loan Note to the Authority and execute a loan agreement to evidence its obligation to issue the Bonds and execute the indenture and all other instruments and documents necessary to close and effectuate the contemplated Bonds transaction. SECTION 3. Authority to pledge Federal Aid Highway Funds (a) The Government is hereby authorized to pledge the Federal Aid Highway Funds in accordance with TEA-21 and the NHS Act and other federal highway programs for repayment of the Loan Note and the Bonds as is consistent with applicable federal laws. (b) In connection with the issuance of the Bonds and in furtherance of the pledge of Federal Aid Highway Funds, the Government and the Authority are hereby authorized to execute one or more agreements or other instruments, under which, (i) all Federal Aid Highway Funds available for Debt Service shall be deposited into a special account known as the “Federal Transportation and Highways Grant Escrow Account” which OON OUR WHN a. mh mh mh N= © 14 415 16 17 18 19 20 21 22 23 24 “25 26 account shall be held in the custody of a banking institution approved by the Government, and shall be held separate from any other funds or accounts of the Government or such banking institution, (ii) the Government shall pledge and assign to the Authority which in turn shall assign to a trustee on behalf of the holders of the Bonds (the “Trustee) or a banking institution serving as escrow agent for the benefit of such Trustee a first lien on and security interest in thé Federal Transportation and Highway Grant Escrow Account, and (iii) such Trustee shail apply such funds to pay Debt Service when due under the applicable indenture or loan agreement and to fund the Transportation Projects. (c) Any escrow agreement entered into by the Government or the Authority or both the Government and the Authority which provides for the deposit and administration of Federal Aid Highway Funds for the benefit of the holders of the Bonds shall be maintained for so long as any of the Bonds are outstanding. (d) Notwithstanding any other law, rule or regulation to the contrary, upon deposit of the Federal Aid Highway Funds into the Federal Transportation and Highway Grant Escrow Account, such amounts so deposited shall not be subject to any lien or attachment by any creditor of the Government or the Authority or by any other person or entity other than the lien and security interest authorized herein. SECTION 4. Covenant ; In furtherance of the pledge of the Federal Aid Highway Funds to be utilized for Transportation Projects, the Government hereby covenants and agrees for the benefit of the Bonds, for so long as any Loan Notes and Bonds remain unpaid, to take necessary steps to ensure continued receipt of Federal highways and transportation assistance 11 12 14 15 16 17 18 19 20 21 22 23 24 5 26 SCOMNOUAWN=:. Section 9 provides for Legislative approval of any public/private project to be financed by bonds issued by the Public Finance Authority. 2. In Section 2, page 3, line 20, after the word “Projects” insert “to be approved by the Legislature”. 3. In Section 2, page 4, line 1, after the word “fund” insert “ten million 4 dollars to pave roads of the Virgin Islands and. BRO0-1354a/ September 1, 2000/ SA:nb © covernment of the U.S. Virgin Islands Preliminary List of Projects to be Advanced ga@e St das ' Wd6T :2T YONSSAOD SHL 40 395440 Enighed Pond Port (STJ) $ 80mm Red Hook Ferry Terminal} (STT) 2.5 Chrtistiansted Bypass {STX) 4.0 Mon Bijou Ghut St 2.4 Islandwide Paving (STx, STJ, STT) 15.0 Scott Free Road (STT) a 10.0 Christiansted Boardwalk - Phase It (STX) ay’ 2.0 Roadway and Drainage Improvements Ri. 30 (S De 4.0 Roadway and Drainage Improvements Rt. 38 (SY) S1t __ 4.0 ‘ OC) . 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