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on TWENTY-THIRD LEGISLATURE OF THE VIRGIN ISLANDS Territory of the Virgin Islands REGULAR/SPECIAL SESSION 20_00 4 ROLE.CALL Bill No. eo - On 27 Date: June 23, 2000 Short Title:_To transfer the interest earned on bond proceeds from Act No. 6297 to teh Judges Pension Fund and the Governors and Lieutenant Governors Retirement Fund, and for other related purposes LEGISLATIVE HISTORY (a) Introduced and sent to Committee On............0...secccseseeeecceeeeeees | DE: SSSR SEE enc K MAAE WN Sa EL in POR ary oe (b) . Reported from Committee and sent to Rules Ofe.césccvdedecccescissescveastesevevouss caleveseveesevevenssvécanieneneaseen MG) > Reportes from Conn thee Gre Rises oy cle occonesesey cs fadlec cid Sacra dadenst ive evectocgedrceeaeereauihocbianinaeel AGL) Racal lett froma Conitnitive by Special Onder, esses oc inso-a 2a. sdloansaavensnrsucadasncnnysenetrbacavadsadeoceseesubses (e) Adopted lone. 20. cies: -catrssiss-sewes ss teatiseenedewsse west auclcrec once cares ens cc Wass uessusea dys seae essa eee VUISEG Ee) Raritan a Reece e225 Fe ial nC eer nC na oem GR am ED eer OB) Wetied by Ge verip ttt es vccace.duscesgecd Ms eecG25 80. bs inssd olive sancsadonrasinenntnaanheran nenembedackonlacacLidedinced (h) Reconsidered by Legislature and passed or rejected OVEN, GOMEIMON SIN ELO OM sacte Sanh ah aor Meehan, Meican «sare. URN Wk cu traay eaetiu ovmnes sen tenmeees oemeet ve MEMBERS YEA NAY NOT VOTING ABSENT BENNERSON, Gregory A. 7 BERRY, Lorraine L. @ BRYAN, Adelbert M. Pi TOLE, Donald “Ducks” DAVID, Roosevelt St. C. Af DONASTORG, Adlah “Foncie” <S GOLDEN, Violet Anne GOODWIN, George E. HANSEN, Alicia “Chucky” GOMEZ, Judy M. F fe: JN. BAPTISTE, Norman LIBURD, Almando “Rocky” 6 ia JONES, David S. 4 GY PETRUS, Allie-Allison a vi y) RICHARDS Vargrave A. f/f ie FLOOR BILL NO. 33-0287 Twenty-Third Legislature of the Virgin Islands of the United States JUNE 23, 2000 To transfer the interest earned on bond proceeds from Act No. 6297 to the Judges Pension Fund and the Governors and Lieutenant Governors Retirement Fund, and for other related purposes PROPOSED BY: Senator Vargrave A. Richards by Request of Governor BE IT ENACTED by the Legislature of the Virgin Islands: SECTION 1. There is hereby authorized to be transferred from the interest earned on bond proceeds from Act No. 6297, enacted October 29, 1999, to the Judges Pension Fund as established by the provisions of Title 3, Section 741-743 of the Virgin Islands Code (Act No. 3924), and the Elected Governors and Lieutenant Governors Retirement Fund, Title 33, section 3080, of the Virgin Islands Code, the sum of $2,920,000. The apportionment of this sum among the funds shall be at the discretion of the Commissioner of Finance. OOONO ARAN = oooh BR No. 00-1367/June 15, 2000/mr G23-0029 RE: BILL#:23- = [for Special Session of June 23, 2000] 25:6 WY EZNAr 00 4asnnoo W531 40 36/448 quniw1si931 VA Ad Fe BRIEF DESCRIPTION: To TRANSFER THE INTEREST EARNED ON BOND PROCEEDS FROM ACT. NO. 6297 _ TO THE JUDGES PENSION FUND AND THE GOVERNORS AND LIEUTENANT GOVERNORS RETIREMENT FUND AND OTHER RELATED PURPOSES BILL SPONSER(S): Senator Vargrave A. Richards, by Request of the Governor Prepared by: _ Cex Oty UH. AL | Pb CAMPBE L RONE MALONE, CPA POST AUDITOR LEGISLATURE OF THE VI ST. THOMAS, VI 00802 Date: June 22, 2000 ™* A Bill # and other performa information have not yet been made available to Post Audit, and would be promptly included once available. RE: BILL#: 23- T E OF CONTE PAGE GENERAL e REPORT OF POST AUDITOR ON BILL 3-4 e BILL FACT SHEET 5 MAIN REPORT Section A: ¢# Post Auditor’s Presentation Report To Senate on Financial And Related Impact Matters of Bill 6-9 ADDENDA & SUPPLEMENTARY INFORMATION Addendum 1: Bill & Related materials Post Auditor’s Information Request Letter to Finance Commissioner GVI $300 million bond issue Payment spreadsheet summary GVI Judges Pension Fund #618, June 21, 2000 (unaudited & unreconciled) GVI Elected Governor’s Retirement Fund #602, June 21, 2000 (unaudited & unreconciled) US Trust’s June 21, 2000 Letter to PFA confirming accumulated interest earned. Dept. of finance: Analysis of Retired Governors & Judges Pension, with Post Auditor’s corrections to balances due. VVVVVVV Document in Microsoft Internet Explorer THE POST AUDITOR’S REPORT CONTAINED ON PAGE 3 & 4 AND THE ADDENDA & SUPPLEMENTARY INFORMATION CONSTITUTE AN INTEGRAL PART OF THIS ANALYSIS AND MUST BE READ IN CONJUNCTION THEREWITH. 2 To: The Honorable Vargrave A. Richards President | 23” Legislature of the Virgin Islands Via The Honorable Lorraine L. Berry Chairperson — | LEGISLATURE’S STANDING COMMITTEE ON FINANCE _ Legislature of the U.S. Virgin Islands REPORT OF POST AUDITOR ON BILL Pursuant to the Standing Rules of the Legislature of the Virgin Islands and in accordance with the formal request for an analysis (said formal request contained upon Addendum 1 hereof) I have performed the analysis contained in the balance of this Report. In order to perform this analysis Post Audit requested certain basic information from Department of Finance, in writing, June 20, 2000; that _ information was received, via fax, after 5:00p.m., today, Thursday, June 22, 2000. Post Audit recognizes that there may be certain other collateral considerations and issues which this Bill may conjure up; certain of these matters which have a bearing on the central issue have been discussed in the Document in Microsoft Internet Explorer THE POST AUDITOR’S REPORT CONTAINED ON PAGE 3 & 4 AND THE ADDENDA & SUPPLEMENTARY INFORMATION CONSTITUTE AN INTEGRAL PART OF THIS ANALYSIS AND MUST BE READ IN CONJUNCTION THEREWITH. 3 body of this Analysis, to the extent that they have been deemed relevant. Nevertheless, the central issue before Post Audit, and by extension, the 7 +) Legislature is: whether or not the funds being tapped here for utilization in this Proposal actually exist and are sufficient to effect the transaction contemplated by this Proposal? . Post Audit’s opinion on that question is yes! Therefore, the passage of this Measure is recommended, notwithstanding! For a more detailed discussion of our work products kindly review Section A of this Analysis. Rd " Campbell Kone Malone, CPA, MBA Post Auditor Legislature of the Virgin Islands. 2 Date: June 22, 2000 Document in Microsoft Internet Explorer THE POST AUDITOR’S REPORT CONTAINED ON PAGE 3 & 4 AND THE ADDENDA & - SUPPLEMENTARY INFORMATION CONSTITUTE AN INTEGRAL PART OF THIS ANALYSIS +) AND MUST BE READ IN CONJUNCTION THEREWITH. 4 GOVERNMENT OF THE VIRGIN ISLANDS JUDGES PENSION FUND - 618 June 21, 2000 Beginning Balance from F/Y '96 Revenues F/Y '97 $ (1,002,041.53) $ 186,600.00 Obligations F/Y '97 Net Activity FY '97 (152,736.84) 33,863.16 Ending Balance 9/30/97 (968,178.37) Beginning Balance from FY '97 Revenues F/Y '98 (968,178.37) Obligations F/Y '98 302,600.00 _ (136,334.35) Net Activity F/Y '98 Ending Balance 9/30/98 166,265.65 (801,912.72) Beginning Balance from F/Y '98 Revenues F/Y ‘99 (801,912.72) 2,600.00 Obligations F/Y '99 (184,076.35) Net Activity F/Y ‘99 Ending Balance 9/30/99 (181,476.35) +) ee (983,389.07) Beginning Balance from F/Y ‘99 {983,389.07) Revenues as of 6/21/00 275,075.76 Obligation as of 6/21/00 (96,834.05) Net Activity as of 6/21/00 178,241.71 Ending Balance as of 6/21/00 $ (805,147.36) Note: This balance does not represent appropriations available until expended that have not been already obligated. a) roe) a; ~% DOF- General Ledger acd G.W - 6/21/2000 A Wane -_ ~ <3 — as -o nay wk = con, cn and - FAX NO. . kd 2000 THU 11:0) Al ~P. 02/03 UNITED States Tavs Company 114 West 4778 Sixeet Or New York TELEPHONE: 212 859-1000 New Yorx, NY 10036-1599 June 21, 2000 US.Trustr Amadeo 1D. Francis Director Finance and Administration Virgin Islands Public Finance Authority Government Develop ment Bank Building 1050 Norre Gade #5, Suite 102 St. ‘Thomas, U.S. Virgin Istands 00802 RE: Virgin Yitands Public Fi (Virgin Islands Gross Recei nance Authority pts Tax loan Notes) Series 1999 Dear Mr. Francis: Please be advised, that the proceeds of totaling $4,030,9: the above referenced Notes parned interest (03.07 for the period of Novomber 16, 1999 to May 31 » 2000. If you have any questions, please contact me at (212) 852-1034, Sincerely, Vy Christopher J.’Grell Assistant Vice Preside VA Inverwet Dee SG Le heed 7) oe a ot, -O c.f nl ae uw lm ot 33 o>. uw ) +, JUN-22-2000 THU 11:01 AM FAX NO, vos P, 03/03 ot - = si zou 8910 lw or ~s o wo ye > =] od Ka & 5 ole 2/5 a? end BB © 5 ac a oxy Ws] 00 ~ ot “| wler or + S18 WS QD alo o S 4/10 wimlie 4 OQ N wim G (S)-~2 Tht Abo © Wiip ~y els & an: st QA Wi]. a 218 ale Siig B/S)z3 a iw ao © am as. a = XY ) an > a o S S 3 o a8 =} 1 OO NiO i} R=) Wlw wi wrt c pare 0 ae we] m> rs at Th Nenad -s zz, wt ae <. °f 7 G2 © —- GOVERNMENT OF THE VIRGIN ISLANDS 66,837,199.26 $300,000,000 Bond Issue PAYMENTS: VENDOR, INCOME TAX REFUNDS AND WORKING CAPITAL 1 VENDORS TAX REFUNDS WORKING DATE _(SCHEOULE AMOUNT. AMGUNT | CAPITAL DATE PAID BANK TYPE PAID PAID PAID DRAWN 11/2499 801] __ VENDOR 23,124,061.53 126 1124/99 802{ VENDOR 2,196,237.08 T2599 | 14725089 SCH 01 (TAX REFUNDS 3,000,007 .40 12/188 1120/98 SCH 02} TAX REFUNDS §.001,634.33 128 11/2879 SCH 03 TAX REFUNDS 5,000,608.22 12 12001789 801[ VENDOR 1,201,924,55 Tis000) 120199 802. VENDOR 232,573.35 12/1599 | 1202309 801] PAYROLL 11,972,432.00 | T2789) iza2iee BOt] PAYROLL ___ 203,650.89 | 15100 1206/29 401|"_ VENDOR 12,051,397,18 i 12/15/00) 12/06/99 802 VENDOR 1,587,581.24 t 12/15/39) 1208/99 SCH 04|TAX REFUNDS — 5,001.161.55 125499 tzoeee | SCHOS/TAX REFUNDS 5,002,729.84 2715799) 7208/89 SCH 06 [TAX REFUNDS 1,676.048.82 12/16059 12399 SCH 09/TAX REFUNDS 1,4111370.93 12/15/99 124399 SCH 10 |TAX REFUNDS 1,6871474.70 1 12/75/00 12/13/99 SCH T1fTAX REFUNDS 1,285)707.56 121508 12Aiveo SCH 121TAX REFUNDS 4.114529.05 121598 1215/99 802[ TOURISM T 500,000.00 GT] 12722790 SCH 13|TAX REFUNDS 3,382.20 175/00 12/22/99 SCH 14 /TAX REFUNDS 2.220,523.05 15xn0} 12/28/98 SCH 15|TAX REFUNDS 72, 157,983.85 1800 72730908 SCH 07 [TAX REFUNDS __2,275,372.54 al 12730199 SCH 08 (TAX REFUNDS ‘_ 364,007.57 173700} 1224199 802] ‘VENDOR 1,035,917.45 T 17300} 01704700 802 VENDOR 1,413,372.43 { 13400 0105/00] SCH 16 TAX REFUNDS 5,000,118.77 T1000 Ot05NG] SCH 17] TAX REFUNDS 181,419.28 11700) 01X8/00f SCH 18] TAX REFUNDS 5,000,540.81 TH 100) 01/0500 SCH19} TAX REFUNDS 5,.001.077.82 1/1 1700]. 010500] "SCH 20} TAX REFUNDS 5,001,990.53 11000 010500] "_SCH21/ TAX REFUNDS 1,245,248.25 Tiimo} C1480 SCH 22| TAX REFUNDS 941,430.61 1/1140 01/240[ SCH 23] TAX REFUNDS 576,101.41 222700) 01/2400) SCH 24] TAX REFUNDS 639,421.72 272200] 020100[ "SCH 25] TAX REFUNDS 2,103,605.87 O2/04700 802[___ VENDOR 976,636.45 0208/00[" SCH z5{ TAX REFUNDS 3,054,932.63 0208/00 802[_ VENDOR | 1,221,470.09 2122000 02/1500] SCH27| VENDOR 2,855,639.00 : 2/2200 NO. 08 801 PAYROLL t 11,932,014.11 2/2200 NO. 09 BO] PAYROLL i 12,055,603.88 22200) Ou2300{ SCH 28] TAX REFUNDS 77.857 62 SG o2rao0[ SCH 29| TAX REFUNDS 1,044.022.13 Sei09} 02/2800} SCH 30] TAX REFUNDS 957,504.47 Sev00) 02/28/00 801] VENDOR 2,704,454,44 3/8100 Oz28/00 802} VENDOR 803,171.79 i 6/00) 030900] SCH31} TAX REFUNDS 501,881.95 47300 ow22no| "SCH az] TAX REFUNDS 600,581.58 41300] 0328/00[ SCH 33 TAX REFUNDS 548,651.21 473700 OVERTIME ' 10,109.38 4/3/00 STAMPSIENEV. j 21,267.25 473/00 40400] __ SGH34] TAX REFUNDS 335,307.69 5/1570 O4NGN0] SCH3S] TAX REFUNDS. 049,642.73 5/1500 Géi7KCl _SCHSE) TAX REFUNDS 6.248,715.95 SHE/00} O41700[_SCH37[_ TAX REFUNDS 771,784.65 wi B20 SCH38[_TAX REFUNDS 335,690.31 G20 51600 SCH35| “TAX REFUNDS 272158.07 8/12/00} Br2300 SCH40| TAX REFUNDS 227196.65 612700 A700 SCH#1] TAX REFUNDS 191318.04 CH Ce) SCH42]_ TAX REFUNDS 154147.03) 8/1200 46,360,665.14 |“ $6,090,874.08 38,893,202.06 | _182,244,741.26 AVAILABLE AMOUNT 248,081 940.54 UNEXPENDED BALANCE ‘Si HIOMIA SH! 30 WUNLV SIO V1 ¢ tig. ZZ NN 00 gt iSOd i MOISTAIG LIGh legvo $06 (LHD OVNAEL GCE, TWENTY-THIRD LEGISLATURE OF THE VIRGIN La Zi a Territory of the Virgin Islands REGULAR/SPECIAL SESSION 20___ L ROLL CALL / Bill No. Date: é WZ; yy Short Title: LEGISLATIVE HISTORY (a) Introduced and sent to Committee ON..........0c.ccceecceeeececceceeeeeees Dat wesvasenes ews taeapsael tease ontiseceasl (b) Reported from Committee and sent to Rules on..........sccccssessssssssvssesssseseevevereseseavstevesesvevesseveseseeven CG)? Hepeirteetl teeoret Conmnrrtd tee tare Paleocene acs nwt hc ces andcccnar-iennennnvseosecsaoendlehs ammseete etic ets ce (d) Recalled from Committee by Special Order. ........2..cccsssscessseseevevssesesesvevsvevevevsvevevevesesesesesveveveeeecece MO) RG eA xaos 1, lilt A EN OS olla Blhsdarnsisiguuocdinemenanate iectoees Mal waols RE Soo | Sen es gic et 17 ca ees) Dae RN, . RT rete sa ctecsacserenanet aac oad ees een ee ements See SL (h) Reconsidered by Legislature and passed or rejected Over: Governor's Viet Onis: sees seas cee diesen 1) cone ucsubececsrnmrucesnines> nena snsoolelleadanr nn neds se snsetexace MEMBERS YEA NAY NOT VOTING ABSENT BENNERSON, Gregory A. i BERRY, Lorraine L. . ) BRYAN, Adelbert M. Fa DLE, Donald “Ducks” J DAVID, Roosevelt St. C. Z, DONASTORG, Adlah “Foncie” ID GOLDEN, Violet Anne GOODWIN, George E. HANSEN, Alicia “Chucky” GOMEZ, Judy M. j AY JN. BAPTISTE, Norman LIBURD, Almando “Rocky” PETRUS, Allie-Allison RICHARDS Vargrave A. ry | ee JONES, David S. s 7 a Gf Certified gq correct [ .% d/ CLERK