Bill No. 36-0196 - An act appropriating excess debt service reserve funds for certain capital projects in the territory
COMMITTEE ON BUDGET, APPROPRIATIONS AND FINANCE 11/13/2025-REPORTED OUT TO THE FLOOR 11/04/2025-AMENDED AND REPORTED OUT THE COMMITTEE ON RULES AND JUDICIARY BILL NO. 36-0196 Thirty-Sixth Legislature of the Virgin Islands October 27, 2025 An act appropriating excess debt service reserve funds for certain capital projects in the territory and appropriating $10,000,000 from the St Thomas Capital Improvement fund PROPOSED BY: Senator Milton E. Potter Sponsors: Carla J. Joseph, Avery L. Lewis and Novelle E. Francis, Jr. Co-sponsor: Marvin A. Blyden, by Request of the Governor Be it enacted by the Legislature of the Virgin Islands: 1 SECTION 1. …
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COMMITTEE ON BUDGET, APPROPRIATIONS AND FINANCE 11/13/2025-REPORTED OUT TO THE FLOOR 11/04/2025-AMENDED AND REPORTED OUT THE COMMITTEE ON RULES AND JUDICIARY BILL NO. 36-0196 Thirty-Sixth Legislature of the Virgin Islands October 27, 2025 An act appropriating excess debt service reserve funds for certain capital projects in the territory and appropriating $10,000,000 from the St Thomas Capital Improvement fund PROPOSED BY: Senator Milton E. Potter Sponsors: Carla J. Joseph, Avery L. Lewis and Novelle E. Francis, Jr. Co-sponsor: Marvin A. Blyden, by Request of the Governor Be it enacted by the Legislature of the Virgin Islands: 1 SECTION 1. The sum of $10,000,000, or so much of that sum as is necessary, is 2 appropriated in the fiscal year ending September 30, 2025, from the excess funds contained in 3 the Debt Service Reserve Fund established under the Indenture of Trust for the Gross Receipts 4 Taxes Revenue Bonds issued by the Virgin Islands Public Finance Authority to the Virgin 5 Islands Port Authority and the Department of Public Works for the following projects: 6 (a) Virgin Islands Port Authority – 7 1. demolition of the Adelita Cancryn Junior High School - $2,000,000; 8 2. dredging for maritime access projects - $6,000,000 9 2 (b) Department of Public Works - paving of Estate Barren Spot North expansion 1 project - $2,000,000. 2 SECTION 2. The sum of $2,000,000 is appropriated in the fiscal year ending September 3 30, 2026, from the St. Thomas Capital Improvement fund to the Department of Public Works 4 for the completion of the “Leonardo Nardo Trotman Drive” expansion project. 5 SECTION 3. The sums appropriated in sections 1 and 2 of this act remain available until 6 expended. 7 BILL SUMMARY 8 This bill appropriates the sum of $10,000,000 from the excess funds contained in the Debt 9 Service Reserve Fund established under the Indenture of Trust for the Gross Receipts Taxes 10 Revenue Bonds issued by the Virgin Islands Public Finance Authority for the demolition of the 11 Adelita Cancryn Junior High School, the dredging for maritime access projects of the Virgin 12 Islands Port Authority, and appropriating $2,000,000 from the St. Thomas Capital 13 Improvement fund to the Department of Public Works for the expansion project for the 14 Leonardo “Nardo” Trotman Drive. 15 BR25-0820/August 28, 2025/AA 16 S:\AMENDS\36th Legislature\LEWIS, AVERY L\Amendment 36-624\Amendment No. 17 36-624- DRAFTED ON YELLOW.docx 18 S:\AMENDS\36th Legislature\VIALET, KURT A\Amendment 36-621\Amendment No. 19 36-621- DRAFTED ON YELLOW.docx 20