💧 Water and Power · U.S. Virgin Islands
WAPA board approved release of FY 2018 audited financial statements and renewed trustee ratification
The Virgin Islands Water and Power Authority’s governing board, meeting in an emergency session on July 7, 2020, approved the release of fiscal year 2018 audited financial statements for the electric and water systems and re-ratified a previous approval of UMB Bank as successor trustee in matters tied to the authority’s 2018 bond anticipation notes.
WAPA said release of the FY 2018 audited financial statements brought the authority into compliance with covenant requirements and resolutions. The authority said it was required to file those statements within 120 days after the end of the fiscal year.
The board said the renewed ratification of UMB Bank, replacing the Bank of New York Mellon Trust Company as successor trustee, was required for a 60-day extension of the maturity date of WAPA’s 2018B bond anticipation notes and for their planned refinancing.
Board members listed as attending were Vice Chairman Noel Loftus, Secretary Juanita Young, and directors Kyle Fleming and Joel Lee. Chairman Anthony D. Thomas, Elizabeth Armstrong, Hubert Turnbull, Jed JohnHope and Cheryl Boynes Jackson were listed as excused.