Virgin Islands Public Finance Authority closed on $100 million line of credit

The Virgin Islands Public Finance Authority closed on a $100 million line of credit with First Bank of Puerto Rico on June 15, 2023, and made an initial $45 million draw to repay advance funds used from the General Fund, according to Government House.

Government House said the line of credit, approved by the 35th Legislature, was to be used for disaster recovery efforts pending federal reimbursements.

The $45 million in General Fund advances had been paid by the Virgin Islands government on behalf of the Virgin Islands Water and Power Authority to VITOL toward WAPA's acquisition of some of the supplier's liquid propane gas assets.

Government House said WAPA was applying for federal funding that would reimburse the $45 million draw by August 2023. During Senate testimony on April 5, 2023, the governor's financial team said the line of credit would fund disaster recovery projects pending reimbursements from federal partners.

Official source: https://www.vi.gov/public-finance-authority-closes-on-100-million-line-of-credit/