Nov. 10, 2008 — During a brief meeting Monday, Public Finance Authority board members approved a resolution authorizing the PFA to go to the market to float up to $340.9 million in new gross-receipts tax bonds to cover a variety of capital improvement projects.
The board passed a similar resolution — this one authorizing the PFA to go the bond market for up to $392 million in bonds — during a meeting held at the end of last month. (See "PFA Votes For $250M in Bonds to Finance Diageo Project.")
"There were a couple of projects that we suggested we add given the impact of Hurricane Omar and other areas with our schools," explained Gov. John deJongh Jr., PFA board chairman, during Monday's meeting. He called for the board to pass the revised resolution, which also covers administrative costs associated with floating the bonds.
PFA head Julito Francis did not provide a specific project listing on Monday, since the authority still has to get approval from the Senate and needs to hammer out some final contract issues. However, he did say the authority's list includes money for territory-wide education, emergency management, law enforcement, general government, waste management, transportation and recreation projects.
"Once we have a chance to finalize the projects, we'll send them down to the Legislature for approval," Francis said.
Board members present during Monday's meeting were deJongh, along with Office of Management and Budget Director Debra Gottlieb and Finance Commissioner Claudette Watson-Anderson.
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