The Virgin Islands Public Finance Authority (PFA or the Authority) was created by Act No. 5365 as a public corporation and autonomous governmental instrumentality, operating on behalf of the Government of the United States Virgin Islands (the Government). Its primary duties are 1) to aid the Government of the United States Virgin Islands in the performance of its fiscal duties; 2) to raise capital, public or private, for essential public projects; and, 3) to create programs and enter into contracts which will support the financing needs of the Government, promote economic recovery, and contribute to the stability of the Territory’s economy.
The United States Virgin Islands Code provides that the debts, obligations, contracts, bonds, assets, receipts, expenditures, accounts, funds, facilities and property of the Authority shall be deemed to be those of the Authority and not to be those of the Government of the United States Virgin Islands or of any of its offices, bureaus, departments, agencies, commissions, branches, agents, or employees.
Consequently, the Virgin Islands Public Finance Authority may borrow money, enter into contracts, and accept grant proceeds for public purposes. The PFA may also 1) lend the proceeds of bonds and/or other financing instruments to the Government of the United States Virgin Islands; 2) guarantee loans and financial obligations incurred by the Government; 3) invest its funds; 4) arrange for the investment of funds belonging to the Government; 5) purchase notes and other obligations or instruments secured by real property; 6) execute contracts and financing instruments; 7) appoint, employ, and contract for the services of officers, agents, employees, and professional service providers as the Authority may deem appropriate; and, 8) exercise all such incidental powers as may be necessary or convenient for the purposes of carrying out the business objectives and interests of the Authority.