VIPFA Purpose and Powers

 

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.

Professional Affiliations

Local Counsel

YVETTE D. ROSS-EDWARDS, PC
(53A) 429 King Street, Suite 8
Frederiksted, VI 00840
Contact:
(340) 772-4444 (Office)
(340) 772-4125 (Fax)
office@rossedwardspc.com
yvette@rossedwardspc.com

Bond Counsel

Lisa Forcht
lforcht@hawkins.com
Hawkins, Delafiled & Wood LLP
7 World Trade Center
New York, NY 10007
Phone: (212) 820-9522

Counsel to the PFA

Geoffrey P. Eaton
Partner
Winston & Strawn LLP
1700 K Street, N.W.
Washington, DC 20006-3817
Phone: (202) 282-5705
Fax: (202) 282-5100

Bond Trustees

Jennifer T. Reid
Vice President
Senior Specialist - Client Service
Bank of New York Trust Company, N.A.
10161 Centurion Parkway
Jacksonville, FL 32256
Phone: (904) 645-1916
Fax: (904) 645-1972/1921