Federal Highway Reimbursement Anticipation Loan Note
Bonds issued by the PFA.
The Revised Organic Act of 1954, as amended, authorizes the Government of the United States Virgin Islands (the “Government”) to issue several types of municipal securities and distinguishes general obligation bonds from revenue bonds.
The Government’s Federal Highway Reimbursement Anticipation (GARVEE) bonds were issued pursuant to (i) the Virgin Islands Revised Organic Act of 1954 as amended, 48 U.S.C. 1574-1574c (West 1987) (the “Revised Organic Act of 1954”), the laws of the Virgin Islands including Title 29, Chapter 15 of the Virgin Islands Code, 2015 V.I. Act 7754 (The “Federal Highway Grant Anticipation Bond Act”), and other applicable law, as the same may be amended from time to time (collectively, with the Revised Organic Act of 1954 and the Federal Highway Grant Anticipation Bond Act, the “Act”) and other applicable law, as the same may be amended from time to time, (ii) resolutions, and (iii) the Indenture of Trust(s).
The bonds are special, limited obligations of the Authority payable solely from, and secured by a lien on and security interest in, the Trust Estate, which includes, among other things, all rights and interest of the Authority in, under and to (i) the Federal Highway Grant Revenues, (ii) subject to the limitations set forth in the Indenture, the Transportation Trust Fund (or TTF) and the Pledged Transportation Trust Fund Revenues, (iii) the amounts on deposit in certain funds and accounts created under the Indenture.
The GARVEE bonds were issued for the construction and repair of port facilities, and to finance several road projects.
Please view the below offering statement(s) and bond report(s) for more information on individual bond series issued under this bond type.
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