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Committee approves increase in Port Authority bonding cap from $100M to $500M; forwards bill to full Senate
Summary
The Committee on Rules and Judiciary voted to forward legislation raising the Virgin Islands Port Authority bonding limit from $100 million to $500 million. Supporters said the change would give the authority flexibility to finance marine and port infrastructure; some senators urged a smaller incremental increase.
The Committee on Rules and Judiciary voted March 27 to forward Bill No. 36-0038, which would amend Title 29 of the Virgin Islands Code to increase the Virgin Islands Port Authority’s bonding limit from $100,000,000 to $500,000,000.
Senate President Milton E. Potter, sponsor by request of the governor, told the committee the existing cap dates to 1988 and constrains the authority’s ability to fund capital maintenance and predevelopment…
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