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Committee approves bill to raise Port Authority bonding cap from $100M to $500M, votes 5–1–1
Summary
The Committee on Budget, Appropriations and Finance voted to approve bill 36-0038 on March 18, 2025, a measure to raise the Virgin Islands Port Authority’s statutory bonding cap from $100 million to $500 million.
The Committee on Budget, Appropriations and Finance voted to approve bill 36-0038 on March 18, 2025, which would amend Title 29, Chapter 10, Subchapter 3, §551(a) to raise the outstanding bond limit for the Virgin Islands Port Authority from $100,000,000 to $500,000,000.
Executive Director Carlton Dow and financial adviser Larry Balinski (Frasca & Associates) told senators the increase is intended to provide the authority with flexibility to finance significant marine capital needs — including dredging, terminal upgrades and predevelopment work tied to anticipated cruise and…
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