The Virgin Islands Port Authority has approved a resolution to fund its capital projects plan by refinancing existing 2003 bonds in the amount of about $24 million and issuing about $29 million in new bonds, the Virgin Islands Daily News reports.
The newspaper said that the refinancing is expected to save the Port Authority about US$1.6 million. Some of the money will be used for the dredging project at Crown Bay on St Thomas, but officials said they are concerned they have not obtained a permit from the Army Corps of Engineers yet.
Chief Financial Officer Valdamier Collens said that the bonds will be backed by Port Authority marine revenues and fund projects scheduled for Fiscal Years 2015 and 2016.
Currently, the Port Authority is paying the most attention to the timeline for the Crown Bay dredging project, which could disrupt the cruise ship schedule for the Princess Cruise Line.