Executive Officer Testimony Details

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WAPA Testifies Before Senate Finance Committee on Bill 31-0256

(Tuesday, May 17, 2016)

Acting Chief Financial Officer of the Virgin Islands Water and Power Authority Maurice Sebastien today testified before the Senate Finance Committee on Bill 31-0256.

The bill, if approved, would amend Title 30 of the Virgin Islands Code as it relates to the interest rate paid by WAPA on customer deposits, requiring that WAPA pay interest on customer deposits at a rate equal to the average prevailing interest rate paid by the banks.

In essence, the bill, proposed by Senator Clifford Graham, would reduce the amount of interest that the Authority is required to pay on customer deposits.

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