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Press Release Details

WAPA Governing Board Approves Release of FY 2018 Audited Financial Statements And Renews Ratification Of Successor Trustee In Matters Relating  To Bond Anticipation Notes

Jul 07, 2020

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The Virgin Islands Water and Power Authority
Corporate Communications
NEWS RELEASE
Contact: Jean P. Greaux, Jr., Director of Corporate Communications
340-774-3552 extension 2147 or 340-244-7330
communications@viwapa.vi / www.viwapa.vi

July 7, 2020

WAPA GOVERNING BOARD APPROVES RELEASE OF FY 2018 AUDITED FINANCIAL STATEMENTS AND RENEWS RATIFICATION OF SUCCESSOR TRUSTEE IN MATTERS RELATING TO BOND ANTICIPATION NOTES

            In an emergency meeting on Tuesday, the governing board of the Virgin Islands Water and Power Authority approved the release of Fiscal Year 2018 audited financial statements for the electric and water systems and ratified a previous approval of UMB Bank as a successor trustee in matters related to the company’s 2018 bond anticipation notes.

            The release of the FY 2018 audited financial statements brings the Authority into compliance with various covenant requirements and resolutions. WAPA is required to file such financial statements within 120 days after the end of the fiscal year.

            The board’s re-ratification of an earlier appointment of UMB Bank as a successor trustee to the Bank of New York Mellon Trust Company is a requirement for the recently approved 60-day extension of the maturity date of WAPA’s 2018B bond anticipation notes, and their eventual refinancing which the Authority is presently negotiating.

            Board members in attendance included Vice Chairman Noel Loftus, Secretary Juanita Young, Directors Kyle Fleming and Joel Lee, and Cheryl Boynes Jackson, Chairman Anthony D. Thomas, Elizabeth Armstrong, Hubert Turnbull, and Jed JohnHope were excused.

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About WAPA: The Virgin Islands Water and Power Authority is an autonomous agency of the Virgin Islands Government which produces and distributes electricity and drinking water to residential and commercial customers in the territory. WAPA was created by the Fifth Legislature of the Virgin Islands in 1964 through Act No. 1248. Today, WAPA generates electrical power at production plants on St. Thomas and St. Croix and distributes electrical service through smart grids to customers on St. Thomas, St. Croix, St. John, Hassel Island, and Water Island. Potable water is distributed to almost 13,000 customers through water lines and standpipes. WAPA also has the responsibility of installing and maintaining streetlights.