Bryan Seeks $76M in New Bonds To Advance Crucial Infrastructure Projects

Gov. Albert Bryan Jr. unveiled a sweeping bond proposal at this week’s Government House press conference aimed at driving forward critical infrastructure projects and enhancing transportation across the territory.

The announcement, which called for amendments to Act 7754, highlighted a strategic push to authorize new bonds through the Public Finance Authority (PFA) to fund priority developments, particularly the next phase of the Veterans Drive project on St. Thomas and significant road projects on St. Croix.

Revitalizing Infrastructure Through Garvee Bonds

The governor’s proposal centers on issuing $76 million in bonds through the Grant Anticipation Revenue Vehicles (GARVEE) structure. Previously, GARVEE bonds, authorized in 2015 under Act 7754, funded essential projects, including the initial phase of Veterans Drive, major highways on St. Croix, the Lorraine Village Bypass, and the Mahogany Road project. While the territory receives approximately $19 million annually in related funding, those already appropriated funds have been depleted over the past seven years, making it necessary to return to the bond market for additional capital.

“Building a better future for Virgin Islanders means investing in infrastructure and transportation that will connect our community and boost economic growth,” Bryan said. He emphasized Tuesday that these investments are not just about roads but about enhancing the quality of life and fostering stronger connections across the territory.