on



TWENTY-THIRD LEGISLATURE OF THE VIRGIN ISLANDS

Territory of the Virgin Islands

REGULAR/SPECIAL SESSION 20_00



4 ROLE.CALL

Bill No. eo - On 27 Date: June 23, 2000



Short Title:_To transfer the interest earned on bond proceeds from Act No. 6297 to teh Judges



Pension Fund and the Governors and Lieutenant Governors Retirement Fund, and for other



related purposes



LEGISLATIVE HISTORY



(a) Introduced and sent to Committee On............0...secccseseeeecceeeeeees | DE: SSSR SEE enc K MAAE WN Sa EL in POR ary oe



(b) . Reported from Committee and sent to Rules Ofe.césccvdedecccescissescveastesevevouss caleveseveesevevenssvécanieneneaseen



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AGL) Racal lett froma Conitnitive by Special Onder, esses oc inso-a 2a. sdloansaavensnrsucadasncnnysenetrbacavadsadeoceseesubses



(e) Adopted lone. 20. cies: -catrssiss-sewes ss teatiseenedewsse west auclcrec once cares ens cc Wass uessusea dys seae essa eee



VUISEG Ee) Raritan a Reece e225 Fe ial nC eer nC na oem GR am ED eer



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(h) Reconsidered by Legislature and passed or rejected



OVEN, GOMEIMON SIN ELO OM sacte Sanh ah aor Meehan, Meican «sare. URN Wk cu traay eaetiu ovmnes sen tenmeees oemeet ve

MEMBERS YEA NAY NOT VOTING ABSENT



BENNERSON, Gregory A. 7



BERRY, Lorraine L. @



BRYAN, Adelbert M. Pi



TOLE, Donald “Ducks”



DAVID, Roosevelt St. C. Af



DONASTORG, Adlah “Foncie” <S



GOLDEN, Violet Anne



GOODWIN, George E.



HANSEN, Alicia “Chucky”



GOMEZ, Judy M. F fe:



JN. BAPTISTE, Norman



LIBURD, Almando “Rocky”



6



ia

JONES, David S. 4



GY



PETRUS, Allie-Allison a vi y)



RICHARDS Vargrave A. f/f

ie FLOOR



BILL NO. 33-0287



Twenty-Third Legislature of the Virgin Islands

of the United States



JUNE 23, 2000



To transfer the interest earned on bond proceeds from Act No. 6297 to the Judges

Pension Fund and the Governors and Lieutenant Governors Retirement Fund, and for

other related purposes



PROPOSED BY:



Senator Vargrave A. Richards by Request of Governor



BE IT ENACTED by the Legislature of the Virgin Islands:



SECTION 1. There is hereby authorized to be transferred from the interest

earned on bond proceeds from Act No. 6297, enacted October 29, 1999, to the Judges

Pension Fund as established by the provisions of Title 3, Section 741-743 of the Virgin

Islands Code (Act No. 3924), and the Elected Governors and Lieutenant Governors

Retirement Fund, Title 33, section 3080, of the Virgin Islands Code, the sum of

$2,920,000. The apportionment of this sum among the funds shall be at the discretion of



the Commissioner of Finance.



OOONO ARAN =



oooh



BR No. 00-1367/June 15, 2000/mr

G23-0029

RE: BILL#:23- =

[for Special Session of June 23, 2000]



25:6 WY EZNAr 00



4asnnoo W531 40 36/448

quniw1si931 VA



Ad Fe



BRIEF DESCRIPTION:



To TRANSFER THE INTEREST EARNED ON BOND PROCEEDS FROM

ACT. NO. 6297 _ TO THE JUDGES PENSION FUND AND THE

GOVERNORS AND LIEUTENANT GOVERNORS RETIREMENT FUND

AND OTHER RELATED PURPOSES



BILL SPONSER(S): Senator Vargrave A. Richards, by

Request of the Governor



Prepared by: _

Cex Oty UH. AL | Pb

CAMPBE



L RONE MALONE, CPA

POST AUDITOR



LEGISLATURE OF THE VI

ST. THOMAS, VI 00802



Date: June 22, 2000



™* A Bill # and other performa information have not yet been made available to Post Audit, and would be

promptly included once available.

RE: BILL#: 23-



T E OF CONTE



PAGE

GENERAL

e REPORT OF POST AUDITOR ON BILL 3-4

e BILL FACT SHEET 5

MAIN REPORT

Section A:



¢# Post Auditor’s Presentation Report To Senate on Financial



And Related Impact Matters of Bill 6-9



ADDENDA & SUPPLEMENTARY INFORMATION



Addendum 1:



Bill & Related materials



Post Auditor’s Information Request Letter to Finance Commissioner



GVI $300 million bond issue Payment spreadsheet summary



GVI Judges Pension Fund #618, June 21, 2000 (unaudited & unreconciled)



GVI Elected Governor’s Retirement Fund #602, June 21, 2000 (unaudited & unreconciled)

US Trust’s June 21, 2000 Letter to PFA confirming accumulated interest earned.



Dept. of finance: Analysis of Retired Governors & Judges Pension, with Post Auditor’s

corrections to balances due.



VVVVVVV



Document in Microsoft Internet Explorer



THE POST AUDITOR’S REPORT CONTAINED ON PAGE 3 & 4 AND THE ADDENDA &

SUPPLEMENTARY INFORMATION CONSTITUTE AN INTEGRAL PART OF THIS ANALYSIS

AND MUST BE READ IN CONJUNCTION THEREWITH.



2

To: The Honorable Vargrave A. Richards

President |

23” Legislature of the Virgin Islands



Via

The Honorable Lorraine L. Berry



Chairperson — |

LEGISLATURE’S STANDING COMMITTEE ON FINANCE



_ Legislature of the U.S. Virgin Islands



REPORT OF POST AUDITOR ON BILL



Pursuant to the Standing Rules of the Legislature of the Virgin Islands and in

accordance with the formal request for an analysis (said formal request

contained upon Addendum 1 hereof) I have performed the analysis

contained in the balance of this Report.



In order to perform this analysis Post Audit requested certain basic

information from Department of Finance, in writing, June 20, 2000; that

_ information was received, via fax, after 5:00p.m., today, Thursday, June 22,



2000.



Post Audit recognizes that there may be certain other collateral

considerations and issues which this Bill may conjure up; certain of these

matters which have a bearing on the central issue have been discussed in the



Document in Microsoft Internet Explorer

THE POST AUDITOR’S REPORT CONTAINED ON PAGE 3 & 4 AND THE ADDENDA &



SUPPLEMENTARY INFORMATION CONSTITUTE AN INTEGRAL PART OF THIS ANALYSIS

AND MUST BE READ IN CONJUNCTION THEREWITH.



3

body of this Analysis, to the extent that they have been deemed relevant.

Nevertheless, the central issue before Post Audit, and by extension, the

7 +) Legislature is: whether or not the funds being tapped here for utilization



in this Proposal actually exist and are sufficient to effect the transaction

contemplated by this Proposal? .



Post Audit’s opinion on that question is yes! Therefore, the passage of

this Measure is recommended, notwithstanding!



For a more detailed discussion of our work products kindly review Section

A of this Analysis.



Rd "



Campbell Kone Malone, CPA, MBA



Post Auditor

Legislature of the Virgin Islands.



2



Date: June 22, 2000



Document in Microsoft Internet Explorer



THE POST AUDITOR’S REPORT CONTAINED ON PAGE 3 & 4 AND THE ADDENDA &

- SUPPLEMENTARY INFORMATION CONSTITUTE AN INTEGRAL PART OF THIS ANALYSIS

+) AND MUST BE READ IN CONJUNCTION THEREWITH.



4










GOVERNMENT OF THE VIRGIN ISLANDS



JUDGES PENSION FUND - 618



June 21, 2000



Beginning Balance from F/Y '96



Revenues F/Y '97



$ (1,002,041.53)



$ 186,600.00



Obligations F/Y '97



Net Activity FY '97



(152,736.84)



33,863.16



Ending Balance 9/30/97



(968,178.37)



Beginning Balance from FY '97



Revenues F/Y '98



(968,178.37)



Obligations F/Y '98



302,600.00



_ (136,334.35)



Net Activity F/Y '98



Ending Balance 9/30/98



166,265.65



(801,912.72)



Beginning Balance from F/Y '98



Revenues F/Y ‘99



(801,912.72)



2,600.00



Obligations F/Y '99



(184,076.35)



Net Activity F/Y ‘99



Ending Balance 9/30/99



(181,476.35)



+)



ee



(983,389.07)



Beginning Balance from F/Y ‘99



{983,389.07)



Revenues as of 6/21/00



275,075.76



Obligation as of 6/21/00



(96,834.05)



Net Activity as of 6/21/00



178,241.71



Ending Balance as of 6/21/00



$



(805,147.36)



Note:



This balance does not represent appropriations available until



expended that have not been already obligated.



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UNITED States Tavs Company



114 West 4778 Sixeet



Or New York



TELEPHONE: 212 859-1000



New Yorx, NY 10036-1599



June 21, 2000



US.Trustr



Amadeo 1D. Francis



Director Finance and Administration



Virgin Islands Public Finance



Authority



Government Develop



ment Bank Building



1050 Norre Gade #5,



Suite 102



St. ‘Thomas, U.S. Virgin Istands 00802



RE:



Virgin Yitands Public Fi



(Virgin Islands Gross Recei



nance Authority



pts Tax loan Notes)



Series 1999



Dear Mr. Francis:



Please be advised, that the proceeds of



totaling $4,030,9:



the above referenced Notes parned interest



(03.07 for the period of Novomber 16, 1999 to May 31



» 2000.



If you have any questions,



please contact me at (212) 852-1034,



Sincerely,



Vy



Christopher J.’Grell



Assistant Vice Preside



VA Inverwet Dee



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GOVERNMENT OF THE VIRGIN ISLANDS



66,837,199.26



$300,000,000 Bond Issue

PAYMENTS: VENDOR, INCOME TAX REFUNDS AND WORKING CAPITAL

1

VENDORS TAX REFUNDS WORKING

DATE _(SCHEOULE AMOUNT. AMGUNT | CAPITAL DATE

PAID BANK TYPE PAID PAID PAID DRAWN

11/2499 801] __ VENDOR 23,124,061.53 126

1124/99 802{ VENDOR 2,196,237.08 T2599

| 14725089 SCH 01 (TAX REFUNDS 3,000,007 .40 12/188

1120/98 SCH 02} TAX REFUNDS §.001,634.33 128

11/2879 SCH 03 TAX REFUNDS 5,000,608.22 12

12001789 801[ VENDOR 1,201,924,55 Tis000)

120199 802. VENDOR 232,573.35 12/1599

| 1202309 801] PAYROLL 11,972,432.00 | T2789)

iza2iee BOt] PAYROLL ___ 203,650.89 | 15100

1206/29 401|"_ VENDOR 12,051,397,18 i 12/15/00)

12/06/99 802 VENDOR 1,587,581.24 t 12/15/39)

1208/99 SCH 04|TAX REFUNDS — 5,001.161.55 125499

tzoeee | SCHOS/TAX REFUNDS 5,002,729.84 2715799)

7208/89 SCH 06 [TAX REFUNDS 1,676.048.82 12/16059

12399 SCH 09/TAX REFUNDS 1,4111370.93 12/15/99

124399 SCH 10 |TAX REFUNDS 1,6871474.70 1 12/75/00

12/13/99 SCH T1fTAX REFUNDS 1,285)707.56 121508

12Aiveo SCH 121TAX REFUNDS 4.114529.05 121598

1215/99 802[ TOURISM T 500,000.00 GT]

12722790 SCH 13|TAX REFUNDS 3,382.20 175/00

12/22/99 SCH 14 /TAX REFUNDS 2.220,523.05 15xn0}

12/28/98 SCH 15|TAX REFUNDS 72, 157,983.85 1800

72730908 SCH 07 [TAX REFUNDS __2,275,372.54 al

12730199 SCH 08 (TAX REFUNDS ‘_ 364,007.57 173700}

1224199 802] ‘VENDOR 1,035,917.45 T 17300}

01704700 802 VENDOR 1,413,372.43 { 13400

0105/00] SCH 16 TAX REFUNDS 5,000,118.77 T1000

Ot05NG] SCH 17] TAX REFUNDS 181,419.28 11700)

01X8/00f SCH 18] TAX REFUNDS 5,000,540.81 TH 100)

01/0500 SCH19} TAX REFUNDS 5,.001.077.82 1/1 1700].

010500] "SCH 20} TAX REFUNDS 5,001,990.53 11000

010500] "_SCH21/ TAX REFUNDS 1,245,248.25 Tiimo}

C1480 SCH 22| TAX REFUNDS 941,430.61 1/1140

01/240[ SCH 23] TAX REFUNDS 576,101.41 222700)

01/2400) SCH 24] TAX REFUNDS 639,421.72 272200]

020100[ "SCH 25] TAX REFUNDS 2,103,605.87

O2/04700 802[___ VENDOR 976,636.45

0208/00[" SCH z5{ TAX REFUNDS 3,054,932.63

0208/00 802[_ VENDOR | 1,221,470.09 2122000

02/1500] SCH27| VENDOR 2,855,639.00 : 2/2200

NO. 08 801 PAYROLL t 11,932,014.11 2/2200

NO. 09 BO] PAYROLL i 12,055,603.88 22200)

Ou2300{ SCH 28] TAX REFUNDS 77.857 62 SG

o2rao0[ SCH 29| TAX REFUNDS 1,044.022.13 Sei09}

02/2800} SCH 30] TAX REFUNDS 957,504.47 Sev00)

02/28/00 801] VENDOR 2,704,454,44 3/8100

Oz28/00 802} VENDOR 803,171.79 i 6/00)

030900] SCH31} TAX REFUNDS 501,881.95 47300

ow22no| "SCH az] TAX REFUNDS 600,581.58 41300]

0328/00[ SCH 33 TAX REFUNDS 548,651.21 473700

OVERTIME ' 10,109.38 4/3/00

STAMPSIENEV. j 21,267.25 473/00

40400] __ SGH34] TAX REFUNDS 335,307.69 5/1570

O4NGN0]  SCH3S] TAX REFUNDS. 049,642.73 5/1500

Géi7KCl _SCHSE) TAX REFUNDS 6.248,715.95 SHE/00}

O41700[_SCH37[_ TAX REFUNDS 771,784.65 wi

B20 SCH38[_TAX REFUNDS 335,690.31 G20

51600 SCH35| “TAX REFUNDS 272158.07 8/12/00}

Br2300 SCH40| TAX REFUNDS 227196.65 612700

A700 SCH#1] TAX REFUNDS 191318.04 CH

Ce) SCH42]_ TAX REFUNDS 154147.03) 8/1200

46,360,665.14 |“ $6,090,874.08 38,893,202.06 | _182,244,741.26

AVAILABLE AMOUNT 248,081 940.54

UNEXPENDED BALANCE



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MOISTAIG LIGh

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TWENTY-THIRD LEGISLATURE OF THE VIRGIN La Zi a



Territory of the Virgin Islands

REGULAR/SPECIAL SESSION 20___



L

ROLL CALL /

Bill No. Date: é WZ; yy



Short Title:



LEGISLATIVE HISTORY



(a) Introduced and sent to Committee ON..........0c.ccceecceeeececceceeeeeees Dat wesvasenes ews taeapsael tease ontiseceasl

(b) Reported from Committee and sent to Rules on..........sccccssessssssssvssesssseseevevereseseavstevesesvevesseveseseeven

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(d) Recalled from Committee by Special Order. ........2..cccsssscessseseevevssesesesvevsvevevevsvevevevesesesesesveveveeeecece

MO) RG eA xaos 1, lilt A EN OS olla Blhsdarnsisiguuocdinemenanate iectoees Mal waols

RE Soo | Sen es gic et 17 ca ees) Dae

RN, . RT rete sa ctecsacserenanet aac oad ees een ee ements See SL



(h) Reconsidered by Legislature and passed or rejected

Over: Governor's Viet Onis: sees seas cee diesen 1) cone ucsubececsrnmrucesnines> nena snsoolelleadanr nn neds se snsetexace



MEMBERS YEA NAY NOT VOTING ABSENT



BENNERSON, Gregory A. i



BERRY, Lorraine L. . )



BRYAN, Adelbert M. Fa



DLE, Donald “Ducks” J



DAVID, Roosevelt St. C. Z,



DONASTORG, Adlah “Foncie” ID



GOLDEN, Violet Anne



GOODWIN, George E.



HANSEN, Alicia “Chucky”



GOMEZ, Judy M. j AY



JN. BAPTISTE, Norman



LIBURD, Almando “Rocky”



PETRUS, Allie-Allison



RICHARDS Vargrave A.



ry



| ee



JONES, David S. s

7

a



Gf



Certified gq correct [ .% d/



CLERK