The Virgin Islands Public Finance Authority, on behalf of the Government of the United States Virgin Islands,
through authorization from the Legislature of the United States Virgin Islands, has secured funding for the following
working capital and long-term projects. Outlined below is a brief description of each bond issuance reflected in the
Schedule of Principal and Interest due on Long Term Debt for Fiscal Year 2026.
SCHEDULE OF PRINCIPAL AND INTEREST DUE ON LONG-TERM DEBT
 ISSUE AND SOURCE OF PAYMENT 
 
 OUTSTANDING  
 PRINCIPAL    
 INTEREST   
 TOTAL 
 
 AS OF 4/30/2025   
 GENERAL FUND (GROSS RECEIPTS TAXES) 
   
   
   
   
 2006 SERIES A GROSS RECEIPTS  BONDS    
 
$101,395,000  
$18,840,000  
$4,435,438  
$23,275,438
 2012A SERIES WORKING CAPITAL LOAN NOTE 
 
$102,995,000  
$8,040,000  
$4,948,750  
$12,988,750
 2012B SERIES BROADBAND 
 
$8,485,000  
$2,680,000  
$375,113  
$3,055,113
 2012C SERIES GROSS RECEIPTS  BONDS   (Capital Projects) 
 
$18,375,000  
$475,000  
$906,875  
$1,381,875 
 2014A SERIES (Working Capital) 
 
$30,900,000  
$2,440,000  
$1,484,000  
$3,924,000
 2014C SERIES (Capital Projects & Refunding) 
 
$187,375,000  
$6,595,000  
$9,144,900  
$15,739,900
 2014D SERIES (Broadband) 
 
$3,540,000  
$305,000  
$204,232  
$509,232
 2009, 2011, 2012, 2019 SERIES - (Island Crossing Tax Increment) 
 
$4,280,268  
$696,604  
$587,666  
$1,284,270
 TOTAL GENERAL FUND   
$457,345,268  
$40,071,604  
$22,086,974  
$62,158,578
 
   
   
   
   
 FEDERAL HIGHWAY GRANT ANTICIPATION REVENUE (GARVEE) 
   
   
   
   
 2015 SERIES GARVEE BONDS 
 
$53,825,000  
$5,125,000  
$2,447,250  
$7,572,250
 TOTAL FEDERAL HIGHWAY GRANT ANTICIPATION REVENUE   
$53,825,000  
$5,125,000  
$2,447,250  
$7,572,250
 GRAND TOTAL - OUTSTANDING, PRINCIPAL AND INTEREST   
$511,170,268  
$45,196,604  
$24,534,224  
$69,730,828
GENERAL OBLIGATION DEBT (GROSS RECEIPT TAXES)
Proceeds from the Series 2006A Gross Receipts Taxes - Revenue Bonds were used to refund a portion of the
Authority Revenue Bonds, Series 1999A Bonds, pay the cost of a termination fee in connection with an
outstanding swap option agreement, fund certain necessary public sector capital development projects of the
Government of the Virgin Islands, fund the Debt Service Reserve Account in an amount necessary to meet the
Debt Services Reserve Requirement, pay the premium in connection with the Series 2006 Bond Insurance
Policy,  fund a net payments reserve account for a new swap agreement and pay the costs of issuing the Series
2006 Bond. The repayment of this bond series is funded by the General Fund from Gross Receipts Taxes. The
bonds were issued in October 2006 at a value of $219,490,000. As of April 1, 2025, the expected outstanding
principal balance is $101,395,000.
 
Proceeds from the Series 2012A Gross Receipts Taxes – Revenue Bonds were used to refund the outstanding
Series 1999 Bonds, refund the Series 2010A Notes, pay the costs and expenses of issuing and delivering the
Series 2012A Bonds and fund the Debt Service Reserve Account in the amount necessary to meet the Debt
Service Reserve Requirement related to the Series 2012A Bonds. The repayment of this bond series is funded by
the General Fund from Gross Receipts Taxes. The Bonds were issued in November 2012 at a value of
$197,065,000. As of April 1, 2025, the expected outstanding principal balance is $102,995,000.
SCHEDULE OF PRINCIPAL LONG-TERM DEBT
Proceeds from the Series 2012B Gross Receipts Taxes - Revenue Bonds were used to refinance the Series
2011A Note, which initially financed the Broadband Project, pay the cost and expenses of issuing and delivering
the Series 2012B Bonds and fund the Debt Service Reserve Account in an amount necessary to meet the Debt
Service Reserve Requirement related to the Series 2012B Bonds. The Bonds were issued in November 2012 at a
value of $31,740,000. As of April 1, 2025, the expected outstanding principal balance is $8,485,000.
Proceeds from the Series 2012C Gross Receipts Taxes – Revenue Bonds were used to finance all or a portion of
the costs of certain capital projects, fund capitalized interest on a portion of the Series 2012C Bonds and pay
the costs and expenses of issuing and delivering the Series 2012C Bonds. The Bonds were issued in December
2012 at a value of $35,115,000. As of April 1, 2025, the expected outstanding principal balance is $18,375,000.
Proceeds of the Series 2014A Gross Receipts Taxes – Revenue Bonds were issued to finance operating
expenses of the Government, to fund the amount necessary to meet the Debt Service Reserve Requirement for
the Bonds, and to pay certain costs of issuing the Bonds. The Bonds were issued on September 5, 2014, in the
principal amount of $49,640,000. As of April 1, 2025, the expected outstanding principal balance is
$30,900,000. 
Proceeds of the Series 2014C Gross Receipts Taxes - Revenue Bonds were used to refund the Authority’s
outstanding Revenue Bonds (Virgin Islands Gross Receipts Taxes Loan Note), Series 2003A, to finance all or a
portion of the costs of certain capital projects, including the Paul E. Joseph Stadium Project and certain
projects at the Governor Juan F. Luis Hospital & Medical Center and Schneider Regional Medical Center, and pay
the costs of issuance related to the Series 2014C Bonds. The Bonds were issued on November 14, 2014, in the
principal amount of $247,050,000. As of April 1, 2025, the expected outstanding principal balance is
$187,375,000.
Proceeds of the Series 2014D Gross Receipts Taxes - Revenue Bonds were used to finance certain costs
associated with the Broadband Expansion Program, finance the amount necessary to meet the Debt Service
Reserve Requirement upon the issuance of the Series 2014D Bonds, and pay the costs of issuance related to
the Series 2014D Bonds. The Bonds were issued on December 3, 2014, in the principal amount of $5,765,000. 
As of April 1, 2025, the expected outstanding principal balance is $3,540,000.
TAX INCREMENT FINANCING DEBT
Proceeds from the Series 2009 / 2011 / 2012 / 2019 Tax Increment Revenue Bond Anticipation Notes were
used to provide interim financing of a portion of the Island Crossings Project, which is a shopping center
development project, and to pay certain costs incidental to the issuance of the Series 2009A Bond Anticipation
Notes.  The repayment of these Notes will be funded by Gross Receipts Tax Revenues and incremental Property
Tax Revenues. The Tax Increment Revenue Loan provides for the initial borrowing in the principal amount of
$15,700,000. As of April 1, 2025, the expected outstanding principal balance is $4,280,268.
FEDERAL HIGHWAY GRANT ANTICIPATION REVENUE DEBT (GARVEE)
Proceeds from the Series 2015 Grant Anticipation Revenue Bonds (Federal Highway Grant Anticipation Revenue
Loan Note) were used to (i) finance all or a portion of the costs of certain capital projects, including the
Veteran’s Drive Phase I Project on the island of St. Thomas and the following projects on the island of St. Croix: 
Melvin Evans Highway-Route 66, Mahogany Road-Route 76, Hams Bluff Road-Route 63, Spring Gut Road Phase I
& II, St. Croix Estate Welcome to the South Shore Road-Route 85, Sion Valley Road from Rattan Road through
Peter’s Rest to the intersection at Blue Mountain Water, Rattan Road Route 74, Prince Street, Queen
Frederiksted-Route(s) 7029, 7027, 7025, 7023 & 702 and Improvements to Christiansted Roads-Route(s) 754,
75E, 75W; (ii) fund the amount necessary to meet the Debt Service Reserve Requirement for the Bonds; and (iii)
pay the costs of issuance of the Series 2015 Bonds. The repayment of this bond series is funded by the Federal
Highway Grant Revenues. The Bonds were issued in December 2015 at a value of $89,880,000. As of April 1,
2025, the expected outstanding principal balance is $53,825,000.