An act amending title 33 Virgin Islands Code, chapter 111 creating the Virgin Islands Contractor Bonds Cost Revolving Loan Fund
Sponsored By: Novelle E. Francis, Jr.
Enacted
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
New bond funding for local contractors
The law creates a revolving loan fund in the Virgin Islands Treasury to support bonds for local contractors. Funding comes from money appropriated from the Insurance Guaranty Fund; no dollar amount is set. The Commissioner of Finance sends fund money to the Public Finance Authority for contractor bonding. The fund stays separate from all other government funds, and spending is limited to the law’s stated purpose. The Commissioner manages the fund, records deposits and payments, and reports yearly to the Governor and President of the Legislature. The law sets no loan amounts, interest rates, repayment terms, or detailed eligibility rules.
Sponsors & Cosponsors
Sponsor
Novelle E. Francis, Jr.
legislature
Cosponsors
Angel L. Bolques, Jr.
legislature
Avery L. Lewis
legislature
Clifford A. Joseph, Sr.
legislature
Hubert L. Frederick
legislature
Kurt A. Vialet
legislature
Marise C. James
legislature
Marvin A. Blyden
legislature
Roll Call Votes
No roll call votes available for this bill.
Actions Timeline
Enacted
10/7/2026legislatureTo Governor
9/28/2026legislatureFloor
9/25/2026legislatureIntroduced
9/25/2026legislature
Bill Text
Enacted Act
10/7/2026
Amendment
9/25/2026
Bill Text
9/25/2026
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