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28 0017 Rltng To Authority To Of Govt. Develop Bank Amendng Relatd To K Bidding & Approp To E D A For Gaurantying Loans

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28 0017 Rltng To Authority To Of Govt. Develop Bank Amendng Relatd To K Bidding & Approp To E D A For Gaurantying Loans

  1. 1. COMMITTEE ON ECONOMIC DEVELOPMENT, ENERGY AND TECHNOLOGY BILL NO. 28-0017 Twenty-Eighth Legislature of the Virgin Islands March 12, 2009 An Act amending 29 V.I.C., chapter 14, section 902 relating to the authority of the Government Development Bank, amending 31 V.I.C., §239 relating to contract bidding and making an appropriation to the Economic Development Authority for guarantying loans PROPOSED BY: Senators Carlton “Ital” Dowe, Shawn-Michael Malone Co-Sponsors: Usie R. Richards, Celestino A. White, Sr. and Louis Patrick Hill 1 Be it enacted by the Legislature of the Virgin Islands: 2 SECTION 1. Title 29 Virgin Islands Code, chapter 14, section 902 is amended 3 in the following instances: 4 (a) Paragraph Third, subparagraph (C) is amended after “assistance” by 5 inserting “and assist companies that require a performance bonding”; and 6 (b) Paragraph Fourth is amended be designated subparagraph (H) as (1) and 7 inserting a new subparagraph (H) that reads as follows: 8 “(H) To establish reasonable fees for the financial, technical and 9 managerial assistance and resources provided to businesses located in the Virgin 10 Islands”.
  2. 2. 2 1 SECTION 2. Title 31 Virgin Islands Code, chapter 23, section 239 (a) is 2 amended by striking all of the language in paragraph (3) and inserting new language that 3 reads: 4 “the aggregate amount involved is not more than $50,000; provided however, that 5 no more than one such purchase of the same supplies, materials, or equipment or contract 6 for the same professional service shall be made by any agency or semiautonomous 7 agency of the Government from any person, firm, partnership, or corporation in any 30- 8 day period; and provided, further, that only the head of the department or agency or 9 semiautonomous agency or the certifying officer is authorized to certify expenditures 10 between $1,000 and $50,000 for open market purchases and negotiated contracts for 11 services, made pursuant to this paragraph and provided further that at least three 12 quotations be sought from the several vendors and the purchase be made from the lowest 13 responsive quotation.” 14 SECTION 3. (a) The sum of $7,000,000 is appropriated for the fiscal year 15 ending September 30, 2009, from any available bond proceeds to the Virgin Islands 16 Economic Development Authority to guarantee loans for local businesses from any 17 commercial financial institution for the purpose of providing assistance with bonding. 18 (b) The sum appropriated in subsection (a) remains available until expended.” 19 BILL SUMMARY 20 Section 1 amends title 29 Virgin Islands Code, chapter 14, section 902 to 21 authorize the Government Development Bank assist companies with performance 22 bonding and authorizes the Authority to establish fees for its services to businesses. 23 Section 2 amends the procurement code to allow government departments, 24 agencies and semiautonomous agencies to make purchases without going through the
  3. 3. 3 1 procurement process where the purchase price does not exceed $50,000 and provided that 2 at least three quotations are sought from the several vendors. 3 Section 3 appropriates $7,000,000 to the EDA to cover the cost of providing loan 4 guarantee and bonding assistance to businesses. 5 6 BR09-0211T/February 4, 2009/AA&YLT 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

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