THE commonwealth is obligated to pay some $5.87 million in various financing bonds next fiscal year. This leaves the government $210.8 million for appropriation out of the projected $216.68 million resources.
According to acting Finance Secretary Frank B. Villanueva, a total estimated resources of $2 million has been “reserved” by Public Law 11-14 to pay obligations related to capital improvement financing bonds for the Public School System. The law established the PSS Building Fund, which requires the administration to earmark the amount annually from liquid fuel tax collections.
The fund is to be used “exclusively” to pay principal and interest on financing agreements entered into by PSS on its various capital improvement projects.
The obligated funds is also to be used to match federal CIP funds to finance school construction projects identified in the 1997-2003 PSS plan. A separate $3.87 million is also reserved for the payment of $60 million CIP financing bonds provided under Public Law 11-102 for the Commonwealth Development Authority.
The Bond Authorization Act of 1999 authorizes CDA to secure urgently needed financing to provide local matching funds for projects listed in the 702 CIP plan.
The administration has earlier announced that an increase in anticipated operating resources is expected in the next fiscal year.
There is an increase of 8.76 percent or $ 17. 445 million in the estimated $ 216. 680 million operating resources as compared to the FY 2002 projected levels.
The increase was credited to the projected rebound of the tourism revenues back to its FY 2001 levels.
