An extension to existing lines of credit with Banco Popular and changes to signatories on bank accounts were among the items approved by the governing board of the Virgin Islands Water and Power Authority during an emergency meeting on Thursday.
Board members voted unanimously to extend the lines of credit and a standby credit facility for a three-month period. The extension affords the Authority the ability to complete a fiscal year 2019 audit and have it reviewed by the bank. The board also approved an additional signatory authorized to approve payments.
In executive session, board members engaged the firm of Russell Reynolds Associates to lead the recruitment process for the Authority’s new chief executive officer.
Board members in attendance included Chairman Anthony D. Thomas, Vice Chairman Jed JohnHope, Secretary Juanita Young, Directors Kyle Fleming and Joel Lee, Hubert Turnbull, Cheryl Boynes Jackson and Elizabeth Armstrong.