Marlin has plans for
infrastructure fund
PHILIPSBURG--Government is looking at establishing a foundation to maintain and improve public facilities, including infrastructure.
Commissioner Roy Marlin announced during the weekly press briefing on Wednesday that the Executive Council had approved the establishment of this foundation. The foundation or fund will take care of the road network, beautification and even upgrading at local public schools, among other tasks.
One of the fund’s sources of income will be the annual revenues of the vehicle tax. In addition it will be able to seek loans and other funding from entities such as Development Fund Netherlands Antilles USONA. The Antillean general pension fund APNA should also be able to invest, as it has over-liquidity. The fund could also make use of the concessions of government-owned companies, something into which government is looking.
The fund would take away some of the burden of the island territory, which doesn’t have the authority to borrow to make capital investments such as the upgrading of the road network, explained Marlin. The island territory now has to finance capital investments through the regular budget.
Marlin said he hoped to have the proposal, which has already been studied by the “legal minds,” ready for handling by the Island Council before the end of the year. The intention is to deposit the revenues of the 2007 vehicle tax in the fund.
Projects Marlin has in mind for the fund include Dawn Beach Road, the completion of Link 2, creation of the Cole Bay roundabout, solutions for the traffic situation in Simpson Bay and updating of the traffic plan. A Dutch company DHV would do the updating of the plan. In general, the fund would deal with the expansion of and changes to the road network.
The fund will have a board of directors. It will have to have a solid business plan to present to possible investors. Asked if the fund would also finance the purchase of land for the construction of roads, Marlin said this had not been determined yet. The budget currently has a provision for the purchase of land for infrastructural projects.
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