The Virgin Islands Public Finance Authority Tuesday will sell $39.4 million of tax-exempt rum-tax bonds to help finance a new wastewater facility plant on St. Croix for spirit-maker Cruzan VIRIL Ltd.

Officials anticipate selling an additional $66 million of tax-exempt rum-tax bonds in the next couple of years to support additional upgrades to the Cruzan facilities. In return for the capital financing, the rum-maker agrees to continue producing rum in the USVI for 30 years.

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