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Review of the Sale of Federally Owned Electric Power and Salt Water Distillation Facilities to the Government of the Virgin Islands

B-58303 Published: Feb 28, 1967. Publicly Released: Feb 28, 1967.
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Highlights

The General Accounting Office has made a review of the sale of electric power and salt water distillation facilities, owned by the Virgin Islands Corporation, to the Government of the Virgin Islands. Our review was made pursuant to the Budget and Accounting Act, 1921 (31 U.S.C. 531, and the Accounting and Auditing Act of 1950 (31 U.S.C. 67). We reviewed a private engineering firm's appraisal report on the facilities, appraisal review procedures of the General Services Administration (GSA), pertinent laws and legislative history in support of such laws, and the action taken by the Corporation's Board of Directors to dispose of the facilities. This review was made because we had noted, during our audit of the Virgin Islands Corporation, certain circumstances which led us to question the fair market value assigned to the facilities and the legal authority cited for the disposal of the facilities.

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