Turnbull vetoes Homeownership Act of 2004

ST. THOMAS - Gov. Charles Turnbull vetoed a bill Friday that would have created 2,500 new affordable homes in the territory, saying that he supported the sentiment behind the bill but that borrowing revenue from the Stamp Tax to fund the project would have deepened the territory's already serious financial crisis.

"I could not in good conscience approve this bill," Turnbull wrote in a letter to Senate President David Jones. It "will further exacerbate the territory's financial situation by siphoning off more monies from the General Fund."

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