Sept. 17, 2002 – The only way to save the Government Employees Retirement System from collapse is to increase contributions from both employees and their employers — government agencies and departments — according to GERS attorney Alphonse Nibbs.
GERS is near collapse because it is paying out more in benefits than it is collecting in contributions, Nibbs and Lawrence Bryan, system administrator, told the Senate Committee on Economic Development, Agriculture and Consumer Protection on Monday.
"It started two or three years ago," Bryan said.
Sen. Roosevelt David termed GERS "very close to death's door." "If this system collapses, the entire community will be devastated," he said, noting that he expects crime to increase if that happens. He accused fellow senators of taking the situation too lightly.
Nibbs, attorney for the GERS board of trustees, said the board has repeatedly brought the problem to the Senate's attention "The body stayed silent and has not acted appropriately to put forth the best solution for the people," he said.
Raymond James, GERS board vice chair, put the unfunded liability figure at $518 million, but fellow board member Yvonne Bowsky said the figure was closer to $800 million.
"If we don't act now, it will go higher," Sen. Emmett Hansen II said.
Bryan said GERS loans total $100.8 million. The system has made 6,273 personal loans totaling $62.9 million, 1,763 retiree loans totaling $9.3 million, 999 mortgage loans totaling $26.9 million, 31 land loans totaling $358,628, and 158 auto loans totaling $1.2 million. These loans account for 20.7 percent of the system's allocated operating expenses.
While several officials of the territory's banking community were invited to testify on their institutions' rates, points and closing costs, none showed up to do so.
"I think they have something to hide. They said they were going to be here," said Sen. Adelbert Bryan, the committee chair. When the banks want something, he said, their officers are quick to appear at Senate hearings.
Lloyd Williams said he had noticed a large number of mortgage foreclosures in the past few months. He said this was uncommon for the territory, and "someone should wave the flag and protect the consumer." He also said that mortgage rates nationally are as low as 4.7 percent, but the best he could find in the territory was two points higher than that.
Sen. Bryan said most of the territory's banks are "predatory lenders" because they receive various exemptions and benefits but don't reinvest in the community. He had particularly harsh words for V.I. Community Bank, because it receives Economic Development Commission tax breaks. "They should have lower rates," he said.
The committee heard from Ken Kenion of the finance company Commoloco. He said that the number of finance companies in the territory has dropped from four to one because the maximum interest rate allowed at such companies is capped at 19.5 percent. He said loans made through finance companies locally stand at $30 million.
The senators heard audio testimony from Lt. Gov. Gerard Luz James II. Speaking to the committee via the Legislature Building telecommunications system, James said that banks want a financial services act, and that this is in the works. He said the V.I. Banking Board received the document last week.
Committee members present for the session were Sens. Bryan, David, Hansen and Vargrave Richards. Not present were Donald "Ducks" Cole, Norman Jn Baptiste and Celestino A. White Sr.

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Sept. 17, 2002 – The Reichhold Center for the Arts has published its annual calendar for the 2002-2003 season.
In line with the start of the new season, the calendar begins with October 2002 and features season headliner jazz saxophonist David Sanborn, the Puerto Rico Symphony Orchestra, "Folk Nativity," Eddie Palmieri, P'Your Passion, and some shots of the center's youth programs.
"This year's calendar is especially striking with a bold color and layout," said David Edgecombe, director of the center. The 8-inch square calendar is more compact than the standard 8-inch by 11-inch size of many calendars. The white number and mostly white text stands out readably well on the strong red background.
The calendars are available at all Reichhold Center outlets: Kristal Gifts Galore in Tutu Park Mall, Modern Music in Nisky and Havensight, Parrot Fish on Back Street, University of the Virgin Islands St. Thomas campus bookstore, Connections on St. John, and the Reichhold Center box and main offices. For more information call 693-1550.
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Sept. 17, 2002 – The Reichhold Center for the Arts has published its annual calendar for the 2002-2003 season.
In line with the start of the new season, the calendar begins with October 2002 and features season headliner jazz saxophonist David Sanborn, the Puerto Rico Symphony Orchestra, "Folk Nativity," Eddie Palmieri, P'Your Passion, and shots of some of the center's youth programs.
"This year's calendar is especially striking with a bold color and layout," said David Edgecombe, director of the center. The 8-inch square calendar is more compact than the standard 8-inch by 11-inch size of many calendars. The white number and mostly white text stands out readably well on the strong red background.
The calendars are available at all Reichhold Center outlets: Kristal Gifts Galore in Tutu Park Mall, Modern Music in Nisky and Havensight, Parrot Fish on Back Street, University of the Virgin Islands St. Thomas campus bookstore, Connections on St. John, and the Reichhold Center box and main offices. For more information call 693-1550.
Publisher's note : Like the St. Thomas Source now? Find out how you can love us twice as much — and show your support for the islands' free and independent news voice … click here.

Sept. 17, 2002 – The names of applicants who passed the V.I. Bar Examination that was given July 31 and Aug. 1, 2002 have been announced in a release from the V.I. Committee of Bar Examiners.
In alphabetical order, they are: Aaron T. Albold, David A. Bentley, Zane T. Cagle, Lynn J. De Severino, Kathryn J. Depree, Deborah E. Frimmel, Onik'a I. Gilliam, Leigh F. Goldman, Patrick D. Hagler, Gabriela M. Haley, Scott S. Henderson, and Christine M. La Place.
Publisher's note : Like the St. Croix Source now? Find out how you can love us twice as much — and show your support for the islands' free and independent news voice … click here.

Sept. 17, 2002 – The names of applicants who passed the V.I. Bar Examination that was given July 31 and Aug. 1, 2002 have been announced in a release from the V.I. Committee of Bar Examiners.
In alphabetical order, they are: Aaron T. Albold, David A. Bentley, Zane T. Cagle, Lynn J. De Severino, Kathryn J. Depree, Deborah E. Frimmel, Onik'a I. Gilliam, Leigh F. Goldman, Patrick D. Hagler, Gabriela M. Haley, Scott S. Henderson, and Christine M. La Place.
Publisher's note : Like the St. John Source now? Find out how you can love us twice as much — and show your support for the islands' free and independent news voice … click here.

Sept. 17, 2002 – The names of applicants who passed the V.I. Bar Examination that was given July 31 and Aug. 1, 2002 have been announced in a release from the V.I. Committee of Bar Examiners.
In alphabetical order, they are: Aaron T. Albold, David A. Bentley, Zane T. Cagle, Lynn J. De Severino, Kathryn J. Depree, Deborah E. Frimmel, Onik'a I. Gilliam, Leigh F. Goldman, Patrick D. Hagler, Gabriela M. Haley, Scott S. Henderson, and Christine M. La Place.
Publisher's note : Like the St. Thomas Source now? Find out how you can love us twice as much — and show your support for the islands' free and independent news voice … click here.

Sept. 16, 2002 – One of the Legislature's Fiscal Year 2003 revenue fund raids has prompted the agency with oversight for the money to issue a public call for the governor to veto what it regards as an inappropriate appropriation.
In a release Monday, the Casino Control Commission said the Legislature "has tapped the Casino Revenue Fund as the source of a $125,000 grant awarded to the Young Men's Christian Association." It asked Gov. Charles W. Turnbull to line item veto that appropriation.
The release notes that by law the agencies and programs slated to receive Casino Revenue Fund money are the Education Department, Internal Revenue Bureau, the Health Department and hospitals and gambling addiction and education programs.
Since March 2000, about $3 million in casino gross revenue taxes has been collected and deposited into the fund, the release stated.
If the YMCA receives the $125,000, the commission executive director, Shawna Richards, said, "then every agency that is identified to receive [money] from the Casino Revenue Fund will receive less than they are entitled to."
She said the commission is asking Turnbull to "consider the provisions and purposes of the casino legislation and veto this additional appropriation."

Publisher's note : Like the St. Croix Source now? Find out how you can love us twice as much — and show your support for the islands' free and independent news voice … click here.

Sept. 16, 2002 – One of the Legislature's Fiscal Year 2003 revenue fund raids has prompted the agency with oversight for the money to issue a public call for the governor to veto what it regards as an inappropriate appropriation.
In a release Monday, the Casino Control Commission said the Legislature "has tapped the Casino Revenue Fund as the source of a $125,000 grant awarded to the Young Men's Christian Association." It asked Gov. Charles W. Turnbull to line item veto that appropriation.
The release notes that by law the agencies and programs slated to receive Casino Revenue Fund money are the Education Department, Internal Revenue Bureau, the Health Department and hospitals and gambling addiction and education programs.
Since March 2000, about $3 million in casino gross revenue taxes has been collected and deposited into the fund, the release stated.
If the YMCA receives the $125,000, the commission executive director, Shawna Richards, said, "then every agency that is identified to receive [money] from the Casino Revenue Fund will receive less than they are entitled to."
She said the commission is asking Turnbull to "consider the provisions and purposes of the casino legislation and veto this additional appropriation."

Publisher's note : Like the St. John Source now? Find out how you can love us twice as much — and show your support for the islands' free and independent news voice … click here.

Sept. 16, 2002 – One of the Legislature's Fiscal Year 2003 revenue fund raids has prompted the agency with oversight for the money to issue a public call for the governor to veto what it regards as an inappropriate appropriation.
In a release Monday, the Casino Control Commission said the Legislature "has tapped the Casino Revenue Fund as the source of a $125,000 grant awarded to the Young Men's Christian Association." It asked Gov. Charles W. Turnbull to line item veto that appropriation.
The release notes that by law the agencies and programs slated to receive Casino Revenue Fund money are the Education Department, Internal Revenue Bureau, the Health Department and hospitals and gambling addiction and education programs.
Since March 2000, about $3 million in casino gross revenue taxes has been collected and deposited into the fund, the release stated.
If the YMCA receives the $125,000, the commission executive director, Shawna Richards, said, "then every agency that is identified to receive [money] from the Casino Revenue Fund will receive less than they are entitled to."
She said the commission is asking Turnbull to "consider the provisions and purposes of the casino legislation and veto this additional appropriation."

Publisher's note : Like the St. Thomas Source now? Find out how you can love us twice as much — and show your support for the islands' free and independent news voice … click here.

Sept. 16, 2002 – St. Thomas Source is a finalist in the 2002 Online Journalism Awards, presented by the Online News Association and the Columbia University Graduate School of Journalism.
The finalists for the third annual Online Journalism Awards were announced Monday by the two organizations.
The competition, which honors excellence in Internet journalism, received 728 entries from 10 countries this year and was judged by a team of distinguished journalism leaders, according to a release from OJA.
In announcing the award finalists, Bruce Koon, president of ONA and executive news editor of Knight Ridder Digital, said, "We know the digital medium continues to grow as a news source for the public and therefore we anticipated many quality entries in this year's awards program. But the depth and diversity of the entries were even more outstanding than expected.
"That reflects an awful lot of hard work and commitment by online news teams and individuals, and accomplished in what are tough economic times. All journalists, regardless of where they ply their craft, should be proud of these efforts."
The Source is one of four finalists in the General Excellence category for independent Internet publications with under 200,000 unique visitors per month.
"This category honors a Web site with fewer than 200,000 unique visitors per month that successfully fulfills its editorial mission, effectively serves its audience, maximizes the unique abilities of the Web and represents the highest journalistic standards," according to the OJA release. The sites were judged on excellence of content, interactivity, multimedia, design, navigation and community tools.
"I am thrilled, naturally," Shaun A. Pennington, publisher of St. Thomas Source, said Monday night, "but I am not that surprised. We have an excellent product put together by a group of consummate professionals who have a complete commitment to this community and to ethical journalism. But I guess when you look at the list of finalists for these awards, it really is pretty awesome — wow!"
For the complete list of finalists, see the Online Journalism Awards Web site.
A two-step process was used to determine the finalists and the winners, which will be announced Oct. 18 in New York City.
First, a group of more than 100 international journalists, working remotely in teams of two, screened and narrowed the scores of entries in each category to a set of 5-10 nominees.
Then, these nominees were reviewed by the OJA final judges — 12 journalists with extensive experience in new and old mass media — who met at Columbia University last week to pick the finalists and the winners. The awards will be presented during the third national conference of the Online News Association, set for Oct. 18- 19 in New York.
Pennington said she plans to be there, "along with a few of the people who have been involved from the very beginning."
St. Thomas Source was launched on Jan. 15, 1999. This is the first time the newspaper has entered a journalism competition.
"We know we play a unique role in mass communication within the community we serve and that our readership has come to rely on us for unbiased, uncensored news coverage," Jean Etsinger, Source senior editor, said. "We thought it was time to see how we measured up in the journalism profession as a whole. Being named a finalist is very, very gratifying."
The final judges of this year's competition were:
– Bruce Koon, Knight Ridder Digital & ONA president
– Robert Anthony, freelance
– Dorian Benkoil, ABC News.com
– John Garcia, NBC
– Bernie Gwertzman, The New York Times
– Jamie Heller, The Wall Street Journal
– Scott Horner, Fort Lauderdale Sun_Sentinel
– Rich Jaroslovsky, Ziff Brothers Investments
– Walt Mossberg, The Wall Street Journal
– Lisa Napoli, freelance
– Steve Outing, The Poynter Institute
– Joe Weiss, Durham Herald_Sun
The Online Journalism Awards are among several major journalism awards administered by the Columbia University Graduate School of Journalism. Others are the Pulitzer Prizes, the National Magazine Awards, the Alfred I. duPont-Columbia Awards for broadcast journalism, and the Maria Moors Cabot Prizes for inter-American understanding.

Publisher's note : Like the St. Thomas Source now? Find out how you can love us twice as much — and show your support for the islands' free and independent news voice … click here.