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The board of directors of the V.I. Water and Power Authority voted Thursday to allow the utility to defer payments due on millions of dollars in existing lines of credit with FirstBank and its Community Disaster Loan with the Federal Emergency Management Agency.
There have been hurricanes, federal aid, a new administration, a pandemic and more federal aid, but the most recent review by Moody's Investors Service finds the underlying difficulties facing V.I. government finances largely unchanged.
Meeting in special session on Tuesday the V.I. Senate did not approve a newly revamped version of Gov. Albert Bryan Jr.'s securitization proposal, instead, sending it to the Finance Committee for further consideration.
To negate a long-standing debt owed to the Department of Planning and Natural Resources, the Virgin Islands Port Authority requested Senate approval for a disposition of property.
Gov. Albert Bryan Jr. said on Monday that his team had closed on a $60 million line of credit authorized last year by the Legislature, and, he will call them into a Special Session on Dec. 29 to reconsider a proposal to refinance the territory’s Matching Fund revenue debt.
Gov. Albert Bryan Jr. said Friday he remains determined to find a solution for government retirees facing imminent pension cuts after his bond debt refinancing plan was derailed in court -- and he warned that some who sowed seeds of doubt about the legislation are eager to see the Virgin Islands end in bankruptcy, just like neighboring Puerto Rico.
Confusion swept through the Legislature on Thursday during a special session at which senators were called to vote on changes to a debt refinancing bill that aims to rescue a fiscally crumbling pension system. By an 8-6 margin, the newly amended legislation narrowly passed.
The governor’s proposed bill that aims to bail out the Government Employees' Retirement System was passed by the Legislature at a Friday special session, the culmination of Thursday’s Finance Committee hearing that moved into special session before being recessed.
The Senate Finance Committee on Thursday narrowly advanced Gov. Albert Bryan Jr.'s bill that aims to bail out the Government Employees' Retirement System by securitizing the territory’s Matching Fund debt.
Instead of taking immediate action on Gov. Albert Bryan Jr.'s bill to create a new funding source for the Government Employees' Retirement System, the V.I. Senate moved the measure to the Finance Committee for a hearing at 11 a.m. on Thursday.