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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.
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.
In wake of the Senate’s vote on Tuesday against a proposed refinancing bill that would have provided immediate funding for GERS, Public Finance Authority board members lamented on Wednesday that “nothing is being done” to fix a “gaping wound” that now totals $5 billion.
Gov. Albert Bryan Jr. spent half of his news conference on Monday dispelling myths surrounding a bill for securitizing the territory’s matching fund debt that would bring upward of $200 million into the territory over the next three years.
As the territory’s COVID numbers creep up, Gov. Albert Bryan, Jr. said extra precautions are necessary to avoid a shutdown, particularly as holiday travel and visitors arriving on the islands increase the threat of infection.
While Gov. Albert Bryan Jr. has said his financial team is determined to salvage what it can of plans to refinance government debt, he decried the politics he said is ultimately to blame for failures to bring relief to a failing pension system.
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 U.S. Virgin Islands will take advantage of an extra $300 a week in supplemental unemployment benefits to help ease the financial strain brought on by the ongoing public health crisis, Gov. Albert Bryan Jr. said during a Monday news conference.
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.
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