After lobbying the V.I. Senate for most of the summer to pass the Matching Fund Securitization Corporation plan to provide funds for the Government Employees Retirement System, Governor Albert Bryan Jr. announced Monday that he was suspending the program. In a statement issued Monday, Bryan said bondholders were put off by a legal filing in Superior Court.
"Despite the great interest initially demonstrated by potential bondholders, this decision became necessary given the negative impact of ill-intentioned litigation deliberately filed in the Superior Court of the Virgin Islands on the eve of bond pricing and closing," Bryan said in the statement. Bryan also cited changes made to the bill on September 18 to the legislation's ratification created uncertainties. The amendments "deprived us of the opportunity to successfully re-enter the market and close before the authorization's sunset date on September 29, as required by law."
The securitization program was intended to improve cash flow, in part, from reducing the debt service payment of $85 million on USVI bonds due October 1. However, Bryan said the savings on the bond payments would have funded various projects in the territory, most specifically providing a down payment to help reduce a portion of the GERS' deficit.
The Virgin Islands Police Department is asking for the community's help in solving other murders. Lieutenant Naomi Joseph provides more details.
Even though the U.S Virgin Islands is open to leisure travel Dr. Esther Ellis, territorial epidemiologist, says there are rules to help keep the territory safe.