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Securitization Bill Passes Muster In The Senate, But Bond Experts Warn It's A Far Cry From Rescuing
Securitization Bill Passes Muster In The Senate, But Bond Experts Warn It’s A Far Cry From Rescuing GERSCHARLOTTE AMALIE — The Legislature of the Virgin Islands voted to approve the debt consolidation package of $1.1 billion in matching fund bonds over some objections from the Senate on Friday.
On a vote of eight to five, the Senate voted to support the so-called “securitization” bill that Governor Albert Bryan, Jr. sent down to lawmakers in the second week of August.
“Their vote allows the Government of the Virgin Islands to explore the market and realize savings that can fund critical government needs, and that can help reduce the unfunded pension liability of the Government Employees Retirement System,” Bryan said. “The refinancing of our existing bond debt in this unprecedented low-interest-rate environment is too great an opportunity not to explore.
Bryan requested the legislation August 11 that became Bill No. 33-0363. It seeks to reduce the territory’s debt service payment by giving the Virgin Islands access to the bond market for the first time in 11 years.
Read more: https://vifreepress.com/2020/09/securitization-bill-passes-muster-in-the-senate-but-bond-experts-warn-its-a-far-cry-from-rescuing-gers/