{"id":974,"date":"2020-11-27T20:16:44","date_gmt":"2020-11-27T20:16:44","guid":{"rendered":"https:\/\/www.vi.gov\/covid\/?p=974"},"modified":"2020-12-04T00:15:05","modified_gmt":"2020-12-04T00:15:05","slug":"governor-bryan-calls-33rd-legislature-into-special-session-to-act-on-a-second-securitization-proposal","status":"publish","type":"post","link":"https:\/\/www.vi.gov\/covid\/news-post\/governor-bryan-calls-33rd-legislature-into-special-session-to-act-on-a-second-securitization-proposal\/","title":{"rendered":"Governor Bryan Calls 33rd Legislature into Special Session To Act on a Second Securitization Proposal"},"content":{"rendered":"\r\n<p>U.S. VIRGIN ISLANDS \u2014\u00a0Governor Albert Bryan Jr. on Monday called the 33<sup>rd<\/sup> Legislature into a Special Session to take action on his proposal for a second Matching Fund Securitization proposal, as well as to address two other legislative matters.<\/p>\r\n\r\n\r\n\r\n<p>The Governor set the date for the session as December 3.<\/p>\r\n\r\n\r\n\r\n<p>The Governor\u2019s proposal that seeks to create revenue for the Territory by refinancing the government\u2019s debt and allowing the USVI to re-enter the bond market. The proceeds from the refunding of the bonds, in collaboration with the Legislature, will be assigned to priority areas, such as the Government Employees\u2019 Retirement System and infrastructure projects in the Territory.<\/p>\r\n\r\n\r\n\r\n<p>\u201cThe proposed securitization of the Matching Fund Receipts, which is not an uncommon practice in the marketplace and has been used in the industry with great success, is expected to significantly increase cash flow to the Government of the next three fiscal years by replacing higher interest bonds with lower interest bonds, generate significant savings from the proceeds of the bonds, achieve an investment-grade rating that would return a Government entity to the bond markets, and create a vehicle for the Government\u2019s future bond needs,\u201d Governor Bryan wrote in his transmittal letter to Senate President Novelle Francis Jr.<\/p>\r\n\r\n\r\n\r\n<p>On a separate matter, the Governor also submitted proposed legislation amending Act 8310, which addresses the Governor\u2019s authority to borrow monies from public funds of the Virgin Islands to offset cash flow problems caused by shortfalls in the collection of revenues resulting from the COVID-19 pandemic for fiscal year 2021 instead of the previously authorized fiscal year 2020.<\/p>\r\n\r\n\r\n\r\n<p>The 33<sup>rd<\/sup> Legislature had passed a previous version of the bill earlier this year that authorized the Government to access a line of credit to be used for Government operations affected by the financial fallout from the virus pandemic. That bill, which was not used, authorized borrowing based on FY2020 revenues.<\/p>\r\n\r\n\r\n\r\n<p>The third matter the Governor has asked the 33<sup>rd<\/sup> Legislature to take up is a bill to provide for the enforcement of orders during a State of Emergency. The proposed legislation adds new sections to the Nuisance Chapter 73, under Title 14, to enable enforcement of provisions of Executive Orders for the protection of the community during the current COVID-19 State of Emergency and provide protection against any future emergencies or disasters.<\/p>\r\n\r\n\r\n\r\n<p>The proposed amendment expands the definition of what is deemed a public nuisance and adds further penalties regarding a public nuisance and relating to its removal.<\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>U.S. VIRGIN ISLANDS \u2014Governor Albert Bryan Jr. on Monday called the 33<sup>rd<\/sup> Legislature into a Special Session to take action on his proposal for a second Matching Fund Securitization proposal, as well as to address two other legislative matters.<\/p>\n","protected":false},"author":2,"featured_media":990,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-974","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-post"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.0 - 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