Bryan administration completed bond sale tied to GERS funding

Gov. Albert Bryan Jr. signed documents in Washington on April 6, 2022, to complete the sale of reissued Rum Cover-Over Bonds, a transaction Government House said would reduce debt-service and interest costs and support long-term solvency for the Government Employees’ Retirement System.

Government House said the refinancing was carried out through the Matching Fund Special Purpose Securitization Corporation, an entity authorized by the Legislature to issue bonds backed by rum tax revenues and separate from the Government of the Virgin Islands.

According to Government House, Bryan first proposed the plan in 2020 and submitted it to the Legislature four times.

Government House also said Bryan met in Washington with White House officials on territorial issues and with the new owners of the St. Croix oil refinery about their reopening strategy.

Official source: https://www.vi.gov/governor-bryan-closes-on-bond-sale-to-provide-for-gers-solvency/