Bryan called 33rd Legislature into special session for Dec. 3 on securitization proposal

Gov. Albert Bryan Jr. called the 33rd Legislature into special session on November 23, 2020, and set the session for December 3, 2020, to consider a second Matching Fund securitization proposal and two other measures.

According to Government House, the proposal sought to refinance government debt and allow the Virgin Islands to re-enter the bond market. The administration said proceeds from the bond refunding would be assigned, in collaboration with the Legislature, to priorities including the Government Employees’ Retirement System and infrastructure projects.

Bryan also submitted legislation to amend Act 8310 to address his authority to borrow from public funds to offset cash-flow problems caused by revenue shortfalls tied to the COVID-19 pandemic in fiscal year 2021 rather than fiscal year 2020.

Government House said the Legislature had passed an earlier version of the borrowing measure in 2020 authorizing access to a line of credit for government operations affected by the pandemic’s financial fallout, but that authority was not used and was based on fiscal year 2020 revenues.

The third measure before lawmakers was a bill concerning enforcement of orders during a state of emergency. Government House said the proposal would add sections to the nuisance chapter of Title 14 to allow enforcement of executive-order provisions during the COVID-19 state of emergency and in future emergencies or disasters, including expanded definitions and penalties related to public nuisance.

Official source: https://www.vi.gov/governor-bryan-calls-33rd-legislature-into-special-session-to-act-on-a-second-securitization-proposal/