Bryan thanked senators after Legislature backed securitization measure

Gov. Albert Bryan Jr. said on Aug. 28, 2020, that he appreciated the eight members of the 33rd Legislature who voted to authorize his administration to pursue securitization of the territory’s Internal Revenue Matching Fund bonds.

The administration said the measure would allow the government to explore refinancing options aimed at generating additional cash flow, funding government needs and reducing the unfunded pension liability of the Government Employees Retirement System.

Bryan identified the senators who supported the measure as Senate President Novelle Francis and Sens. Alicia Barnes, Marvin Blyden, Allison DeGazon, Donna Frett-Gregory, Stedman Hodge, Myron Jackson and Athniel "Bobby" Thomas.

The administration said that, if completed, the securitization plan could add $255 million to the territory’s treasury over three years and produce additional cash-flow savings through at least 2030.

The statement also said Bryan's Cannabis Use Act remained before the 33rd Legislature for further action and was projected to generate about $20 million a year in new revenue.

Official source: https://www.vi.gov/governor-bryan-thanks-members-of-the-legislature-for-support-on-securitization-measure/