Bryan briefed senators ahead of Sept. 17 special session on matching fund securitization

Gov. Albert Bryan Jr., members of his financial and advisory teams, and other senior advisers met with senators of the 33rd Legislature on Sept. 15, 2020, to brief them and answer questions ahead of a special session on Sept. 17 on his proposed matching fund securitization bill.

According to Government House, the proposed legislation would establish the Matching Fund Securitization Corporation as an instrumentality of the Virgin Islands government to refinance the government’s matching fund bond debt.

Government House said the refinancing would mark the territory’s return to the bond market and could generate $255 million in cash flow over three years, or about $85 million a year, through reduced annual debt service on the matching fund bonds.

The administration said the funds could be used to support the Government Employees’ Retirement System and other projects. Government House also said Bryan and his team planned a second meeting with senators at 6 p.m. on Sept. 16, 2020, before the Legislature’s 10 a.m. special session on Sept. 17, 2020.

Official source: https://www.vi.gov/governor-bryan-meets-with-33rd-legislature-ahead-of-special-session-on-matching-fund-securitization/