Bryan issued statement after Senate did not pass debt-refinancing measure

Gov. Albert Bryan Jr. issued a statement on December 10, 2020, after the 33rd Legislature did not pass his administration’s debt-refinancing proposal, which Government House said lawmakers had previously approved in September.

Government House said the proposal was intended to refinance government debt at a lower interest rate and generate $85 million in immediate savings for the Government Employees’ Retirement System and other government projects.

In the statement, Bryan said the administration would continue pursuing other revenue measures, including the Cannabis Act, and other options that included restructuring benefits for new and existing retirees.

Bryan also said Puerto Rico had passed a similar bond-refinancing measure on December 9, 2020. He said Puerto Rico was refinancing unrated bonds, while the U.S. Virgin Islands was offering investment-grade bonds, which he said would have positioned the territory for a more favorable interest rate.

Official source: https://www.vi.gov/governor-bryan-issues-statement-regarding-senates-failure-to-pass-debt-refinancing/