Bryan signs law to refinance rum cover-over bonds and direct savings to GERS

Gov. Albert Bryan Jr. signed Bill No. 34-0188 into law on Feb. 8, 2022, authorizing the Virgin Islands government to refinance Rum Cover-Over Matching Fund bonds and use savings from lower interest rates to support the Government Employees’ Retirement System.

The measure became Act No. 8540. Government House said the refinancing plan was intended to stabilize GERS for at least 30 years.

The 34th Legislature passed the bill on Jan. 31, 2022, by a 14-0-1 vote. According to Government House, the administration had first submitted related legislation in August 2020, and two subsequent revisions did not advance before the current version was approved.

Government House said the bill-signing ceremony was the first official function held at Government House on St. Thomas since the building was damaged in the 2017 hurricanes.

The administration said its executive team began work after the Legislature's vote to secure the matching fund bonds and offer them to investors.

Official source: https://www.vi.gov/governor-bryan-signs-historic-legislation-that-will-refinance-rum-cover-over-debt-to-stabilize-gers/