Bryan Thanks Legislature For Authorizing Refinancing Of Government Debt To Aid GERS

Governor Says He Needs $150M Line of Credit To Pay Off WAPA’s VITOL Bill

CHRISTIANSTED — Governor Albert Bryan issued the following statement on the outcome of a
special session convened by the 35th Legislature at the governor’s request to consider legislation to authorize the Government of the Virgin Islands to utilize up to $150 million line of credit to move critical infrastructure and energy projects in the territory:

“The legislation presented during Wednesday’s Special session was a long-worked and negotiated attempt by the government of the Virgin Islands, after months of lobbying with the federal government, the Congress, and VITOL to move forward dozens of critical recovery projects and to make a good faith payment toward resolving a longstanding financial obligation between the Virgin Islands Water and Power Authority and its propane supplier VITOL.

“The outcome of Wednesday’s special session was not what we hoped and may have negative implications for WAPA’s ability to deliver efficient and effective services to the ratepayers and the government’s ability to move forward key recovery projects in a timely manner.

“However, I look forward to working with the 35th Legislature and those members not supportive of this current approach toward alternative solutions to addressing these matter prior to the next scheduled legislative session on April 13,” he said.