Governor Calls for Special Session of Legislature to Establish $150 Million Credit Line
Governor Albert Bryan Jr. submitted a letter to Senate President Novelle E. Francis, which requested that the 35 Legislature consider using public funds to gain a credit line that would “supplement federal contributions for recovery projects in the Territory and to initiate other specific recovery projects.”
2023-03-27 00:55:30 - VI News Journalist
During the special session, scheduled for April 5th, the Legislature will convene in order to discuss proposed Legislation, which will allow the Government of the Virgin Islands to use public funds in order to establish a line of credit of up to $150 million. According to the press release from the Governor, those funds may be used to address its energy woes with WAPA.
“The line of credit also would be used to assist with negotiated settlement obligations on behalf of WAPA,” said the Governor, “as well as to provide funding for authorized governmental operations.”
Beyond that, the Governor gave little detail as to how the Executive Branch would utilize this credit line but assured lawmakers that his financial team would provide a comprehensive overview during the session on April 5th. Lawmakers will likely scrutinize these details with great deliberation during the session.
“We intend to provide a complete picture of the need for and benefits of this transaction for the Legislature to make a prompt decision in Special Session,” Governor Bryan wrote in his letter. “This legislation, if passed, will be of significant benefit to the Territory’s ability to advance the recovery development projects. I thank you and your fellow Senators for your consideration in the steps to implement this transaction and to enhance the lives of our fellow Virgin Islanders.”