Government

Bryan Names Four People With Backgrounds in Finance to Board of Directors of Matching Fund Special Purpose Entity

Government House announced Friday that Governor Albert Bryan has named the four financial managers who will join him on the Board of Directors of a special purpose entity to manage the refinancing of the Internal Revenue Match Fund Bonds, also known as the rum cover over funds. According to the administration, the special purpose entity will be used to create substantial savings to be used as a dedicated revenue stream to restore the solvency of the Government Employees’ Retirement System for at least 30 years.  Act No. 8540 authorizes the government of the Virgin Islands to create the “Matching Fund Special Purpose Securitization Corporation” to manage the sale and refinancing of the rum bonds at more favorable interest rates.  The corporation is established as an independent and autonomous, public corporation and has a legal existence separate from the government. Its present mission is to issue the bonds for specified purposes and to utilize the Matching Fund Revenues from rum cov...