Bryan Open to Securing Bond for GERS Through Public Finance Authority, a Significant Development in Negotiations With Senators

Governor Albert Bryan said Tuesday that he was open to securing a bond to help fund the Gov't Employees' Retirement System through the Public Finance Authority (PFA) in lieu of a special purpose vehicle (SPV), which senators who voted against Mr. Bryan's debt refinancing plan last year saw as one of a number of sticking points. The refinancing plan had sought to create an SPV and give it control of the Internal Revenue Matching Fund in an effort to win a favorable credit rating to shop the bond market — something the local government had been unable to do in the past with its junk-status credit rating. According to administration testifiers at the time, the Bryan plan received a BBB bond rating by the Kroll Bond Rating Agency, though the ratings agency's credibility was later called into question. Speaking during an hourlong interview with the Consortium, Mr. Bryan said while he was willing to go through the PFA, the public should expect that any funding secured through the authority...