Government

A Bill With Implications for Generations to Come Will Be Voted on Today. Here's How Senators Plan to Vote.

Five senators will vote against a bill forwarded to the Senate by Governor Albert Bryan that seeks to dissolve the territory's decades-old reserve fund that currently has stored $150 million. Eight of them intend to vote Yes, paving the way for the bill's passage. The reserve fund has served as a backup in case of calamity so that the government can meet its debt obligations for up to a year. The bill seeks to refinance the Internal Revenue Matching Fund to secure a lower interest rate by turning over the IRMF to a special purpose vehicle. The SPV, the administration has argued, will be able to secure a favorable interest rate because it would be an entity separate from the government, the latter whose credit rating won't be able to secure the kind of interest rate that would make such a transaction feasible. But contrary to the Bryan administration's messaging in the weeks leading up to the session, the bill does not secure $85 million per year for the next three years ($255 milli...