Government

'Why Did The Federal Government Put The Territory In Such A Perilous Position'? Asks Senate President Myron Jackson

It's a lose-lose situation, Senate President Myron Jackson believes, referring to a $500 million community disaster loan being offered by the federal government that requires the local government to take a careless action: Make repaying the federal loan priority over the local government's current bondholders, a move that could be both illegal and damaging to the territory. "Why did the federal government put the territory in such a perilous position? That's the question," Mr. Jackson told The Consortium this morning. "There must be a rhyme or reason," he said. The measure will be taken up today during the continuation of a Senate session that started on Thursday, where senators, after hearing from Dept. of Finance Commissioner and Public Finance Authority Executive Director, Valdamier Collens, and the government's bond counsel, will vote up for down, Mr. Jackson said. Asked whether he believed the measure would pass, Mr. Jackson said the bill's fate will be de...