Legislature Corner: Senate Applauds $300M Community Disaster Loan Forgiveness

Senate President Donna Frett-Gregory (Photo by Barry Leerdam, Legislature of the Virgin Islands)

The members of the 34th Legislature thanks Governor Albert Bryan Jr. and Delegate Stacey E. Plaskett for their steady work and collaboration in working towards the forgiveness of the $300 million in Community Disaster Loans.

“This will certainly prove beneficial as the territory poised itself to be favorably looked at in the investor market. The elimination of this debt places the territory to potentially see lower interest rates, which provides for greater opportunity for increased refunding bond capacity,” said Senate President Donna Frett-Gregory.

“The Legislature, cognizant of the financial climate, worked to ensure that the territory’s financial environment is looked at favorably by potential investors in the bond market by passing a conservative balanced budget for FY22 and for the immediate past four years,” said Sen. Kurt A. Vialet, chair of the Committee on Finance.

The Legislature’s Subcommittee on GERS Restructuring, Solvency and Economic Development has been in extensive discussions on addressing the insolvency of GERS, on which it is poised to move measures in collaboration with the executive branch, that we hope will be palatable to both branches, but most importantly, to the people of the Virgin Islands.

“The CDL forgiveness is not only great news but a wonderful example of the great things that can occur when we work together, and, most importantly, it is a win for everyone in the Virgin Islands,” said Frett-Gregory.