U.S. Virgin Islands

The governor should have involved the legislature earlier in decision making on how to give the Water and Power Authority money to make a bond payment, lawmakers said.

The state of emergency will let the governor use the central government's rainy-day fund to provide money to WAPA that semi-autonomous agencies of his government owe the authority. WAPA will use the money to make payments to bondholders and other creditors starting Tuesday.

Congress has taken no significant action on bills that would stop the depletion of the United States Virgin Islands' government pension system for 21 months.

Governor says the money would be used to get through the slow winter revenue months.

The reserve should have enough to cover bond payments for a year, according to an observer.

The bill would require government agencies to undertake an independent audit and a public comment period before entering into P3s among other provisions.

Loss of aid could hurt the islands' economy, a local senator says.

CEO Andrew Smith says authority is taking steps toward settling its outstanding debt.

Sponsors say bill is a chance to have territories' needs addressed.

The exchange-traded fund — the first ever triple tax-exempt — will consist of 80% Puerto Rico bonds with the balance being U.S. Virgin Islands and Guam bonds.

Many say continued lower rate would threaten U.S. Virgin Islands' financial solvency.

The authority will borrow to pay off its debt at about 50 cents on the dollar.

A letter of credit would be used, in part, to help fund a settlement between WAPA and its fuel supplier Vitol.

The New York Fed said the tech sector's employment contraction impact on the New York City economy was unlikely to be significant.

At issue is the completion of a WAPA financial settlement with its fuel supplier, Vitol, to which it owes about $278 million.

The authority hopes to have solar and wind provide 30% of the islands' electricity within two years.

The bill's sponsor pointed to board members' need for expertise.

U.S. Virgin Islands Gov. Albert Bryan Jr. also voiced concern about the EPA closure of an oil refinery in St. Croix.

The authority's issues hamper the USVI economy, Gov. Bryan says in his state of the territory speech.

If the USVI closes the deal, it would mark only the second long-term lease of a U.S.-based airport, after Puerto Rico's Luis Munoz Marin International Airport.