🌱 Why A Good Rating For USVI Bonds Matters + Weekend Events

Welcome to the weekend edition of the U.S. Virgin Islands Daily. Let's kick-off with the top stories, but don't miss the Events section!

• The Matching Fund Special Purpose Securitization Corporation (MFSPSC) bonds were rated BBB with an outlook of "stable" by the global securities company Kroll Bond Rating Agency. Why is this good news? BBB is a solid rating and indicates to investors that the bond is a safe(er) investment, more specifically, it is unlikely to default in the long-term. Why does this matter? Because the Bryan administration created the MFSPSC as a way to refinance existing debt and, hopefully, bail out the Government Employees’ Retirement System. GERS has been on a spending spree for the last 25 years and on the path to running out of money. The MFSPSC is a special purpose vehicle that is separate from the Government of the Virgin Islands. That is important because it means it is viewed by rating agencies independently from the Government, which has a lousy rating history and is considered a poor investment. So, what do the MFSPSC bonds represent? In short: all the money the territory receives in federal alcohol excise tax revenue. Buyers of the MFSPSC bonds, who are essentially lenders, are guaranteed to be paid back using the money that comes in from the rum cover-over payments. For more detail and and more in-depth explanation, read the full article in The Source.
• New route for the Saturday St. Patrick’s Day Parade in Christiansted, St. Croix: the parade will now start at 11 a.m. at Basin Triangle and end at the corner of King and Church streets. Read more on the event website or in The Source.
• Don't miss the opening of "Youth Art Month" at Crucian Heritage And Nature Tourism in Frederiksted this Saturday from 5 p.m. to 8 p.m. And if you do miss the opening, the show will be open to visitors through April 16. Youth Art Month is a nation-wide event. Here in the USVI, it is a collaboration between the public and private schools as well as other organizations that celebrate and encourage the artistic talents of secondary school students. Get all the details in The Source.
• Plans are confirmed for a new passenger ferry that will run between Cruz Bay and Red Hook. The USVI Department of Public Works, Division of Transportation (VITRAN) will receive $5.1 million from the federal government to purchase a new 300 passenger ferry. “A third, larger vessel, that can accommodate 300 passengers is necessary,” said DPW Transportation Planner Andrew Ray. “Ridership demands, particularly during the rush hour, cannot be met with the smaller, existing vessels owned by DPW.” Read more in News of St. John.
• A bill to establish construction and maintenance department within the Dept. of Education was voted down on Thursday. The bill, sponsored by Senate President Donna Frett-Gregory, aimed to create an arm within the existing Department that would oversee general maitenance and construction on the territory's public schools, rather than have it handled by outside contractors. Three members of the Senate Committee on Education and Workforce Development voted in favor of the bill: Ms.Frett-Gregory and Sens. Genevieve Whitaker Kenneth Gittens. But three members voted against it: Sens. Milton Potter, Kurt Vialet and Janelle Sarauw. Senator Carla Joseph did not vote. Full story in the VI Consortium.

From our sponsor:

Today’s newsletter is brought to you by Ring, a Patch Brand Partner. We all know that Ring is the leader in video doorbells for home security. But did you know that Ring now makes a home security system that is getting raves from consumer electronic experts? (Reviewers at CNET called the new system — known as the Ring Alarm Pro — “a giant leap for home security”). So why the kudos?

In a nutshell: the Ring Alarm Pro can protect your home both online and off. It includes a built-in eero Wi-Fi 6 router to help you get reliable physical and digital security in one, innovative device. Now you can help protect your home with all of the benefits of the Ring Alarm, to keep your home safe and secure, while experiencing fast, reliable connectivity.

To learn more about the system CNET called “the future of home security” or to build your own custom system, you can visit Ring here.

Weekend Events:

Saturday, March 19

• Clothing Drive (8:00 a.m.)
• 4th Annual Water Island "World's Shortest" St. Patrick's Day Parade (9:00 a.m.)
• CMCArts Annual Members Meeting (2:00 p.m.)
• Taste the Nations (5:00 p.m.)
• CMCArts Movie Nights (5:30 p.m.)
• Charity Domino Tournament to benefit Nana Baby Home. (6:00 p.m.)
• Live Music at Leatherback Brewing STT (6:00 p.m.)
• Roots Embassy at The Pie Whole, St. Thomas (8:00 p.m.)

Sunday, March 20

• Vinyasa Yoga Class at Love City Fitness, St. John (8:30 a.m.)
• Yoga Nidra Healing at Ambient Yoga & Freediving, St. Thomas (6:00 p.m.)
• Hair of The Dog Party with VI Fire Band at Lost Dog Pub, St. Croix (7:00 p.m.)

Social Buzz:

• #StCroix Source: Alleged STX Thief Caught on Security Cam (Twitter)
• Over the last several weeks, three green sea turtles have been found dead along the northeastern shoreline of St. Croix. These turtles sustained fracture wounds to their shells consistent with boat strike interactions. (Friends of St Croix East End Marine Park)
• Online pre-registration now available for 9th grade students who will be attending St. Croix Central High School for SY 2022-2023. See details on the flyer below. Deadline to register for classes is March 31, 2022. (Virgin Islands Department of Education )
• Finally, we have a trade school in the USVI!! Residents please, please, please take advantage of this opportunity! Tomorrow is too late...decide to attend today!! If you have any questions or hesitations call 340-244-6606. #St.Croix (Virgin Islands Housing Authority)

Enjoying these emails? Here are 3 ways you can get more involved:

• Send a friend or neighbor this link so they can subscribe
• Get your local business listed in front of readers
• Send me a news tip or suggestion at ashleigh.baldwin@patch.com

— Ashleigh Baldwin

About me: I'm the Patch Community News Editor for the U.S. Virgin Islands. I'm here to provide news you can use. Do you have a news tip, question or feedback? Please contact me at ashleigh.baldwin@patch.com.