Act No. 7342 (29th Legislature) — An Act enacting the Employment Relation and Economic Recovery Act of 2012 and for other purposes ---0---
ACTNO. 7342 BILL NO. 29-0266 TWENTY-NINTH LEGISLATURE OF THE VIRGIN ISLANDS Regular Session 2012 An Act enacting the Employment Relation and Economic Recovery Act of 2012 and for other purposes ---0--- WHEREAS, the current global economic crisis continues to gravely challenge the people of the United States Virgin Islands; and WHEREAS, the economic indicators for the United States Virgin Islands continue to present a picture of decreased economic activity; and WHEREAS, the economic crisis facing the people of the United States Virgin Islands has been compounded by the sudden and unexpected closing of the HOVENSA oil refinery; and WHEREAS, the closing of the HOVENSA oil refinery will result in the loss of employment of more than 2,000 residents of the Virgin Islands; and WHEREAS, the closing of the HOVENSA oil refinery is forecasted to result in more than $94,000,000 in lost revenues to the Treasury of the Virgin Islands; and WHEREAS, the Government of the Virgin Islands recognizes that it must find other means to supplement its budget for the remainder of the fiscal year to be able t …
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Archive identifier LF-46f684c0f418