GERS closes in on Carambola resolution
Published: October 13, 2012
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ST. CROIX - The V.I. Government Employees Retirement System board on Friday moved a step closer to executing a final disposition agreement for the Carambola Beach Resort, which defaulted on a GERS loan earlier this year.
After meeting in executive session Friday morning, the board voted to accept a final disposition agreement, as amended, subject to the approval of exhibits to be attached to the agreement, the resolution of an issue with the language in one section of the agreement, and the approval of legal counsel.