Company: OIA
Filing Date: 2025-02-07
Form Type: N-2/A
Source: 0001104659-25-010545
Chunk: 187

Company: Invesco Municipal Income Opportunities Trust
Filing Date: 2025-02-07
Form: N-2/A
Chunk 187
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 activities, and construction and mining activities. The agricultural sector remains small, which requires most of the territory’s food to be imported. International business and financial services are a small but growing component of the economy. In 2012, the operators of the HOVENSA oil refinery, one of the largest employers in the Virgin Islands at the time, announced that they would close the refinery, laying off approximately 1,200 employees and 950 subcontractors. However, in January 2016, Limetree Bay Terminals, LLC and its affiliates (Limetree) finalized its purchase of the HOVENSA oil refinery, including HOVENSA’s storage and docking facilities. Limetree re-opened the refinery in February 2021. Following multiple major flaring incidents resulting in significant air pollutant and oil releases, the EPA issued notices of violations of the Clean Air Act, and ordered Limetree to pause all operations at the refinery for at least 60 days. In June 2021, Limetree announced the indefinite closing of its oil refining facility on the island of St. Croix and the layoff of 271 plant employees. In December 2021 Limetree sold the refinery through a Chapter 11 asset auction to joint bidders, West Indies Petroleum and Port Hamilton Refining and Transportation. Because of these and subsequent other events, including West Indies Petroleum’s announcement in June 2022 disavowing ownership of the refinery, ongoing litigation, an August 2022 fire at the refinery, and the September 2022, October 2022, and August 2024 announcements of additional EPA action and reopening requirements, it is not possible to predict the extent of the impact of the sale of the refinery on the Virgin Islands’ economy. C-11 In fiscal year 2020, the Virgin Islands reported a net pension liability for the primary government and component units of $4.2 billion. Additionally, the Virgin Islands reported an other post-employment benefits liability of $786.8 million in fiscal year 2020. In fiscal year 2021, the pension liability totaled approximately $4.53 billion. Additionally, the Virgin Islands reported an other post-employment benefits liability of $992.3 million in fiscal year 2020. Virgin Islands officials were continuing to project that the public pension system would reach insolvency by 2024 absent a reduction in member benefits or infusion of cash into the system. The U.S. Virgin Islands’ Government Employees’ Retirement System (GERS) remains one of