Authorization for issuance; use of proceeds; legislative initiative and binding referendum vote
section 1574(b) of this titlesection 7652(b)(3) of title 26In addition to the authority conferred by , the legislature of the government of the Virgin Islands is authorized to cause to be issued bonds or other obligations of such government in anticipation of revenues to be received under . The proceeds of such bonds or other obligations may be used for any purpose authorized by an act of the legislature. The legislature of the government of the Virgin Islands may initiate, by majority vote of the members, a binding referendum vote to approve or disapprove the amount of any such bond or other obligation and/or any purpose for which such bond or other obligation is authorized.
Federal guarantee
section 1574b of this titleThe legislature of the government of the Virgin Islands may provide, in connection with any issue of bonds or other obligations authorized to be issued under subsection (a) the proceeds of which are to be used for public works or other capital projects, that a guarantee of such bonds or obligations by the United States should be applied for under .
Limitations on issuance
section 1574(b)(ii) of this titleExcept to the extent inconsistent with the provisions of this Act, the provisions of (other than the limitation contained in the proviso to the first sentence of subparagraph (A)) shall apply to bonds and other obligations authorized to be issued under subsection (a).
Pub. L. 94–392, § 190 Stat. 1193Pub. L. 105–83, title I, § 124(c)111 Stat. 1567Pub. L. 106–84, § 1(b)(3)113 Stat. 1295(, , ; , , ; , , .)
Editorial Notes
References in Text
Pub. L. 94–39290 Stat. 1193section 1397 of this titleThis Act, referred to in subsec. (c), is , , , which enacted sections 1574a to 1574d of this title, amended , and enacted a provision set out as a note below. For complete classification of this Act to the Code, see Tables.
Codification
section 7652(b)(3) of title 2626 U.S.C. 765268 Stat. 508section 7852(b) of Title 26In subsec. (a), “” substituted for “section 28(b) of such Act ()”, meaning section 28(b) of the Revised Organic Act of the Virgin Islands (), which was classified to section 3350(c) of former Title 26, Internal Revenue Code, on authority of , Internal Revenue Code, which provided that any reference in any other law to a provision of the Internal Revenue Code of 1939 shall be deemed a reference to the corresponding provision of the Internal Revenue Code of 1986.
Section was not enacted as part of the Revised Organic Act of the Virgin Islands which comprises this chapter.
Amendments
Pub. L. 106–841999—Subsec. (d). struck out subsec. (d) which read as follows: “The legislature of the Government of the Virgin Islands may cause to be issued notes in anticipation of the collection of the taxes and revenues for the current fiscal year. Such notes shall mature and be paid within one year from the date they are issued. No extension of such notes shall be valid and no additional notes shall be issued under this section until all notes issued during a preceding year shall have been paid.”
Pub. L. 105–831997—Subsec. (d). added subsec. (d).
Statutory Notes and Related Subsidiaries
Authorization of Appropriations
Pub. L. 94–392, § 690 Stat. 1195