section 1574a of this titlesection 7652(b)(3) of title 26section 1574b of this titlesection 7652(b)(3) of title 26Each issue of bonds or other obligations issued under subsection (a) of shall have a parity lien with every other issue of bonds or other obligations issued for payment of principal and interest out of revenues received under , except that issues guaranteed under shall have priority, according to the date of issue, over issues not so guaranteed and the revenues received under shall be pledged for the payment of such bonds or other obligations.
Pub. L. 94–392, § 390 Stat. 1195Pub. L. 105–83, title I, § 124(a)111 Stat. 1567(, , ; , , .)
Editorial Notes
Codification
Section 7652(b)(3) of title 2668 Stat. 508section 7852(b) of Title 26“” substituted in text for “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 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. 105–831997— substituted “a parity lien with every other issue of bonds or other obligations issued for payment” for “priority for payment” and struck out “in the order of the date of issue” before “, except that”.
Statutory Notes and Related Subsidiaries
Effective Date of 1997 Amendment
Pub. L. 105–83, title I, § 124(b)111 Stat. 1567