
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 23, 2000]
[Document not affected by Public Laws enacted between
  January 23, 2000 and December 4, 2001]
[CITE: 48USC1574a]

 
              TITLE 48--TERRITORIES AND INSULAR POSSESSIONS
 
                       CHAPTER 12--VIRGIN ISLANDS
 
                   SUBCHAPTER III--LEGISLATIVE BRANCH
 
Sec. 1574a. Revenue bonds or other obligations


(a) Authorization for issuance; use of proceeds; legislative initiative 
        and binding referendum vote

    In addition to the authority conferred by section 1574(b) of this 
title, 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 section 
7652(b)(3) of title 26. 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.

(b) Federal guarantee

    The 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) of this section 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 section 1574b of this title.

(c) Limitations on issuance

    Except to the extent inconsistent with the provisions of this Act, 
the provisions of section 1574(b)(ii) of this title (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) of this section.

(Pub. L. 94-392, Sec. 1, Aug. 19, 1976, 90 Stat. 1193; Pub. L. 105-83, 
title I, Sec. 124(c), Nov. 14, 1997, 111 Stat. 1567; Pub. L. 106-84, 
Sec. 1(b)(3), Oct. 28, 1999, 113 Stat. 1295.)

                       References in Text

    This Act, referred to in subsec. (c), is Pub. L. 94-392, Aug. 19, 
1976, 90 Stat. 1193, as amended, which enacted sections 1574a to 1574d 
of this title, amended section 1397 of this title, and enacted a 
provision set out as a note below. For complete classification of this 
Act to the Code, see Tables.

                          Codification

    In subsec. (a), ``section 7652(b)(3) of title 26'' substituted for 
``section 28(b) of such Act (26 U.S.C. 7652)'', meaning section 28(b) of 
the Revised Organic Act of the Virgin Islands (68 Stat. 508), which was 
classified to section 3350(c) of former Title 26, Internal Revenue Code, 
on authority of section 7852(b) of Title 26, 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

    1999--Subsec. (d). Pub. L. 106-84 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.''
    1997--Subsec. (d). Pub. L. 105-83 added subsec. (d).


                     Authorization of Appropriations

    Section 6 of Pub. L. 94-392 provided that: ``There are hereby 
authorized to be appropriated such sums as may be necessary to carry out 
the provisions of this Act [enacting this section and sections 1574b to 
1574d of this title and amending section 1397 of this title].''

                  Section Referred to in Other Sections

    This section is referred to in sections 1574b, 1574c, 1645 of this 
title.
