
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: 48USC1574c]

 
              TITLE 48--TERRITORIES AND INSULAR POSSESSIONS
 
                       CHAPTER 12--VIRGIN ISLANDS
 
                   SUBCHAPTER III--LEGISLATIVE BRANCH
 
Sec. 1574c. Priority for payment of principal and interest of 
        revenue bonds or other obligations
        
    Each issue of bonds or other obligations issued under subsection (a) 
of section 1574a of this title 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 section 7652(b)(3) of title 26, 
except that issues guaranteed under section 1574b of this title shall 
have priority, according to the date of issue, over issues not so 
guaranteed and the revenues received under section 7652(b)(3) of title 
26 shall be pledged for the payment of such bonds or other obligations.

(Pub. L. 94-392, Sec. 3, Aug. 19, 1976, 90 Stat. 1195; Pub. L. 105-83, 
title I, Sec. 124(a), Nov. 14, 1997, 111 Stat. 1567.)

                          Codification

    ``Section 7652(b)(3) of title 26'' substituted in text for ``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 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

    1997--Pub. L. 105-83 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''.


                    Effective Date of 1997 Amendment

    Section 124(b) of Pub. L. 105-83 provided that: ``The amendments 
made by subsection (a) [amending this section] shall apply to 
obligations issued on or after the date of enactment of this section 
[Nov. 14, 1997].''

                  Section Referred to in Other Sections

    This section is referred to in section 1645 of this title.
