- As used in this chapter the following terms have the meaning set forth in this section:
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(a) “Agreement” means the agreement between the Government and a developer which sets forth the terms and conditions for assistance for Project development under this chapter.
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(b) “Authority” means the Virgin Islands Economic Development Authority established in section 1101 of this title.
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(c) “Designated Casino Tax on Gross Revenue” means the gross revenue tax, pursuant to 32 V.I.C., Chapter 21, Section 514-515, generated from each proposed hotel development project under this chapter.
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(d) “Designated Hotel Room Occupancy Tax” means the hotel room taxes, pursuant to 33 V.I.C., Chapter 3, Section 54, generated from each proposed hotel development project under this chapter.
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(e) “Developer” means any entity or person that seeks to undertake a Project pursuant to this chapter;
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(f) “Government” means the Government of the Virgin Islands.”
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(g) “Hotel Development Notes” means the notes, bonds or other evidence of indebtedness incurred by the Developer or by the Notes Issuer for the benefit of the Developer, with respect to an approved Project, including but not limited to Hotel Revenue Bonds, Conventional Loans, Institutional Financing, or other financing issued with respect to the eligible Project.
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(h) “Notes Issuer” means the PFA or another issuer authorized to issue Hotel Development Notes under this chapter including a Developer’s option, a multi-jurisdictional issuer of notes or bonds, or both.”
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(i) “PFA” means the Virgin Islands Public Financing Authority established pursuant to title 29 Virgin Islands Code, chapter 29.”
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(j) “Program” means the Hotel Development Program established in section 1304 of this chapter.
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(k) “Project” means a proposed hotel development project under this chapter that may include all ancillary facilities servicing the hotel development, including without limitation, solar and other energy generation equipment; related marina facilities, including docks and wharves; residential housing; community centers; infrastructure and other facilities.
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(l) “Trust Fund” means the Hotel Development Trust Fund created for each respective Project established in section 1308.
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