§ 488E. Property of the Corporation exempt from levy and sale
All property of the Corporation, including funds, shall be exempt from judicial process of every kind, including, without limitation, attachment, levy, execution and sale by virtue of an execution, and no judgment shall be a lien or charge upon its property or funds; provided, that the provisions of this section shall not apply to or […]
§ 489. Agreements of the Virgin Islands
The Government of the Virgin Islands is authorized to and does hereby pledge to and agrees with the holders of the bonds or notes that the Government of the Virgin Islands will not limit or alter the rights, hereby vested in the Corporation to acquire, construct, reconstruct, improve, maintain, equip and furnish the project or […]
§ 489A. Government of the Virgin Islands and University of the Virgin Islands not liable on bonds or notes
The bonds or notes and other obligations of the Corporation shall not be a debt of the Government of the Virgin Islands or the University of the Virgin Islands, and neither the Government of the Virgin Islands nor the University of the Virgin Islands shall be liable thereon, nor shall they be payable out of […]
§ 489B. Powers not set forth
Whenever the Corporation lacks the express power to perform an act consistent with the purposes set forth in this chapter, the Corporation may do or perform such act where authorized under the general corporation laws of the Virgin Islands.
§ 489C. Audits
The Corporation shall obtain an independent certified audit annually for transmittal annually to the Governor, the Legislature and the Board of Trustees of the University of the Virgin Islands.
§ 489D. Term of existence
The existence of the Corporation shall be perpetual.
§ 489E. Winding up and dissolution
The Corporation may be wound up and dissolved by an act of the Governor and the Legislature, with assets subject to any agreements that the Corporation may have entered into, reverting to the University of the Virgin Islands upon satisfaction of all obligations to bondholders.
§ 489F. Contributions to the Government Employees Retirement Fund, the Government Insurance Fund, Health Insurance Fund and Unemployment Insurance Fund; contributions to TIAA/CREF
(a) The Corporation shall: (1) Contribute to the Government Insurance Fund, on the basis of annual billings, as determined by the Commissioner of Finance, for the benefit payments made from such fund on account of the Corporation’s employees. The annual billings shall also include a statement of the fair portion of the cost of the […]
§ 490A. Research and Technology Park tenants
(a) The Research and Technology Park will have the following categories of tenants: Beneficiaries of the Virgin Islands’ Economic Development Program pursuant to Title 29, chapter 12 of this Code; Beneficiaries of the Farmers, Fishermen and Consumers Assistance Program pursuant to Title 7, chapter 13 of this Code, the Research and Technology Park Cell Corporation […]
§ 490B. Tax payments and incentives for Research and Technology Park tenants under § 490A(a)(3) or (4) of this chapter
(a) Each Research and Technology Park tenant listed in section 490A(a)(3) or (4) of this chapter shall pay an annual franchise tax to the Department of Finance based on the worldwide gross receipts of the respective tenant business. Each Research and Technology Park tenant with annual worldwide gross receipts less than or equal to $1,000,000 […]