§ 113. Authorization of issuance of bonds of the Government of the Virgin Islands
In pursuance of section 8(b)(ii) of the Revised Organic Act of the Virgin Islands, as amended, the issuance of general obligation bonds or other obligations by the Government of the Virgin Islands, not in excess of five million five hundred thousand dollars ($5,500,000) in aggregate principal amount of said bonds outstanding at any one time, […]
§ 114. Other assistance of Government of the United States Virgin Islands
(a) For the purpose of further aiding the Authority in developing and maintaining the Virgin Islands Water and Power Systems, the Government of the Virgin Islands or any political subdivision thereof, may at the request of the Authority and upon such terms, with or without consideration, as said Government or political subdivision shall determine— (1) […]
§ 115. Moneys and accounts of Authority
(a) All moneys of the Authority shall be deposited in qualified depositories for funds of the Government of the Virgin Islands, but they shall be kept in separate accounts in the name of the Authority. The disbursements shall be made by it pursuant to regulations and budgets approved by the Board. Notwithstanding the provisions of […]
§ 116. Competitive bidding
(a) All purchases and contracts for supplies for services, except for personal services, made by the Authority, including contracts for the construction of facilities of the Authority, shall be made after advertisement for bids sufficiently in advance of opening bids for the Authority to secure appropriate notice and opportunity for competition; provided, that where the […]
§ 117. Contributions to Employees Retirement System and Government Insurance Fund; Unemployment Compensation and Social Security Coverage
(a) All officials and employees of the Authority shall be covered by and subject to the Employees Retirement System of the Virgin Islands and the Workmen[‘s] Compensation Act. The Authority shall contribute to the Retirement System of the Government of the Virgin Islands its share of the cost of the retirement of the officials and […]
§ 108. Right to receivership upon default
(a) The Authority is authorized to covenant for the right to receivership upon default as hereinafter set forth in subsections (b) to (f) of this section inclusive, or to limit such right by definition of default or otherwise, in its agreement with the bondholders. (b) In the event that the Authority shall default in the […]
§ 109. Remedies of bondholders
(a) Subject to any contractual limitations binding upon the holders of any issue of bonds, or trustees therefor, including but not limited to the restriction of the exercise of any remedy to a specified proportion or percentage of such holders, any holder of bonds, or trustee therefor, shall have the right and power, for the […]
§ 110. Bonds of Authority legal investments for public or private funds
The bonds of the Authority shall be lawful investment, and may be accepted as security, for all fiduciary, trust and public funds, the investment or deposit of which shall be under the authority or control of the Government of the Virgin Islands or any officer or officers thereof.
§ 111. Exemption of Authority from judicial process and taxes
(a) All property including funds of the Authority shall be exempt from levy and sale by virtue of an execution, and no execution or other judicial process shall issue against the same nor shall any judgment against the Authority be a charge or lien upon its property; provided, however, that this subsection shall not apply […]
§ 112. Financial assistance; guarantees and purchases of bonds of Authority; loans and grants
(a) For the purpose of assisting the Authority with its financing, the Government of the Virgin Islands, to the extent permitted by the Revised Organic Act of the Virgin Islands, as amended, or any other applicable Federal law, may— (1) guarantee payment of the bonds of the Authority, both as to principal and interest; (2) […]