The Legislature of the Virgin Islands hereby finds and declares that due to a general decline in investor acceptance of securities of the Government of the Virgin Islands, a need exists for the creation of a public corporation as a government instrumentality having full powers to borrow money and issue its bonds and notes for […]
For the purposes of this chapter, unless the context requires otherwise, the following words shall have the meanings set forth in this section: (a) The term “Authority” shall mean the Virgin Islands Public Finance Authority created by this chapter. (b) The term “Board” shall mean the Board of Directors of the Authority. (c) The term […]
To aid the Government of the Virgin Islands in the performance of its fiscal duties and the effective carrying out of its governmental responsibility of raising capital for essential public projects, there is hereby created a body corporate and politic constituting a public corporation and autonomous governmental instrumentality of the Government of the Virgin Islands, […]
The Charter of the Authority shall be as follows: CHARTER FIRST: The existence of the Authority shall be perpetual. SECOND: The principal office of the Authority shall be at St. Thomas, Virgin Islands. THIRD: The purposes for which the Authority is formed, the business or objectives to be carried on and promoted by it and […]
Notwithstanding any provision of this chapter to the contrary, except for any indebtedness involving special obligations issued to finance a project for the benefit of a private party, and payable out of the revenues generated by the involved project and/or payable to the Authority by said private party, the Authority shall be authorized to finance, […]
The purpose for which the Authority is created and shall exercise its powers being a public purpose, the Authority shall not be required to pay any taxes or assessments on any of the property acquired or to be acquired by it, or on its operations or activities, or on the income derived from any of […]
(a) By authority of the Government of the Virgin Islands under section 8(b) of the Revised Organic Act of the Virgin Islands, as amended, which is hereby granted, the Authority is authorized to issue and sell bonds from time to time, for the purpose of financing or refinancing, directly or indirectly, by loan of the […]
In any resolution, trust indenture or other contractual commitment authorizing the issuance of bonds, the Authority may contract with the holders of the bonds to undertake and obligate itself by such commitments, as long as the bonds are outstanding and unpaid, as are deemed by the Board to be necessary or appropriate for the protection […]
(a) The Authority shall submit to the Legislature annually after the close of its fiscal year, a report of the business of the Authority for the preceding fiscal year. (b) The Authority’s annual report must include an accounting of (i) the expenditures paid from its Operating Budget; (ii) expenditures paid by interest earned from bond […]
The Authority shall keep written transcripts of all of its proceedings and such transcripts shall be considered public documents. Transcripts shall be transcribed no later than 30 days after the date of the proceeding during which they were taken.
(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 […]
The Government of the Virgin Islands does hereby pledge to, contract and agree with, any person, firm or corporation, or any Federal, Virgin Islands or state agency, subscribing to or acquiring bonds of the Authority issued for the purposes of this chapter, that it obligates itself not to limit or alter the rights or powers […]
The bonds are hereby made securities in which all public officers and bodies of the Virgin Islands and all agencies, instrumentalities, commissions, authorities, and political subdivisions thereof, all insurance companies and associations and other persons carrying on an insurance business, all banks, bankers, trust companies, savings banks and savings associations, including savings and loan associations, […]
Notwithstanding any other provisions of law to the contrary, the Government of the Virgin Islands and all agencies, instrumentalities, commissions, authorities, and political subdivisions of the Virgin Islands are hereby authorized to arrange with the Authority for the investment by the Authority of all or any part of the funds as to which it has […]
If any provisions of this chapter or the application of any such provisions to any person or circumstance shall be held invalid, the remainder of the chapter and the application of any such provision to persons or circumstances other than those as to which such provision shall have been held invalid shall not be affected […]
