For the purposes of this chapter, the term: (a) “Bonds” means the taxable or tax-exempt bonds, notes or other obligations, authorized to be issued by the Corporation pursuant to this chapter. (b) “Carifest Center and Park” means the cultural center, parking facilities, park and other permitted or authorized uses. (c) “Corporation” means the Caribbean Cultural […]
(a) The Caribbean Cultural Heritage Center and Discovery Park Corporation is established as a body corporate and politic constituting a public corporation and autonomous governmental instrumentality of the Government of the Virgin Islands. The Corporation shall be a corporate body, intended, created, and empowered to effectuate the purposes stated in this chapter. The existence of […]
(a) The Corporation shall be governed by a Board of Directors consisting of five members appointed by the Governor. (b) The Board of Directors shall be appointed by the Governor within 30 calendar days after the effective date of this chapter or 180 days after the date of a vacancy. Three of the board members […]
(a) The Corporation shall have the power to issue bonds, notes, and other obligations, including refunding bonds at or before maturity, to finance, or assist in the financing of the Carifest Cultural Heritage Center, which obligations shall not constitute any obligation of the Government or the Public Finance Authority. (b) The Corporation, by resolution of […]
(a) The Bonds shall be securities in which all public officers and bodies of the Government 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, building […]
The Government pledges to the Corporation and the holders of the bonds that the Government will not in any way impair the rights and remedies of the holders of the bonds, until the bonds and the interest thereon and the interest on any unpaid installments of interest and all costs and expenses in connection with […]
Subject to the provisions of title 13 chapter 1 of the Code, relating to dissolution and winding up the affairs of the corporation, by majority vote, the Board may dissolve the Corporation when the bonds, and all other obligations of the Corporation incurred with respect to the issuance of the bonds have been repaid or […]
The Corporation shall pay to the Government of the Virgin Islands: (a) Two percent of its net income to be used to provide for cultural education for students and teachers and entrepreneurial programs for students; (b) Two percent of its net income to be used by the Department of Health for cancer care, hemodialysis and […]
If a provision of this chapter or its application to a person or circumstances is held invalid, the invalidity shall not affect other provisions or applications of this chapter which can be given effect without the invalid provisions or application.
