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2026-07-06 10:51:44 -04:00

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LegalText 48 U.S.C. § 1574a Revenue bonds or other obligations us united_states_code code_section 48 TERRITORIES AND INSULAR POSSESSIONS 12 VIRGIN ISLANDS [1954] 1574a 48 U.S.C. § 1574a current 119-100 2026-06-26 official https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc48@119-100.zip /us/usc/t48/s1574a data/legal/raw/us/code/title-48/usc48.xml 6b8f04f5083e7b7d64cf5b1e7c5b255ddd243237907176ef7634bdfb55488ea4 2f9a72ec272e6666d7f55f52cc3186aefc6368ca4cc2b9053a531de2fb9288c2 8ceb03d9d7e64a5f4ff183214143364ecb22afda5dd83ed37da0034a6e0ac128 2026-07-04 official
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48 U.S.C. § 1574a - Revenue bonds or other obligations

Text

(a) Authorization for issuance; use of proceeds; legislative initiative and binding referendum vote In addition to the authority conferred by section 1574(b) of this title, the legislature of the government of the Virgin Islands is authorized to cause to be issued bonds or other obligations of such government in anticipation of revenues to be received under section 7652(b)(3) of title 26. The proceeds of such bonds or other obligations may be used for any purpose authorized by an act of the legislature. The legislature of the government of the Virgin Islands may initiate, by majority vote of the members, a binding referendum vote to approve or disapprove the amount of any such bond or other obligation and/or any purpose for which such bond or other obligation is authorized.

(b) Federal guarantee The legislature of the government of the Virgin Islands may provide, in connection with any issue of bonds or other obligations authorized to be issued under subsection (a) the proceeds of which are to be used for public works or other capital projects, that a guarantee of such bonds or obligations by the United States should be applied for under section 1574b of this title.

(c) Limitations on issuance Except to the extent inconsistent with the provisions of this Act, the provisions of section 1574(b)(ii) of this title (other than the limitation contained in the proviso to the first sentence of subparagraph (A)) shall apply to bonds and other obligations authorized to be issued under subsection (a).

(Pub. L. 94392, § 1, Aug. 19, 1976, 90 Stat. 1193; Pub. L. 10583, title I, § 124(c), Nov. 14, 1997, 111 Stat. 1567; Pub. L. 10684, § 1(b)(3), Oct. 28, 1999, 113 Stat. 1295.)

Notes

Editorial Notes

References in TextThis Act, referred to in subsec. (c), is Pub. L. 94392, Aug. 19, 1976, 90 Stat. 1193, which enacted sections 1574a to 1574d of this title, amended section 1397 of this title, and enacted a provision set out as a note below. For complete classification of this Act to the Code, see Tables.

Codification In subsec. (a), “section 7652(b)(3) of title 26” substituted for “section 28(b) of such Act (26 U.S.C. 7652)”, meaning section 28(b) of the Revised Organic Act of the Virgin Islands (68 Stat. 508), which was classified to section 3350(c) of former Title 26, Internal Revenue Code, on authority of section 7852(b) of Title 26, Internal Revenue Code, which provided that any reference in any other law to a provision of the Internal Revenue Code of 1939 shall be deemed a reference to the corresponding provision of the Internal Revenue Code of 1986. Section was not enacted as part of the Revised Organic Act of the Virgin Islands which comprises this chapter.

Amendments1999—Subsec. (d). Pub. L. 10684 struck out subsec. (d) which read as follows: “The legislature of the Government of the Virgin Islands may cause to be issued notes in anticipation of the collection of the taxes and revenues for the current fiscal year. Such notes shall mature and be paid within one year from the date they are issued. No extension of such notes shall be valid and no additional notes shall be issued under this section until all notes issued during a preceding year shall have been paid.” 1997—Subsec. (d). Pub. L. 10583 added subsec. (d).

Statutory Notes and Related Subsidiaries

Authorization of AppropriationsPub. L. 94392, § 6, Aug. 19, 1976, 90 Stat. 1195, provided that: “There are hereby authorized to be appropriated such sums as may be necessary to carry out the provisions of this Act [enacting this section and sections 1574b to 1574d of this title and amending section 1397 of this title].”