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Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
2026-07-06 10:51:44 -04:00

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LegalText 48 U.S.C. § 1574c Priority for payment of principal and interest of revenue bonds or other obligations us united_states_code code_section 48 TERRITORIES AND INSULAR POSSESSIONS 12 VIRGIN ISLANDS [1954] 1574c 48 U.S.C. § 1574c 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/s1574c data/legal/raw/us/code/title-48/usc48.xml d14dad8865646cef97e795d436df6f07949140f133d663c9c8436ebb23aae84d 2f9a72ec272e6666d7f55f52cc3186aefc6368ca4cc2b9053a531de2fb9288c2 a828fc26cac99f5becc07ae8c794dc934f69284071697a73e72de53accca4929 2026-07-04 official
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48 U.S.C. § 1574c - Priority for payment of principal and interest of revenue bonds or other obligations

Text

Each issue of bonds or other obligations issued under subsection (a) of section 1574a of this title shall have a parity lien with every other issue of bonds or other obligations issued for payment of principal and interest out of revenues received under section 7652(b)(3) of title 26, except that issues guaranteed under section 1574b of this title shall have priority, according to the date of issue, over issues not so guaranteed and the revenues received under section 7652(b)(3) of title 26 shall be pledged for the payment of such bonds or other obligations.

(Pub. L. 94392, § 3, Aug. 19, 1976, 90 Stat. 1195; Pub. L. 10583, title I, § 124(a), Nov. 14, 1997, 111 Stat. 1567.)

Notes

Editorial Notes

Codification “Section 7652(b)(3) of title 26” substituted in text for “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 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.

Amendments1997—Pub. L. 10583 substituted “a parity lien with every other issue of bonds or other obligations issued for payment” for “priority for payment” and struck out “in the order of the date of issue” before “, except that”.

Statutory Notes and Related Subsidiaries

Effective Date of 1997 AmendmentPub. L. 10583, title I, § 124(b), Nov. 14, 1997, 111 Stat. 1567, provided that: “The amendments made by subsection (a) [amending this section] shall apply to obligations issued on or after the date of enactment of this section [Nov. 14, 1997].”