2019 U.S. Virgin Islands Code
Title 29 - Public Planning and Development
Chapter 21 - Economic Development Authority
§ 1109. Moneys and accounts of Authority

Universal Citation:
V.I. Code tit. 29, § 1109 (2019)
Learn more This media-neutral citation is based on the American Association of Law Libraries Universal Citation Guide and is not necessarily the official citation.
Previous Next

  • (a)

    • (1) 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.

    • (2) Notwithstanding paragraph (1) the Authority may contract with the Virgin Islands Public Finance Authority pursuant to 29 V.I.C., section 919 THIRD (E), to manage its investments for a period not exceeding four years.

  • (b) The Authority shall account to the Government of the Virgin Islands in accordance with applicable law for all funds, which the Government may furnish to the Authority, by loan or grant. The Authority shall also account to any Federal agency, if and in the manner required, for any funds that it may have received from any such agency.

  • (c) The Authority shall establish an accounting system for the proper statistical control and record of all expenses and income belonging to or managed or controlled by the Authority. Subject to agreements with bondholders, said system shall, insofar as advisable, segregate the accounts for different classes of operations, facilities, and activities of the Authority; provided, that from time to time the Authority shall have its accounts and books, including its receipts, disbursements, contracts, leases, sinking funds, investments and any other matters which relate to its financial condition examined by an independent accountant who shall report thereon to the Board of the Authority and to the Governor and Legislature.

Previous Next
Disclaimer: These codes may not be the most recent version. US Virgin Islands may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.