2019 U.S. Virgin Islands Code
Title 29 - Public Planning and Development
Chapter 21 - Economic Development Authority
§ 1110. Financial assistance; guarantees and purchases of bonds of Authority; loans and grants
(a) For the purpose of assisting the Authority with its financing, the Government of the Virgin Islands, to the extent permitted by the Revised Organic Act of 1954, as amended, or any other applicable Federal law, may —
(1) guarantee payment of the bonds of the Authority, both as to principal and interest;
(2) employ its funds in the purchase of the bonds of the Authority, notwithstanding any provision of any law to the contrary.
(b) For the purpose of raising funds to be granted or loaned to the Authority to construct, improve, extend, better, repair, reconstruct, acquire and equip any capital project or other authorized function of the Authority, the Government of the Virgin Islands may—
(1) borrow money, make and issue bonds or other evidence of indebtedness, and secure such bonds or other obligations by pledge of the Government's credit and taxing power, as provided for in section 8 of the Revised Organic Act of 1954 as amended; and
(2) make or issue bonds for the purpose of funding, refunding, purchasing, paying, or discharging any of the outstanding bonds or obligations issued, granted or assumed by it in pursuance of this section.
