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48 U.S.C. § 1403a — Expenditure of bond proceeds for public improvements

Federal law — U.S. Code and appendices · legal_authorities

48 U.S.C. § 1403a — Expenditure of bond proceeds for public improvements

The proceeds of the bond issues or other obligations herein authorized shall be expended only for the public improvements set forth in [section 1403 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title48-section1403&num=0&edition=prelim), or for the reduction of the debt created by such bond issue or obligation, unless otherwise authorized by the Congress.

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Source file: Laws/federal/codes/united-states-code/title-48/section-1403a-expenditure-of-bond-proceeds-for-public-improvements--fa215c65a6.md
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Source location: Title 48, Chapter 7, § 1403a; chapter-007-virgin-islands.md

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Federal law — U.S. Code and appendices · legal_authorities

48 U.S.C. § 1403 — Issuance of bonds or other obligations by government or municipalities; use of proceeds; limit on public indebtedness; terms, execution, interest rate, and sale price; taxes

To construct, improve, extend, better, repair, reconstruct, acquire, and operate any and all types of public works which shall include, but not be limited to, streets, bridges, wharves, and harbor facilities, sewers and sewage-disposal plants, municipal buildings, schools, libraries, gymnasia and athletic fields, fire houses, electric distribution systems or other work pertaining to electric systems, and other public utilities, including those owned or operated by the Saint Thomas Power Authority, or to clear slums, accomplish urban redevelopment or provide low-rent housing, negotiable general obligation bonds and other obligations may be issued by the government of the Virgin Islands or any municipality thereof: Provided, That no public indebtedness of any municipality thereof shall be incurred in excess of 10 per centum of the aggregate assessed valuation of the taxable real property in such municipality and that no public indebtedness of the government of the Virgin Islands shall be incurred in excess of 10 per centum of the aggregate assessed valuation of the taxable real property in the islands. Bonds issued pursuant to sections 1403 to 1403b of this title shall bear such date or dates, may be in such denominations, may mature in such amounts and at such time or times, not exceeding thirty years from the date thereof, may be payable at such place or places, may be sold at either public or private sale, may be redeemable (either with or without premium) or nonredeemable, may carry such registration privileges as to either principal and interest, or principal only, and may be executed by such officers and in such manner, as shall be prescribed by the government of the Virgin Islands or of the municipality issuing the bonds. In case any of the officers whose signature

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Federal law — U.S. Code and appendices · legal_authorities

48 U.S.C. § 1403a — Expenditure of bond proceeds for public

Page 89 TITLE 48—TERRITORIES AND INSULAR POSSESSIONS § 1405c 1 See References in Text note below. types of public works which shall include, but not be limited to, streets, bridges, wharves, and harbor facilities, sewers and sewage-disposal plants, municipal buildings, schools, libraries, gymnasia and athletic fields, fire houses, elec- tric distribution systems or other work per- taining to electric systems, and other public utilities, including those owned or operated by the Saint Thomas Power Authority, or to clear slums, accomplish urban redevelopment or pro- vide low-rent housing, negotiable general obli- gation bonds and other obligations may be issued by the government of the Virgin Islands or any municipality thereof: Provided, That no public indebtedness of any municipality thereof shall be incurred in excess of 10 per centum of the aggregate assessed valuation of the taxable real property in such municipality and that no public indebtedness of the government of the Virgin Islands shall be incurred in excess of 10 per centum of the aggregate assessed valuation of the taxable real property in the islands. Bonds issued pursuant to sections 1403 to 1403b of this title shall bear such date or dates, may be in such denominations, may mature in such amounts and at such time or times, not exceed- ing thirty years from the date thereof, may be payable at such place or places, may be sold at either public or private sale, may be redeemable (either with or without premium) or nonredeem- able, may carry such registration privileges as to either principal and interest, or principal only, and may be executed by such officers and in such manner, as shall be prescribed by the government of the Virgin Islands or of the mu- nicipality issuing the b

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