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48 U.S.C. § 1574b — Federal guarantee for issuance of revenue bonds or other obligations

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

48 U.S.C. § 1574b — Federal guarantee for issuance of revenue bonds or other obligations

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Source file: Laws/federal/codes/united-states-code/title-48/section-1574b-federal-guarantee-for-issuance-of-revenue-bonds-or-other-obligations--241d9ecd57.md
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Source location: Title 48, Chapter 12, § 1574b; chapter-012-virgin-islands-1954.md

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**(a) Application to Secretary of the Interior; contents** When authorized under subsection (b) of [section 1574a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title48-section1574a&num=0&edition=prelim), the government of the Virgin Islands may apply to the Secretary of the Interior (hereinafter referred to as the “Secretary”) for a guarantee of any issue of bonds or other obligations authorized to be issued under subsection (a) of [section 1574a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title48-section1574a&num=0&edition=prelim). Any such application shall contain such information as the Secretary may prescribe. **(b) Terms and conditions of guarantee or commitment to guarantee; determination by Secretary of approval** The Secretary is authorized, with the approval of the Secretary of the Treasury, to guarantee and to enter into commitments to guarantee, upon such terms and conditions as he may prescribe, payment of principal and interest on bonds and other obligations issued by the government of the Virgin Islands under subsection (a) of [section 1574a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title48-section1574a&num=0&edition=prelim). No guarantee or commitment to guarantee shall be made unless the Secretary determines— (1) that the proceeds of such issue will be used only for public works or other capital projects, except that $28,000,000 of the guaranteed bonding authority will be used for water producing and power projects, including maintenance and overhaul of electrical generating and distribution mechanisms, and $12,000,000 of the guaranteed bonding authority will be used for repair and improvements of the water distribution and storage systems; (2) taking into account anticipated expenditures by the government of the Virgin Islands while the bonds or other obligations forming a part of such issue will be outstanding, all outstanding obligations of the government of the Virgin Islands which will mature while the bonds or other obligations forming a part of such issue will be outstanding, and such other factors as he deems pertinent, that the revenues expected to be received under [section 7652(b)(3) of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section7652/b/3&num=0&edition=prelim) will be sufficient to pay the principal of, and interest on, the bonds or other obligations forming a part of such issue; (3) that credit is not otherwise available on reasonable terms and conditions and that there is reasonable assurance of repayment, and (4) that the maturity of any obligations to be guaranteed does not exceed thirty years or 90 per centum of the useful life of the physical assets to be financed by the obligation, whichever is less as determined by the Secretary. **(c) Administrative costs; deposit of fees** The Secretary shall charge and collect fees in amounts sufficient in his judgment to cover the costs of administering this section. Fees collected under this subsection shall be deposited in the revolving fund created under subsection (g). **(d) Conclusiveness and incontestability; pledge of full faith and credit** Any guarantee made by the Secretary shall be conclusive evidence of the eligibility of the obligation for such guarantee, and the validity of any guarantee so made shall be incontestable, except for fraud or material misrepresentation, in the hands of the holder of the guaranteed obligation. Such guarantee shall constitute a pledge of the full faith and credit of the United States for such obligation. **(e) Interest on guaranteed obligations taxable** The interest on any obligation guaranteed under this section shall be included in gross income for purposes of chapter 1 of the Internal Revenue Code of 1986 [[26 U.S.C. 1](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section1&num=0&edition=prelim) et seq.]. **(f) Maximum amount guaranteed; time limitations on commitments to guarantee, obligation of guaranteed but unobligated funds, and repayment of unobligated proceeds of bonds or other obligations** The aggregate principal amount of obligations which may be guaranteed under this Act shall not exceed $101,000,000. No commitment to guarantee may be issued by the Secretary, and no guaranteed but unobligated funds may be obligated by the government of the Virgin Islands after October 1, 1990. After October 1, 1990, any unobligated proceeds of bonds or other obligations issued by the government of the Virgin Islands pursuant to this section shall be repaid immediately by the government of the Virgin Islands to the lenders with the agreed upon interest. Should there be any delay in the government of the Virgin Islands’ making such repayment, the Secretary shall deduct the requisite amounts from moneys under his control that would otherwise be paid to the government of the Virgin Islands under [section 7652(b)(3) of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section7652/b/3&num=0&edition=prelim). **(g) Revolving fund; establishment; submission of budget to Congress; payments; transfers from fund to general fund of Treasury; issuance and sale of notes or other obligations for guarantees** (1) There is hereby created within the Treasury a separate fund (hereinafter referred to as “the fund”) which shall be available to the Secretary without fiscal year limitation as revolving fund for the purpose of this Act. A business-type budget for the fund shall be prepared, transmitted to the Congress, considered, and enacted in the manner prescribed by law (sections 9103 and 9104 of title 31) for wholly owned Government corporations. (2) All expenses, including reimbursements to other government accounts, and payments pursuant to operations of the Secretary under this Act shall be paid from the fund. If at any time the Secretary determines that moneys in the fund exceed the present and any reasonably prospective future requirements of the fund, such excess may be transferred to the general fund of the Treasury. (3) If at any time the moneys available in the fund are insufficient to enable the Secretary to discharge his responsibilities under guarantees under this Act, he shall issue to the Secretary of the Treasury notes or other obligations in such forms and denominations, bearing such maturities, and subject to such terms and conditions, as may be prescribed by the Secretary of the Treasury. Redemption of such notes or obligations shall be made by the Secretary from appropriations which are hereby authorized for this purpose. Such notes or other obligations shall bear interest at a rate determined by the Secretary of the Treasury, which shall not be less than a rate determined by taking into consideration the average market yield on outstanding marketable obligations of the United States of comparable maturities during the month preceding the issuance of the notes or other obligations. The Secretary of the Treasury shall purchase any notes or other obligations issued hereunder and for that purpose he is authorized to use as a public debt transaction the proceeds from the sale of any securities issued under chapter 31 of title 31 and the purposes for which securities may be issued under that chapter are extended to include any purchase of such notes or obligations. The Secretary of the Treasury may at any time sell any of the notes or other obligations acquired by him under this subsection. All redemptions, purchases, and sales by the Secretary of the Treasury of such notes or other obligations shall be treated as public debt transactions of the United States.

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

26 U.S.C. § 1 — Tax imposed

**(a) Married individuals filing joint returns and surviving spouses** There is hereby imposed on the taxable income of— (1) every married individual (as defined in section 7703) who makes a single return jointly with his spouse under section 6013, and (2) every surviving spouse (as defined in section 2(a)), a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $36,90015% of taxable income. Over $36,900 but not over $89,150$5,535, plus 28% of the excess over $36,900. Over $89,150 but not over $140,000$20,165, plus 31% of the excess over $89,150. Over $140,000 but not over $250,000$35,928.50, plus 36% of the excess over $140,000. Over $250,000$75,528.50, plus 39.6% of the excess over $250,000. **(b) Heads of households** There is hereby imposed on the taxable income of every head of a household (as defined in section 2(b)) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $29,60015% of taxable income. Over $29,600 but not over $76,400$4,440, plus 28% of the excess over $29,600. Over $76,400 but not over $127,500$17,544, plus 31% of the excess over $76,400. Over $127,500 but not over $250,000$33,385, plus 36% of the excess over $127,500. Over $250,000$77,485, plus 39.6% of the excess over $250,000. **(c) Unmarried individuals (other than surviving spouses and heads of households)** There is hereby imposed on the taxable income of every individual (other than a surviving spouse as defined in section 2(a) or the head of a household as defined in section 2(b)) who is not a married individual (as defined in section 7703) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $22,10015% of taxable income. Over $22,100 but not over $53,50

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

48 U.S.C. § 1397 — Income tax laws of United States in force; payment of proceeds; levy of surtax on all taxpayers

The income-tax laws in force in the United States of America and those which may hereafter be enacted shall be held to be likewise in force in the Virgin Islands of the United States, except that the proceeds of such taxes shall be paid into the treasuries of said islands: Provided further, That, notwithstanding any other provision of law, the Legislature of the Virgin Islands is authorized to levy a surtax on all taxpayers in an amount not to exceed 10 per centum of their annual income tax obligation to the government of the Virgin Islands.

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

48 U.S.C. § 1574a — Revenue bonds or other obligations

**(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title48-section1574/b&num=0&edition=prelim), 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section7652/b/3&num=0&edition=prelim). 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title48-section1574b&num=0&edition=prelim). **(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title48-section1574/b/ii&num=0&edition=prelim) (other than the limita

Source: Supplied U.S. Code snapshot — release unconfirmed · 48 U.S.C. § 1574a

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

48 U.S.C. § 1574c — Priority for payment of principal and interest of revenue bonds or other obligations

Each issue of bonds or other obligations issued under subsection (a) of [section 1574a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title48-section1574a&num=0&edition=prelim) 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section7652/b/3&num=0&edition=prelim), except that issues guaranteed under [section 1574b of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title48-section1574b&num=0&edition=prelim) 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section7652/b/3&num=0&edition=prelim) shall be pledged for the payment of such bonds or other obligations.

Source: Supplied U.S. Code snapshot — release unconfirmed · 48 U.S.C. § 1574c

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

26 U.S.C. § 1 — Tax imposed

Page 25 TITLE 26—INTERNAL REVENUE CODE § 1 1 Section catchline amended by Pub. L. 95–30 without cor- responding amendment of analysis. 2014—Pub. L. 113–295, div. A, title II, § 221(a)(12)(A), Dec. 19, 2014, 128 Stat. 4038, struck out part VII ‘‘Envi- ronmental tax’’. 1989—Pub. L. 101–234, title I, § 102(a), Dec. 13, 1989, 103 Stat. 1980, repealed Pub. L. 100–360, § 111, and provided that the provisions of law amended by such section are restored or revived as if such section had not been en- acted, see 1988 Amendment note below. 1988—Pub. L. 100–360, title I, § 111(c), July 1, 1988, 102 Stat. 697, added part VIII ‘‘Supplemental medicare pre- mium’’. 1986—Pub. L. 99–499, title V, § 516(b)(5), Oct. 17, 1986, 100 Stat. 1771, added part VII. 1976—Pub. L. 94–455, title XIX, § 1901(b)(2), Oct. 4, 1976, 90 Stat. 1792, struck out part V ‘‘Tax surcharge’’. 1969—Pub. L. 91–172, title III, § 301(b)(1), Dec. 30, 1969, 83 Stat. 585, added part VI. 1968—Pub. L. 90–364, title I, § 102(d), June 28, 1968, 82 Stat. 259, added part V. PART I—TAX ON INDIVIDUALS Sec. 1. Tax imposed. 2. Definitions and special rules. 3. Tax tables for individuals having taxable in- come of less than $20,000.1 [4. Repealed.] 5. Cross references relating to tax on individ- uals. Editorial Notes AMENDMENTS 1976—Pub. L. 94–455, title V, § 501(c)(1), Oct. 4, 1976, 90 Stat. 1559, substituted ‘‘Tax tables for individuals hav- ing taxable income of less than $20,000’’ for ‘‘Optional tax tables for individuals’’ in item 3 and struck out item 4 relating to rules for optional tax. 1969—Pub. L. 91–172, title VIII, § 803(d)(9), Dec. 30, 1969, 83 Stat. 685, substituted ‘‘Definitions and special rules’’ and ‘‘Optional tax tables for individuals’’ for ‘‘Tax in case of joint return or return

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

48 U.S.C. § 1574b — Federal guarantee for issuance of rev-

Page 149 TITLE 48—TERRITORIES AND INSULAR POSSESSIONS § 1574b (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 sub- section (a). (Pub. L. 94–392, § 1, Aug. 19, 1976, 90 Stat. 1193; Pub. L. 105–83, title I, § 124(c), Nov. 14, 1997, 111 Stat. 1567; Pub. L. 106–84, § 1(b)(3), Oct. 28, 1999, 113 Stat. 1295.) Editorial Notes REFERENCES IN TEXT This Act, referred to in subsec. (c), is Pub. L. 94–392, 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 Ta- bles. CODIFICATION In subsec. (a), ‘‘section 7652(b)(3) of title 26’’ sub- stituted 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 sec- tion 3350(c) of former Title 26, Internal Revenue Code, on authority of section 7852(b) of Title 26, Internal Rev- enue 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 Or- ganic Act of the Virgin Islands which comprises this chapter. AMENDMENTS 1999—Subsec. (d). Pub. L. 106–84 struck out subsec. (d) which read as follows: ‘‘The legislature of the Govern- ment of the Virgin Islands may cause to be issued notes in ant

Source: Supplied 2024 U.S. Code historical extraction · 48 U.S.C. § 1574b

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