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

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.

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Source file: Laws/federal/codes/united-states-code/title-48/section-1574c-priority-for-payment-of-principal-and-interest-of-revenue-bonds-or-other--d40a98d43f.md
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Source location: Title 48, Chapter 12, § 1574c; chapter-012-virgin-islands-1954.md

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

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

**(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

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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

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

48 U.S.C. § 1574c — Priority for payment of principal and in-

Page 151 TITLE 48—TERRITORIES AND INSULAR POSSESSIONS § 1575 § 1574c. Priority for payment of principal and in- terest of revenue bonds or other obligations 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 rev- enues received under section 7652(b)(3) of title 26 shall be pledged for the payment of such bonds or other obligations. (Pub. L. 94–392, § 3, Aug. 19, 1976, 90 Stat. 1195; Pub. L. 105–83, title I, § 124(a), Nov. 14, 1997, 111 Stat. 1567.) 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 au- thority 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 Or- ganic Act of the Virgin Islands which comprises this chapter. AMENDMENTS 1997—Pub. L. 105–83 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 DA

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