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48 U.S.C. § 1574a — Revenue bonds or other obligations
Federal law — U.S. Code and appendices · legal_authorities
**(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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Stable record: federal_law:legal_authorities:record_usc_fa7ccb4436129552b7418212
Source file: Laws/federal/codes/united-states-code/title-48/section-1574a-revenue-bonds-or-other-obligations--131a5f986d.md
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Source location: Title 48, Chapter 12, § 1574a; chapter-012-virgin-islands-1954.md
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**(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 limitation contained in the proviso to the first sentence of subparagraph (A)) shall apply to bonds and other obligations authorized to be issued under subsection (a).
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Puerto Rico**
(1) **Rate of tax** — Except as provided in section 5314, articles of merchandise of Puerto Rican manufacture coming into the United States and withdrawn for consumption or sale shall be subject to a tax equal to the internal revenue tax imposed in the United States upon the like articles of merchandise of domestic manufacture.
(2) **Payment of tax** — The Secretary shall by regulations prescribe the mode and time for payment and collection of the tax described in paragraph (1), including any discretionary method described in section 6302(b) and (c). Such regulations shall authorize the payment of such tax before shipment from Puerto Rico, and the provisions of section 7651(2)(B) shall be applicable to the payment and collection of such tax in Puerto Rico.
(3) **Deposit of internal revenue collections** — All taxes collected under the internal revenue laws of the United States on articles produced in Puerto Rico and transported to the United States (less the estimated amount necessary for payment of refunds and drawbacks), or consumed in the island, shall be covered into the treasury of Puerto Rico.
**(b) Virgin Islands**
(1) **Taxes imposed in the United States** — Except as provided in section 5314, there shall be imposed in the United States, upon articles coming into the United States from the Virgin Islands, a tax equal to the internal revenue tax imposed in the United States upon like articles of domestic manufacture.
(2) **Exemption from tax imposed in the Virgin Islands** — Such articles shipped from such islands to the United States shall be exempt from the payment of any tax imposed by the internal revenue laws of such islands.
(3) **Disposition of internal revenue collections** — The Secretary shall determine the amount of all taxes
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 7652
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Federal law — U.S. Code and appendices · legal_authorities
**(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
Source: Supplied U.S. Code snapshot — release unconfirmed · 48 U.S.C. § 1574b
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Federal law — U.S. Code and appendices · legal_authorities
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.
Source: Supplied U.S. Code snapshot — release unconfirmed · 48 U.S.C. § 1397
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Scope of authority; limitation on enactments and taxation** The legislative authority and power of the Virgin Islands shall extend to all rightful subjects of legislation not inconsistent with this chapter or the laws of the United States made applicable to the Virgin Islands, but no law shall be enacted which would impair rights existing or arising by virtue of any treaty or international agreement entered into by the United States, nor shall the lands or other property of nonresidents be taxed at a higher rate than the lands or other property of residents.
**(b) Government bonds; maximum amount; sale, interest, etc.**
**(i)** The legislature of the government of the Virgin Islands may cause to be issued on behalf of said government bonds or other obligations for a public improvement or public undertaking authorized by an act of the legislature. Such bonds or obligations shall be payable solely from the revenues directly derived from and attributable to such public improvement, public undertaking, or other project. Bonds issued pursuant to paragraph (i) may 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 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. Said bonds may be redeemable (either with or without premium) or nonredeemable. In case any of the officers whose signatures appear on the bonds or coupons shall cease to be such officers before delivery of such bonds, such signature, whether manual or facsimile shall, nevertheless, be valid and suffic
Source: Supplied U.S. Code snapshot — release unconfirmed · 48 U.S.C. § 1574
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Federal law — U.S. Code and appendices · legal_authorities
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
Page 148
TITLE 48—TERRITORIES AND INSULAR POSSESSIONS
§ 1574–1
‘‘(B) shall continue to apply to those instruments of
indebtedness issued by the Government of the Virgin
Islands after the date of the enactment of this Act
and before December 31, 1999.’’
EFFECTIVE DATE OF 1968 AMENDMENT
Pub. L. 90–496, § 15, Aug. 23, 1968, 82 Stat. 842, provided
that the amendment made by section 15 is effective on
the date of enactment of Pub. L. 90–496, which was ap-
proved Aug. 23, 1968.
CONSTRUCTION
Pub. L. 106–84, § 4, Oct. 28, 1999, 113 Stat. 1296, provided
that: ‘‘These amendments to the Revised Organic Act
of the Virgin Islands [amending this section] are not in-
tended to modify the internal revenue laws. Thus, the
bonds authorized by this bill must comply with sub-
section (c) of section 149 of the Internal Revenue Code
of 1986 [26 U.S.C. 149(c)] (which requires the new bonds
comply with the appropriate requirements of the Inter-
nal Revenue Code).’’
LEVYING AND COLLECTION OF EXCISE TAXES BY
LEGISLATURE OF THE VIRGIN ISLANDS
Pub. L. 96–205, title IV, § 405, Mar. 12, 1980, 94 Stat. 89,
as amended by Pub. L. 97–357, title III, § 302, Oct. 19,
1982, 96 Stat. 1709, provided that: ‘‘Any excise taxes lev-
ied by the Legislature of the Virgin Islands may be lev-
ied and collected as the Legislature of the Virgin Is-
lands may direct as soon as the articles, goods, mer-
chandise, and commodities subject to said tax are
brought into the Virgin Islands. The officials of the
Customs and Postal Services of the United States are
directed to assist the appropriate officials of the United
States Virgin Islands in the collection of these taxes.’’
§ 1574–1. Applicability of laws referred to in sec-
tion 502(a)(1) of Covenant to Establish a
Commonwealth of the Northern Maria
Source: Supplied 2024 U.S. Code historical extraction · 48 U.S.C. § 1574a
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