48 U.S.C. § 1403 — Issuance of bonds or other obligations by

Page 88 TITLE 48—TERRITORIES AND INSULAR POSSESSIONS §§ 1401 to 1401e Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF REPEAL Repeal effective on ninetieth day following Oct. 5, 1984, see section 1005 of Pub. L. 98–454, set out as an Ef- fective Date of 1984 Amendment note under section 1424 of this title. §§ 1401 to 1401e. Repealed. Pub. L. 110–40, § 1(a), June 29, 2007, 121 Stat. 232 Section 1401, act May 26, 1936, ch. 450, § 1, 49 Stat. 1372, set out the policy of Congress to equalize taxes on real property in the Virgin Islands. Section 1401a, act May 26, 1936, ch. 450, § 2, 49 Stat. 1372, related to valuation of real property for assess- ment and uniformity of rates. Section 1401b, act May 26, 1936, ch. 450, § 3, 49 Stat. 1372, related to rate of tax in absence of local laws and regulations by President for assessment and collection pending adoption of local laws. Section 1401c, act May 26, 1936, ch. 450, § 4, 49 Stat. 1372, provided that taxes were to be deposited in the municipal treasury of the municipality in which col- lected. Section 1401d, acts May 26, 1936, ch. 450, § 5, 49 Stat. 1372; June 30, 1949, ch. 285, § 12, 63 Stat. 356, related to payments to be made by the Virgin Islands Corporation into municipal treasuries of the Virgin Islands in lieu of certain taxes, valuation of real property in the Vir- gin Islands owned by the Virgin Islands Corporation as a basis for determining the amount of taxation, and payment to be made for any property owned by the United States in the Virgin Islands used for ordinary business or commercial purposes. Section 1401e, act May 26, 1936, ch. 450, § 6, 49 Stat. 1373, related to exemptions from taxation and author- ity of municipalities to alter, amend, or repeal existing laws. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF REPEAL Pub. L. 110–40, § 1(b), June 29, 2007, 121 Stat. 232, pro- vided that: ‘‘This section [repealing sections 1401 to 1401e of this title] shall be deemed to have taken effect on July 22, 1954.’’ § 1401f. Omitted Editorial Notes CODIFICATION Section, act Oct. 5, 1992, Pub. L. 102–381, title I, 106 Stat. 1392, which authorized Territorial and local gov- ernments of Virgin Islands to make purchases through General Services Administration, was from the Depart- ment of the Interior and Related Agencies Appropria- tions Act, 1993, and was not repeated in subsequent ap- propriation acts. See section 1469e of this title. Similar provisions were contained in the following prior appro- priation acts: Nov. 13, 1991, Pub. L. 102–154, title I, 105 Stat. 1007. Nov. 5, 1990, Pub. L. 101–512, title I, 104 Stat. 1932. Oct. 23, 1989, Pub. L. 101–121, title I, 103 Stat. 716. Sept. 27, 1988, Pub. L. 100–446, title I, 102 Stat. 1797. Dec. 22, 1987, Pub. L. 100–202, § 101(g) [title I], 101 Stat. 1329–213, 1329–231. Oct. 18, 1986, Pub. L. 99–500, § 101(h) [title I], 100 Stat. 1783–242, 1783–258, and Oct. 30, 1986, Pub. L. 99–591, § 101(h) [title I], 100 Stat. 3341–242, 3341–258. Dec. 19, 1985, Pub. L. 99–190, § 101(d) [title I], 99 Stat. 1224, 1238. Oct. 12, 1984, Pub. L. 98–473, title I, § 101(c) [title I], 98 Stat. 1837, 1851. Nov. 4, 1983, Pub. L. 98–146, title I, 97 Stat. 931. Dec. 30, 1982, Pub. L. 97–394, title I, 96 Stat. 1979. Dec. 23, 1981, Pub. L. 97–100, title I, 95 Stat. 1401. Dec. 12, 1980, Pub. L. 96–514, title I, 94 Stat. 2969. Nov. 27, 1979, Pub. L. 96–126, title I, 93 Stat. 965. Oct. 17, 1978, Pub. L. 95–465, title I, 92 Stat. 1289. July 26, 1977, Pub. L. 95–74, title I, 91 Stat. 295. July 31, 1976, Pub. L. 94–373, title I, 90 Stat. 1052. Dec. 23, 1975, Pub. L. 94–165, title I, 89 Stat. 987. Aug. 31, 1974, Pub. L. 93–404, title I, 88 Stat. 812. Oct. 4, 1973, Pub. L. 93–120, title I, 87 Stat. 433. Aug. 10, 1972, Pub. L. 92–369, title I, 86 Stat. 512. Aug. 10, 1971, Pub. L. 92–76, title I, 85 Stat. 233. July 31, 1970, Pub. L. 91–361, title I, 84 Stat. 673. Oct. 29, 1969, Pub. L. 91–98, title I, 83 Stat. 151. July 26, 1968, Pub. L. 90–425, title I, 82 Stat. 430. June 24, 1967, Pub. L. 90–28, title I, 81 Stat. 63. May 31, 1966, Pub. L. 89–435, title I, 80 Stat. 174. June 28, 1965, Pub. L. 89–52, title I, 79 Stat. 179. July 7, 1964, Pub. L. 88–356, title I, 78 Stat. 278. July 26, 1963, Pub. L. 88–79, title I, 77 Stat. 102. Aug. 9, 1962, Pub. L. 87–578, title I, 76 Stat. 339. Aug. 3, 1961, Pub. L. 87–122, title I, 75 Stat. 250. May 13, 1960, Pub. L. 86–455, title I, 74 Stat. 112. June 23, 1959, Pub. L. 86–60, title I, 73 Stat. 101. June 4, 1958, Pub. L. 85–439, title I, 72 Stat. 163. July 1, 1957, Pub. L. 85–77, title I, 71 Stat. 265. June 13, 1956, ch. 380, title I, 70 Stat. 264. June 16, 1955, ch. 147, title I, 69 Stat. 149. July 1, 1954, ch. 446, title I, 68 Stat. 372. July 31, 1953, ch. 298, title I, 67 Stat. 273. July 9, 1952, ch. 597, title I, 66 Stat. 457. Aug. 31, 1951, ch. 375, title I, 65 Stat. 263. Sept. 6, 1950, ch. 896, Ch. VII, title I, 64 Stat. 694. § 1402. Extension of industrial alcohol and inter- nal revenue laws to Virgin Islands Title III of the National Prohibition Act, as amended, and all provisions of the internal rev- enue laws relating to the enforcement thereof, are extended to and made applicable to the Vir- gin Islands, from and after August 27, 1935. The Insular Government shall advance to the Treas- ury of the United States such funds as may be required from time to time by the Secretary of the Treasury for the purpose of defraying all ex- penses incurred by the Treasury Department in connection with the enforcement in the Virgin Islands of the said Title III and regulations pro- mulgated thereunder. The funds so advanced shall be deposited in a separate trust fund in the Treasury of the United States and shall be avail- able to the Treasury Department for the pur- poses of this section. (June 26, 1936, ch. 830, title III, § 329(c), 49 Stat. 1957.) Editorial Notes REFERENCES IN TEXT The National Prohibition Act, as amended, referred to in text, is act Oct. 28, 1919, ch. 85, 41 Stat. 305. Title III of such Act was classified principally to chapter 3 (§ 71 et seq.) of Title 27, Intoxicating Liquors, and was omitted from the Code in view of the incorporation of such provisions in the Internal Revenue Code of 1939, and subsequently into the Internal Revenue Code of 1986. CODIFICATION Provisions similar to those comprising this section relating to Puerto Rico are classified to section 734a of this title. § 1403. Issuance of bonds or other obligations by government or municipalities; use of pro- ceeds; 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 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 bonds. In case any of the officers whose signatures appear on the bonds or coupons shall cease to be such officers before de- livery of such bonds, such signature, whether manual or facsimile, shall, nevertheless, be valid and sufficient for all purposes, the same as if such officers had remained in office until such delivery. The bonds so issued shall bear interest at a rate not to exceed 4 per centum per annum, payable semiannually. All such bonds shall be sold for not less than the principal amount thereof plus accrued interest. All bonds issued by the government of the Virgin Islands or any municipality thereof, including specifically in- terest thereon, shall be exempt from taxation by the Government of the United States, or by the government of the Virgin Islands or any polit- ical subdivision thereof, or by any State, Terri- tory, or possession or by any political subdivi- sion of any State, Territory, or possession, or by the District of Columbia: Provided further, That the government of the Virgin Islands and any municipality thereof shall be obliged to levy and collect sufficient taxes for servicing any of the outstanding bonds, even if such taxation is re- quired at a rate in excess of or in addition to the tax or tax rate of 1.25 per centum of the assessed value which is provided for in section 1401b 1 of this title. (Oct. 27, 1949, ch. 769, § 1, 63 Stat. 940.) Editorial Notes REFERENCES IN TEXT Section 1401b of this title, referred to in text, was re- pealed by Pub. L. 110–40, § 1(a), June 29, 2007, 121 Stat. 232. § 1403a. Expenditure of bond proceeds for public improvements The proceeds of the bond issues or other obli- gations herein authorized shall be expended only for the public improvements set forth in section 1403 of this title, or for the reduction of the debt created by such bond issue or obligation, unless otherwise authorized by the Congress. (Oct. 27, 1949, ch. 769, § 2, 63 Stat. 941.) § 1403b. Bond liability of United States Bonds or other obligations issued pursuant to sections 1403 to 1403b of this title shall not be a debt of the United States, nor shall the United States be liable thereon. (Oct. 27, 1949, ch. 769, § 3, 63 Stat. 941.) SUBCHAPTER II—CIVIL GOVERNMENT § 1405. Geographical application of subchapter; land and waters included in term ‘‘Virgin Is- lands’’ The provisions of this subchapter, and the name ‘‘the Virgin Islands’’ as used in this sub- chapter, shall apply to and include the terri- torial domain, lands and waters acquired by the United States through cession of the Danish West Indian Islands by the convention between the United States of America and His Majesty the King of Denmark entered into August 4, 1916, and ratified by the Senate on September 7, 1916 (39 Stat. L. 1706). (June 22, 1936, ch. 699, § 1, 49 Stat. 1807.) §§ 1405a, 1405b. Repealed. Pub. L. 97–357, title III, § 307, Oct. 19, 1982, 96 Stat. 1709 Section 1405a, act June 22, 1936, ch. 699, § 2, 49 Stat. 1807, related to division of Virgin Islands into munici- pality of Saint Croix and municipality of Saint Thomas and Saint John. Section 1405b, act June 22, 1936, ch. 699, § 3, 49 Stat. 1807, related to constituting into bodies politic and juridic of inhabitants of municipalities of Saint Croix and of Saint Thomas and Saint John. § 1405c. Transfer of property to government (a) Property not reserved All property which may have been acquired by the United States from Denmark in the Virgin Islands under the convention entered into Au- gust 4, 1916, not reserved by the United States for public purposes prior to June 22, 1937, is placed under the control of the Government of the Virgin Islands. (b) Applicability of United States law Except as otherwise expressly provided, all laws of the United States for the protection and improvement of the navigable waters of the United States shall apply to the Virgin Islands. (c) Applicability of tonnage duties No Federal laws levying tonnage duties, light money, or entrance and clearance fees shall apply to the Virgin Islands.