48 U.S.C. § 1408a — Issuance of notes, bonds, and obligations

Page 93 TITLE 48—TERRITORIES AND INSULAR POSSESSIONS § 1408a tions thereon, interest payments to Treasury on ad- vances, and contributions to retirement and disability funds. Section 1407g, acts June 30, 1949, ch. 285, § 8, 63 Stat. 354; Sept. 2, 1958, Pub. L. 85–913, § 5, 72 Stat. 1760, related to authorization of appropriations necessary to cover losses substained in revenue-producing activities, ex- penses incurred in non-revenue-producing activities, and an appraisal of necessary working capital. Section 1407h, acts June 30, 1949, ch. 285, § 9, 63 Stat. 354; Sept. 2, 1958, Pub. L. 85–913, § 6, 72 Stat. 1760, related to Board of Directors of Corporation. Section 1407i, act June 30, 1949, ch. 285, § 10, 63 Stat. 355; 1970 Reorg. Plan No. 2, § 102, eff. July 1, 1970, 35 F.R. 7959, 84 Stat. 2085, related to transfer of functions, as- sets, and property of Virgin Islands Company to Cor- poration. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Act June 30, 1949, ch. 285, § 14, 63 Stat. 356, which pro- vided that act June 30, 1949, ch. 285 [see Short Title note below] become effective June 30, 1949, was repealed by Pub. L. 97–357, title III, § 308(e), Oct. 19, 1982, 96 Stat. 1710. SHORT TITLE Act June 30, 1949, ch. 285, § 15, 63 Stat. 356, provided that act June 30, 1949, enacting sections 1407 to 1407i of this title and amending section 1401d of this title and section 846 of former Title 31, Money and Finance, could be cited as the ‘‘Virgin Islands Corporation Act’’, prior to repeal by Pub. L. 97–357, title III, § 308(e), Oct. 19, 1982, 96 Stat. 1710. SAVINGS PROVISION Pub. L. 97–357, title III, § 308(e), Oct. 19, 1982, 96 Stat. 1710, provided in part: ‘‘That nothing in this subsection [repealing sections 1407 to 1407i of this title] shall affect the pension rights of former employees of the Virgin Is- lands Corporation.’’ TRANSFER OF FACILITIES; INVESTMENT INCREASE; SUPPLY OF ELECTRIC POWER Pub. L. 85–913, § 7, Sept. 2, 1958, 72 Stat. 1760, author- ized the Secretary of the Navy to transfer and convey to the Virgin Islands Corporation, without reimburse- ment, the power-generating facilities located at the Marine Corps air facility and naval submarine base, Saint Thomas, Virgin Islands, together with all the land, buildings, structures, facilities, distribution lines, fuel tanks, and equipment appurtenant thereto and necessary for the operation thereof, with such transfer to be accomplished not later than June 30, 1969. DISSOLUTION OF VIRGIN ISLANDS COMPANY Act June 30, 1949, ch. 285, § 11, 63 Stat. 355, authorized the Secretary of the Interior, the Under Secretary of the Interior, and the Governor of the Virgin Islands, as the stockholders of the Virgin Islands Company, a cor- poration created by ordinance of the Colonial Council for Saint Thomas and Saint John, Virgin Islands of the United States, to take such steps as may be appro- priate to dissolve the Virgin Islands Company, prior to repeal by Pub. L. 97–357, title III, § 308(e), Oct. 19, 1982, 96 Stat. 1710. SUBCHAPTER IV—PUBLIC HOUSING § 1408. Legislative authority to create authori- ties; appointment of members; powers of au- thorities The government of the Virgin Islands, through its legislative assembly, may grant to a public corporate authority existing or to be created through said assembly, exclusive authority to undertake slum clearance, urban redevelopment, urban renewal, and low-rent housing activities within the municipalities of the Virgin Islands. The legislative assembly may provide for the ap- pointment and terms of office of the members of such authority and for the powers of such au- thority, including authority to accept whatever benefits the Federal Government may make available under the Housing Act of 1949 (Public Law 171, Eighty-First Congress), as amended [42 U.S.C. 1441 et seq.], or any other law, for projects contemplated by this Act, as amended, and to do all things, to exercise any and all pow- ers, and to assume and fulfill any and all obliga- tions, duties, responsibilities, and requirements, including but not limited to those relating to planning or zoning, necessary or desirable for re- ceiving such Federal assistance, except that such authority shall not be given any power of taxation, nor any power to pledge the faith and credit of the people of the Virgin Islands for any loan whatever. (July 18, 1950, ch. 466, title III, § 301, 64 Stat. 346; Aug. 11, 1955, ch. 783, title I, § 107(5), (7), (9), 69 Stat. 638.) Editorial Notes REFERENCES IN TEXT The Housing Act of 1949 (Public Law 171, Eighty-First Congress), as amended, referred to in text, is act July 15, 1949, ch. 338, 63 Stat. 413, which is classified prin- cipally to chapter 8A (§ 1441 et seq.) of Title 42, The Public Health and Welfare. For complete classification of this Act to the Code, see Short Title note set out under section 1441 of Title 42 and Tables. This Act, referred to in text, means act July 18, 1950, ch. 466, 64 Stat. 344, known as the Territorial Enabling Act of 1950, which enacted this subchapter and sections 480 to 480b, 483a, 483b, 721 to 721b, and 910 to 910b of this title, amended sections 481 to 483 and 722 of this title, and enacted provisions set out as notes under sections 480, 481, and 722 of this title. For complete classifica- tion of this Act to the Code, see Tables. AMENDMENTS 1955—Act Aug. 11, 1955, included urban renewal projects, and inserted ‘‘as amended’’ after ‘‘Housing Act of 1949’’ and after ‘‘this Act’’. Statutory Notes and Related Subsidiaries URBAN RENEWAL ACTIVITIES Act Aug. 11, 1955, ch. 783, title I, § 107(4), 69 Stat. 638, amended the heading of title III of the Territorial Ena- bling Act of 1950, this subchapter, to insert the words ‘‘urban renewal’’ in order to make financial assistance available for urban renewal projects. § 1408a. Issuance of notes, bonds, and obligations The legislative assembly may authorize such authority, any provision of the Virgin Islands Organic Act [48 U.S.C. 1405 et seq.] or any other Act of Congress to the contrary notwith- standing, to borrow money and to issue notes, bonds, and other obligations of such character and maturity, with such security, and in such manner as the legislative assembly may provide. Such notes, bonds, and other obligations shall not be a debt of the United States, or of the Vir- gin Islands or of any municipality or subdivision thereof, other than such authority, nor con- stitute ‘‘bonds and other obligations’’ within the Page 94 TITLE 48—TERRITORIES AND INSULAR POSSESSIONS § 1408b meaning of sections 1403 to 1403b of this title, or a debt, indebtedness, or the borrowing of money within the meaning of any limitation or restric- tion on the issuance of notes, bonds, or other ob- ligations contained in any laws of the United States applicable to the Virgin Islands or to any municipal corporation or other political subdivi- sion or agency thereof. (July 18, 1950, ch. 466, title III, § 302, 64 Stat. 346.) Editorial Notes REFERENCES IN TEXT The Virgin Islands Organic Act, referred to in text, probably means the Organic Act of the Virgin Islands of the United States, act June 22, 1936, ch. 699, 49 Stat. 1807, which is classified generally to subchapter II (§ 1405 et seq.) of this chapter. For complete classifica- tion of this Act to the Code, see section 1406m of this title and Tables. § 1408b. Authorization of loans, conveyances, etc., by government and municipalities The government of the Virgin Islands, through its legislative assembly, may assist such author- ity with cash donations, loans, conveyances of real and personal property, facilities, and serv- ices, and otherwise, and may authorize munici- palities and other subdivisions to make cash do- nations, loans, conveyances of real and personal property to such authority, and to take other action, including but not limited to, the making available or the furnishing of facilities and serv- ices, in aid of slum clearance, urban redevelop- ment, urban renewal, or low-rent housing projects. (July 18, 1950, ch. 466, title III, § 303, 64 Stat. 347; Aug. 11, 1955, ch. 783, title I, § 107(5), 69 Stat. 638.) Editorial Notes AMENDMENTS 1955—Act Aug. 11, 1955, included urban renewal proj- ects. § 1408c. Grants-in-aid by Federal Government Notwithstanding the limitation contained in the last sentence of section 110(d) [42 U.S.C. 1460(d)] or in any other provision of title I [42 U.S.C. 1450 et seq.] of the Housing Act of 1949 (Public Law 171, Eighty-first Congress), as amended, the Secretary of Housing and Urban Development is authorized to allow and credit to such authority as may be created for the Vir- gin Islands under this Act, as amended, (1) such local grants-in-aid as are otherwise approvable pursuant to the first sentence of said section 110(d) with respect to any slum clearance and urban redevelopment or urban renewal project or projects undertaken by such authority with Federal assistance made available under title I of the Housing Act of 1949, as amended, and (2) such grants-in-aid made or assistance given to the local community by any Federal department or agency pursuant to authority of law other than the Housing Act of 1949 [42 U.S.C. 1441 et seq.] which would, if made or given by a State or local community, be approvable pursuant to said first sentence of section 110(d) with respect to any such project or projects so undertaken. (July 18, 1950, ch. 466, title III, § 304, 64 Stat. 347; Aug. 11, 1955, ch. 783, title I, § 107(6)–(9), 69 Stat. 638; Pub. L. 90–19, § 9, May 25, 1967, 81 Stat. 22.) Editorial Notes REFERENCES IN TEXT The Housing Act of 1949, referred to in text, is act July 15, 1949, ch. 338, 63 Stat. 413, which is classified principally to chapter 8A (§ 1441 et seq.) of Title 42, The Public Health and Welfare. Title I of the Housing Act of 1949 (Public Law 171, Eighty-first Congress) was clas- sified generally to subchapter II (§ 1450 et seq.) of chap- ter 8A of Title 42, and was omitted from the Code pur- suant to section 5316 of Title 42 which terminated the authority to make grants or loans under such title I after Jan. 1, 1975. For complete classification of this Act to the Code, see Short Title note set out under sec- tion 1441 of Title 42 and Tables. This Act, referred to in text, means act July 18, 1950, ch. 466, 64 Stat. 344, known as the Territorial Enabling Act of 1950, which enacted this subchapter and sections 480 to 480b, 483a, 483b, 721 to 721b, and 910 to 910b of this title, amended sections 481 to 483 and 722 of this title, and enacted provisions set out as notes under sections 480, 481, and 722 of this title. For complete classifica- tion of this Act to the Code, see Tables. AMENDMENTS 1967—Pub. L. 90–19 substituted ‘‘Secretary of Housing and Urban Development’’ for ‘‘Housing and Home Fi- nance Administrators.’’ 1955—Act Aug. 11, 1955, included urban renewal proj- ects, and inserted ‘‘as amended’’ after (Public Law 171, Eighty-first Congress), after ‘‘this Act’’, and after ‘‘Housing Act of 1949’’ in cl. (1). § 1408d. Ratification of prior acts All legislation heretofore enacted by the legis- lative assembly of the Virgin Islands dealing with any part of the subject matter of this Act and not inconsistent herewith is ratified and confirmed. (July 18, 1950, ch. 466, title III, § 305, 64 Stat. 347.) Editorial Notes REFERENCES IN TEXT This Act, referred to in text, means act July 18, 1950, ch. 466, 64 Stat. 344, known as the Territorial Enabling Act of 1950, which enacted this subchapter and sections 480 to 480b, 483a, 483b, 721 to 721b, and 910 to 910b of this title, amended sections 481 to 483 and 722 of this title, and enacted provisions set out as notes under sections 480, 481, and 722 of this title. For complete classifica- tion of this Act to the Code, see Tables. § 1408e. Additional powers Powers granted in this Act shall be in addition to and not in derogation of any powers granted by other law to or for the benefit or assistance of any public corporate authority or munici- pality. (July 18, 1950, ch. 466, title III, § 306, 64 Stat. 347.) Editorial Notes REFERENCES IN TEXT This Act, referred to in text, means act July 18, 1950, ch. 466, 64 Stat. 344, known as the Territorial Enabling Act of 1950, which enacted this subchapter and sections 480 to 480b, 483a, 483b, 721 to 721b, and 910 to 910b of this title, amended sections 481 to 483 and 722 of this title, and enacted provisions set out as notes under sections