Volume 47 · 165
Public Law 72–202
To authorize the issuance of bonds by the Saint Thomas Harbor Board, Virgin Islands, for the acquisition or construction of a graving or dry dock.
Approved May 23, 1932
Statutory text
AN ACT
To authorize the issuance of bonds by the Saint Thomas Harbor Board, Virgin Islands, for the acquisition or construction of a graving or dry dock.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
That for the purpose of acquiring and installing or building a dry dock or graving dock in the harbor of Saint Thomas, Krum Bay, Virgin Islands, or in Gregerie Channel adjacent to such harbor, the Saint Thomas Harbor Board, a municipal institution, is authorized, subject to the approval of the Secretary of the Interior, to issue registered or coupon bonds in any sum not to exceed $150,000. Such
Sale, interest, etc.
bonds shall be sold at not less than their par value with accrued interest, shall bear interest at a rate not to exceed 6 per centum per annum, and shall be payable from the treasury of said board in gold coin of the United States at such place or places as shall be designated by such board in the bonds. Such bonds shall be
Form, etc., of bonds.
Terms of each issue.
issued in serial form maturing in substantially equal annual installments, the first installment to mature not later than five years from the date of the issue of such series, and the last installment not
Redemption by board.
later than thirty years from the date of such issue, except that said board may reserve the right to pay off such bonds in their numerical order at the rate of $20,000 or less per annum from and after the expiration of four years from their date of issue.
Approved, May 23, 1932.