Volume 80
Public Law 89–643
To amend section 8 of the Revised Organic Act of the Virgin Islands to increase the special revenue bond borrowing authority, and for other purposes.
Approved October 13, 1966
Statutory text
AN ACT
To amend section 8 of the Revised Organic Act of the Virgin Islands to increase the special revenue bond borrowing authority, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
That section 8(b) (i) of the Revised Organic Act of the Virgin Islands, as amended (68 Stat. 497, 500; 48 U.S.C. 1574(b)), is amended as follows:
Delete “(1)” and delete “and (2) for the establishment, construction, operation, maintenance, reconstruction, improvement, or enlargement of other projects, authorized by an Act of the legislature, which will, in the legislature’s judgment, promote the public interest by economic development of the Virgin Islands.”
Delete “$10,000,000” and substitute therefor “$30,000,000, exclusive of all bonds or obligations which are held by the Government of the United States as a result of a sale of real or personal property to the government of the Virgin Islands. Not to exceed $10,000,000 of such bonds or obligations may be outstanding at any one time for public improvements or public undertakings other than water or power projects.”
Delete the word “specific” wherever it appears in the first and second sentences.
Delete in the fifth sentence the words “shall be redeemable after five years without premium” and substitute therefor the following: “may be redeemable (either with or without premium) or nonredeemable”.
Approved October 13, 1966.