§ 1574c. Priority for payment of principal and interest of revenue bonds or other obligations

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1976

   Pub. L. 94–392 § 3 · 90 Stat. 1192

   Enacted · 48 U.S.C. § 1574c

   Pub. L. 94–392, § 3, Aug. 19, 1976, 90 Stat. 1195

   Source evidence

   Code source credit
   Pub. L. 94–392, § 3, Aug. 19, 1976, 90 Stat. 1195

   Enacted provision · exact public law section
   Sec. 3. Each issue of bonds or other obligations issued under subsection Payment priorities. 48 USC 1574c. 26 USC 7652. (a) of the first section of this Act shall have priority for payment of principal and interest out of revenues received under section 28(b) of the Revised Organic Act of the Virgin Islands in the order of the date of issue, except that issues guaranteed under section 2 shall have priority, according to the date of issue, over issues not so guaranteed and the revenues received under section 28(b) of the Revised Organic Act of the Virgin Islands shall be pledged for the payment of such bonds or other obligations.

2. 1997

   Pub. L. 105–83 title I § 124(a) · 111 Stat. 1543

   1. Substituted · 48 U.S.C. § 1574c

      Pub. L. 105–83 substituted “a parity lien with every other issue of bonds or other obligations issued for payment” for “priority for payment”

   2. Struck · 48 U.S.C. § 1574c

      Pub. L. 105–83 struck out “in the order of the date of issue” before “, except that”

   Source evidence

   Code amendment note
   Pub. L. 105–83 substituted “a parity lien with every other issue of bonds or other obligations issued for payment” for “priority for payment” and struck out “in the order of the date of issue” before “, except that”.

   Enacted provision · exact public law section
   (a) Priority of Bonds.— Section 3 of Public Law 94–392 (90 Stat. 1193, 1195) is amended— 48 USC 1574c. (1) by striking “priority for payment” and inserting “a parity lien with every other issue of bonds or other obligations issued for payment”; and (2) by striking “in the order of the date of issue”.

   Effective date note
   Pub. L. 105–83, title I, § 124(b), Nov. 14, 1997, 111 Stat. 1567, provided that: “The amendments made by subsection (a) [amending this section] shall apply to obligations issued on or after the date of enactment of this section [Nov. 14, 1997].”

3 of 3 references resolved to an enrolled provision