Notes on 48 U.S.C. § 1574 : US Code - Notes

Search Notes on 48 U.S.C. § 1574 : US Code - Notes

(July 22, 1954, ch. 558, Sec. 8, 68 Stat. 500; Pub. L. 85-851,
Secs. 2, 3, 10, Aug. 28, 1958, 72 Stat. 1094, 1095; Pub. L. 88-180,
Nov. 19, 1963, 77 Stat. 335; Pub. L. 89-643, Oct. 13, 1966, 80
Stat. 890; Pub. L. 90-496, Sec. 15, Aug. 23, 1968, 82 Stat. 842;
Pub. L. 95-134, title III, Sec. 301(c), Oct. 15, 1977, 91 Stat.
1163; Pub. L. 97-357, title III, Sec. 305, Oct. 19, 1982, 96 Stat.
1709; Pub. L. 98-454, title II, Sec. 201, Oct. 5, 1984, 98 Stat.
1732; Pub. L. 99-514, Sec. 2, Oct. 22, 1986, 100 Stat. 2095; Pub.
L. 106-84, Sec. 1(a), (b)(1), (2), Oct. 28, 1999, 113 Stat. 1295.)
REFERENCES IN TEXT
Section 103, referred to in subsec. (b)(iii)(A), which related to
interest on certain governmental obligations was amended generally
by Pub. L. 99-514, title XIII, Sec. 1301(a), Oct. 22, 1986, 100
Stat. 2602, and as so amended relates to interest on State and
local bonds. Section 103(b)(2), which prior to the general
amendment defined industrial development bond, relates to the
applicability of the interest exclusion to arbitrage bonds.
Act of June 22, 1936 (49 Stat. 1807), referred to in subsec. (c),
is act June 22, 1936, ch. 699, 49 Stat. 1807, as amended, known as
the Organic Act of the Virgin Islands of the United States, which
is classified generally to subchapter II (Sec. 1405 et seq.) of
chapter 7 of this title. For complete classification of this Act to
the Code, see section 1406m of this title and Tables.
AMENDMENTS
1999 - Subsec. (b)(ii)(A). Pub. L. 106-84, Sec. 1(a), inserted ",
including but not limited to notes in anticipation of the
collection of taxes or revenues," after "other evidence of
indebtedness", substituted "for any public purpose authorized by
the legislature: Provided, That no such" for "to construct,
improve, extend, better, repair, reconstruct, acquire, and equip
hospitals, schools, libraries, gymnasia, athletic fields, sewers,
sewage-disposal plants, and water systems: Provided, That no
public", and struck out "and payable semiannually. All such bonds
shall be sold for not less than the principal amount thereof plus
accrued interest" after "specified by the legislature".
Subsec. (b)(ii)(B), (C). Pub. L. 106-84, Sec. 1(b)(1), (2),
redesignated subpar. (C) as (B) and struck out former subpar. (B)
which read as follows: "The proceeds of the bond issues or other
obligations herein authorized shall be expended only for the public
improvements set forth in the preceding subparagraph, or for the
reduction of the debt created by such bond issue or obligation,
unless otherwise authorized by the Congress."
1986 - Subsec. (b)(iii)(E). Pub. L. 99-514 substituted "Internal
Revenue Code of 1986" for "Internal Revenue Code of 1954", which
for purposes of codification was translated as "title 26" thus
requiring no change in text.
1984 - Subsec. (b)(i), (iii). Pub. L. 98-454 struck out "shall be
sold at public sale and" before "may be redeemable" in fourth
sentence of par. (i) and added par. (iii).
1982 - Subsec. (d). Pub. L. 97-357 struck out subsec. (d) which
authorized the President of the United States to appoint a
commission of seven persons, at least three of whom were residents
of the Virgin Islands, to survey the field of Federal statutes and
to make recommendations to Congress within twelve months after July
22, 1954, as to which statutes of the United States not applicable
to the Virgin Islands on that date should be made applicable to the
Virgin Islands and which statutes of the United States applicable
to the Virgin Islands on that date should be declared inapplicable,
and provided compensation of this commission.
Subsec. (e). Pub. L. 97-357 struck out subsec. (e) which related
to arrangements by the Secretary of the Interior for the
preparation of a code of laws of the Virgin Islands.
1977 - Subsec. (f). Pub. L. 95-134 added subsec. (f).
1968 - Subsec. (b)(i). Pub. L. 90-496 struck out the provisions
that the total amount of revenue bonds which may be issued and
outstanding for all improvements and undertakings at any one time
shall not be in excess of $30,000,000, exclusive of all bonds and
undertakings held by the United States as a result of a sale of
real or personal property to the government of the Virgin Islands,
and with not more than $10,000,000 of such bonds or obligations to
be outstanding at any one time for public improvements or public
undertakings other than water or power projects, and substituted
provisions that the bonds so issued shall bear interest at a rate
not to exceed that specified by the legislature, payable
semiannually, for provisions that the bonds so issued shall bear
interest at a rate not to exceed 5% per annum, payable
semiannually, and that all such bonds shall be sold for not less
than the principal amount thereof plus accrued interest.
1966 - Subsec. (b)(i). Pub. L. 89-643 increased the borrowing
authority of the Virgin Islands by striking out limiting provisions
so as to require only that the object of a bond issue be a public
improvement or undertaking authorized by the legislature as opposed
to previous requirement of a legislative authorization for specific
improvements and legislative findings of need, substituted
provisions authorizing the issuance of bonds that are nonredeemable
or redeemable (either with or without premium) for provisions
requiring that bonds be redeemable after five years without
premium, raised the limitation on total amount of outstanding bonds
from a flat limitation of $10,000,000 to $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, and inserted requirement that
not to exceed $10,000,000 of the bonds or obligations may be
outstanding at any one time for public improvement or public
undertakings other than water or power projects.
1963 - Subsec. (b). Pub. L. 88-180 redesignated existing
provisions as par. (i), struck out "The legislature shall have no
power to incur any indebtedness which may be a general obligation
of said government", and added par. (ii).
1958 - Subsec. (a). Pub. L. 85-851, Sec. 2, substituted "rightful
subjects of legislation" for "subjects of local application".
Subsec. (b). Pub. L. 85-851, Sec. 10, authorized issuance of
bonds for establishment, construction, operation, maintenance,
reconstruction, improvement, or enlargement of other projects and
payment of the bonds from revenues derived from the projects.
Subsec. (e). Pub. L. 85-851, Sec. 3, struck out "and any
supplements to it" after "Upon the enactment of the Virgin Islands
Code it".
EFFECTIVE DATE OF 1999 AMENDMENT
Pub. L. 106-84, Sec. 3, Oct. 28, 1999, 113 Stat. 1295, provided
that:
"(a) In General. - Except as provided by subsection (b), the
amendments made by section 1 [amending this section and section
1574a of this title] shall apply to those instruments of
indebtedness issued by the Government of the Virgin Islands after
the date of the enactment of this Act [Oct. 28, 1999].
"(b) Effect of Failure To Reach Agreement. - If the agreement
authorized in section 2(a) [set out as a note under section 1631 of
this title] is not ratified by both parties on or before December
31, 1999, the amendments made by section 1 -
"(A) shall not apply to instruments of indebtedness issued by
the Government of the Virgin Islands on or after December 31,
1999; and
"(B) shall continue to apply to those instruments of
indebtedness issued by the Government of the Virgin Islands after
the date of the enactment of this Act and before December 31,
1999."
EFFECTIVE DATE OF 1968 AMENDMENT
Section 15 of Pub. L. 90-496 provided that the amendment made by
that section is effective on date of enactment of Pub. L. 90-496,
which was approved Aug. 23, 1968.
CONSTRUCTION
Pub. L. 106-84, Sec. 4, Oct. 28, 1999, 113 Stat. 1296, provided
that: "These amendments to the Revised Organic Act of the Virgin
Islands [amending this section] are not intended to modify the
internal revenue laws. Thus, the bonds authorized by this bill must
comply with subsection (c) of section 149 of the Internal Revenue
Code of 1986 [26 U.S.C. 149(c)] (which requires the new bonds
comply with the appropriate requirements of the Internal Revenue
Code)."
LEVYING AND COLLECTION OF EXCISE TAXES BY LEGISLATURE OF THE VIRGIN
ISLANDS
Pub. L. 96-205, title IV, Sec. 405, Mar. 12, 1980, 94 Stat. 89,
as amended by Pub. L. 97-357, title III, Sec. 302, Oct. 19, 1982,
96 Stat. 1709, provided that: "Any excise taxes levied by the
Legislature of the Virgin Islands may be levied and collected as
the Legislature of the Virgin Islands may direct as soon as the
articles, goods, merchandise, and commodities subject to said tax
are brought into the Virgin Islands. The officials of the Customs
and Postal Services of the United States are directed to assist the
appropriate officials of the United States Virgin Islands in the
collection of these taxes."
(!1) See References in Text note below.