Act No. 7661 — An Act amending title 29 Virgin Islands Code, chapter 23 relating to the Hotel Development Program providing for government contingent lease
ACTNO, 7661 BILL NO. 30-0431 THIRTIETH LEGISLATURE OF THE VIRGIN ISLANDS Regular Session 2014 An Act amending title 29 Virgin Islands Code, chapter 23 relating to the Hotel Development Program providing for government contingent lease guarantees —0--- Be it enacted by the Legislature of the Virgin Islands: SECTION 1. Title 29 Virgin Islands Code, chapter 23, subchapter I, is amended in the following instances: (a) Section 1303 is amended in subsection (h) after the word “Financing” by inserting “, Contingent Lease Guarantee”, and the section is further amended by adding a paragraph for a new definition in alphabetical order which reads as follows: “(.) ‘Government Contingent Lease Guarantee’ means an agreement by the Government to pay an obligation to make lease payments which is not currently due but may become due if a company fails to make scheduled lease payments, and which is limited to the delinquent amounts to remain current, and does not apply to the entire investment amount due.”; (b) Section 1305, subsection (b), paragraph (6) is amended after the word “Program” by insertin …
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