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113 STAT. 1295 PUBLIC LAW 106–84—OCT. 28, 1999 Public Law 106–84 106th Congress An Act To amend the Revised Organic Act of the Virgin Islands to provide for greater fiscal autonomy consistent with other United States jurisdictions, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. GREATER FISCAL AUTONOMY. (a) ISSUANCE.—Section 8(b)(ii)(A) of the Revised Organic Act of the Virgin Islands (48 U.S.C. 1574(b)(ii)(A)) is amended— (1) in the first sentence, by inserting after ‘‘other evidence of indebtedness’’ the following: ‘‘, including but not limited to notes in anticipation of the collection of taxes or revenues, ’’; (2) by striking ‘‘to construct, improve, extend’’ and all that follows through ‘‘Provided, That no public’’ and inserting ‘‘for any public purpose authorized by the legislature: Provided, That no such’’; and (3) by striking ‘‘and payable semiannually. All such bonds shall be sold for not less than the principal amount thereof plus accrued interest’’. (b) TECHNICAL CORRECTIONS AND CONFORMING AMENDMENTS.— (1) REPEAL.—Section 8(b)(ii)(B) of the Revised Organic Act of the Virgin Islands (48 U.S.C. 1574(b)(ii)(B)) is repealed. (2) REDESIGNATION.—Section 8(b)(ii)(C) of the Revised Organic Act of the Virgin Islands (48 U.S.C. 1574(b)(ii)(C)) is redesignated as section 8(b)(ii)(B). (3) REDUNDANT PROVISION.—Section 1 of Public Law 94– 392 (90 Stat. 1193) is amended by striking subsection (d). SEC. 2. AGREEMENT. (a) IN GENERAL.—The Secretary of the Interior is authorized to enter into an agreement with the Governor of the Virgin Islands establishing mutually agreed financial accountability and perform- ance standards for the fiscal operations of the Government of the Virgin Islands. (b) TRANSMISSION TO CONGRESS.—Upon ratification of the agreement authorized in subsection (a) by both parties, the Sec- retary shall forward a copy of the agreement to the Committee on Resources in the House of Representatives and the Committee on Energy and Natural Resources in the Senate. SEC. 3. EFFECTIVE DATES. (a) IN GENERAL.—Except as provided by subsection (b), the amendments made by section 1 shall apply to those instruments Applicability. 48 USC 1574 note. 48 USC 1631 note. 48 USC 1574a. Oct. 28, 1999 [H.R. 2841] VerDate 29-OCT-99 10:23 Nov 05, 1999 Jkt 079139 PO 00084 Frm 00001 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL084.106 apps13 PsN: PUBL084 113 STAT. 1296 PUBLIC LAW 106–84—OCT. 28, 1999 LEGISLATIVE HISTORY—H.R. 2841: HOUSE REPORTS: No. 106–337 (Comm. on Resources). CONGRESSIONAL RECORD, Vol. 145 (1999): Sept. 27, considered and passed House. Oct. 19, considered and passed Senate. Æ of indebtedness issued by the Government of the Virgin Islands after the date of the enactment of this Act. (b) EFFECT OF FAILURE TO REACH AGREEMENT.—If the agree- ment authorized in section 2(a) 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 indebted- ness issued by the Government of the Virgin Islands after the date of the enactment of this Act and before December 31, 1999. SEC. 4. CONSTRUCTION. These amendments to the Revised Organic Act of the Virgin Islands 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 (which requires the new bonds comply with the appropriate requirements of the Internal Revenue Code). Approved October 28, 1999. 48 USC 1574 note. VerDate 29-OCT-99 15:04 Nov 04, 1999 Jkt 079139 PO 00084 Frm 00002 Fmt 6580 Sfmt 6580 E:\PUBLAW\PUBL084.106 apps13 PsN: PUBL084