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
PUBLIC LAW 106-84—OCT. 28, 1999 113 STAT. 1295 Public Law 106-84 106th Congress An Act Oct. 28, 1999 [H.R. 2841] To amend the Revised Organic Act of the Virgin Islands to provide for greater fiscal autonomy consistent with other United States jurisdictions, aind 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". …
Download the original document · Plain text (TXT) · Browse the archive · How this archive works
Original source: https://www.govinfo.gov/content/pkg/STATUTE-113/pdf/STATUTE-113-Pg1295.pdf
SHA-256 4af6724b41a8fd3b1cb0f434a10ebd9fc331fb727be025aa29e4abe3d926bf3d
Re-using this document
A work of the United States Government. Not subject to copyright in the United States under 17 U.S.C. § 105, and therefore in the public domain from the moment it was created.
Our description, tagging, arrangement, extracted text and machine transcripts are released under CC0 1.0. We assert nothing about the document itself.
Archive identifier LF-4af6724b41a8
Document text
PUBLIC LAW 106-84—OCT. 28, 1999 113 STAT. 1295 Public Law 106-84 106th Congress An Act Oct. 28, 1999 [H.R. 2841] To amend the Revised Organic Act of the Virgin Islands to provide for greater fiscal autonomy consistent with other United States jurisdictions, aind 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 Pubhc Law 94- 392 (90 Stat. 1193) is amended by striking subsection (d). 48 USC 1574a. 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 Gk)vernment of the Virgin Islands. (b) TRANSMISSION TO CONGRESS.—Upon ratification of the agreement authorized in subsection (a) by both parties, the Sec- ret£iry sheJl 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. Applicability. (a) IN GENERAL.—Except as provided by subsection (b), the note. amendments made by section 1 shall apply to those instruments 48 USC 1631 note. 113 STAT. 1296 PUBLIC LAW 106-84—OCT. 28, 1999 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. 48 u s e 1574 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. 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.