Act No. 7064 — An Act authorizing the Governor to borrow monies from public funds of the Virgin Islands and to enter into financial instruments as necessar
MLN. | U04 BILL NO. 28-0029 TWENTY-EIGHT LEGISLATURE OF THE VIRGIN ISLANDS Regular Session 2009 An Act authorizing the Governor to borrow monies from public funds of the Virgin Islands and to enter into financial instruments as necessary and proper to offset cash flow problems caused by shortfalls in the collection of revenues, and to create working capital, avoid layoffs of Government Employees, pay essential vendors and meet the operating expenses of the Government for the 2009 and 2010 fiscal years, and for other purposes ---0--- WHEREAS, the United States recession has negatively affected commerce, tourism and revenues of the Virgin Islands; and WHEREAS, the Government of the Virgin Islands has been unable to collect real property taxes since 2006 as a result of an ongoing litigation; and WHEREAS, it has been predicted that the recession in the United States will continue for the remainder of this year and will probably begin to improve in 2010; and WHEREAS, there are shortfalls in projected revenues for the 2009 and 2010 fiscal years; and WHEREAS, the money in the General Fund o …
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