Act No. 8422 (33rd Legislature) — An Act amending title 33 Virgin Islands Code, chapter 115 by adding subchapter V enacting the Virgin Islands Government Prompt Payment Act;
ACTNO. 8422 BILL NO. 33-0096 THIRTY-THIRD LEGISLATURE OF THE VIRGIN ISLANDS Regular Session 2020 An Act amending title 33 Virgin Islands Code, chapter 115 by adding subchapter V enacting the Virgin Islands Government Prompt Payment Act; and repealing title 33 Virgin Islands Code chapter 115, subchapter IV WHEREAS, the small business sector of the Territory is struggling to operate during these austere times; WHEREAS, the small business sector generates significant revenue for the general fund; WHEREAS, public funds are identified for expenditure prior to the procurement of goods and services needed by the executive branch; WHEREAS, once funds are encumbered, they are dedicated to pay for goods and services rendered; WHEREAS, the local government should prioritize these payments to small businesses to keep them operating; WHEREAS, the timely payment for services rendered by the small business entities to the local government would aid in keeping small businesses open; WHEREAS, various sectors of small business have folded due to the high cost of utilities; WHEREAS, the small business …
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