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72 S T A T . ] PUBLIC LAW 85-913-SEPT. 2, 1958 1759 Public Law 85-913 AN ACT September 2, 1958 To amend the Virgin Islands Corporation Act (63 Stat. 350), and for other [H.R. 12226] purposes. Be it enacted hy the Senate and House of Representatives of the United States of America in Congress assembled^ That section 4 (a) of the Virgin Islands Corporation Act (63 Stat. 350, 352; 48 U. S. C. 1407c (a)) is hereby amended to read as follows: "(a) To have succession until June 30, 1969, unless sooner dissolved by Act of Congress. At such time as the Board of Directors finds that the economic development of the Virgin Islands of the United States will be served effectively by the sale of some or all of the assets of the Corporation to private enterprise, such disposal may be effected, and for this purpose the Board of Directors is authorized to sell any or all such assets at such time as it considers appropriate for a fair and reasonable value, without regard to the provisions of the Federal Property and Administrative Services Act of 1949, as amended, or any other law: Provided^ That the sale of any property valued at $500 or more shall be made only after public advertisement and by sealed competitive bids or public auction: Provided further^ That in either such case the Government of the Virgin Islands shall have the right to purchase the property at a price not greater than that offered by the highest responsible bidder and that, in the case of sales of property valued at less than $500, it shall have a right to purchase at a price not greater than that offered by responsible prospective purchasers. SEC. 2. The first sentence of section 4 (i) of said Act is hereby amended to read as follows: "(i) To appoint, without regard to the provisions of the civil- service laws, such officers, agents, attorneys, and employees as may be necessary for the conduct 01 the business of the Corporation; to dele- gate to them such powers and to prescribe for them such duties as may be deemed appropriate by the Corporation; to establish an effi- ciency or merit rating system, as may be desirable; to fix and pay- such compensation to them for their services as the Corporation may determine, without regard to the provisions of the classification laws except to the extent that these laws may be extended to the Cor- poration by the President of the United States; without regard to the provisions of any other law, to establish hours of work, conditions governing the payment of compensation for overtime hours, and working rules and working conditions generally; and to require bonds from such of them as the Corporation may designate, the premiums therefor to be paid by the Corporation.'" SEC. 3. Section 4 ot said Act is hereby amended by adding at the end thereof the following new subsections (o) and (p) : "(o) To construct, operate, and maintain salt water distillation facilities in Saint Thomas, Virgin Islands. Such facilities shall be used to supply water for sale to the government of the Virgin Islands and to persons purchasing directly from the Corporation: Provided^ That the principal contract for the construction of such facilities shall not be executed by the Corporation— "(i) until the government of the Virgin Islands has contracted to purchase a minimum quantity of water at a price established by the Corporation, and the price established by the Corporation for sale of water shall be calculated to cover, as a minimum, all costs of construction, operation, and maintenance of such water distillation facilities, including but not limited to depreciation 98395-59-PT. I - l l l V i r g i n Islands Corporation A c t , amendments. T e r m i n a t I o n date. Sale of a s s e t s . 63 Stat. 377. 40 u s e 4 7 1 note. 48 u s e 1407c. Appointment of employees, etc. Salt Water dis- t i l l a t i o n plant, construction a u - thority. 1760 PUBLIC LAW 86-913-SEPT. 2, 1968 [72 ST A T . Reports to Con- gress. R e p ort to Con- gress. Corporation bor- rowing authority. and payment of interest on the Corporation's indebtedness in connection with such facilities; "(ii) until the Secretary of the Interior has concluded that such facilities will most economically and expeditiously provide an adequate supplemental supply of potable water for St. Thomas; and "(iii) if the Secretary so concludes, until the expiration of forty-five calendar days (exclusive of days on which the House of Representatives or the Senate is not in session because of an adjournment of more than three days to a day certain) from the date on which such construction contract has been submitted to the Committees on Interior and Insular Affairs of the House of Representatives and the Senate. With such contract, there shall also be submitted to such committees an explanatory state- ment of the Secretary's conclusion pursuant to (ii) hereof, to- gether with the reasons therefor and supplemental data con- cerning alternative sources of water which have been investigated. The Corporation shall report annually to the Congress on the opera- tion of the plant and shall include in its reports all technical and oper- ational information pertinent to the prosecution of the Government's saline water research and develoj)ment program (Act of July 2,1952, 42 use 1951 et QQ gtat. 328, as amended) which is derived from said operation. " (p) To borrow from the Treasury of the United States, within such amounts as may be approved in appropriation Acts, for |;he sole purpose of constructing, operating, and maintaining the facilities authorized in subsection (o) of this section, sums of money not to exceed a total of $2,000,000. For this purpose the Corporation may issue to the Secretary of the Treasury its notes, debentures, bonds, or other obliga- tions to be redeemable at the option of the Corporation before maturity in such manner as may be stipulated in such obligations: Provided, That all such obligations shall be redeemed within a period of not to exceed twenty years from date of issuance out of revenues from the sale of water. Each such obligation shall bear interest at a rate deter- mined by the Secretary of the Treasury, taking into consideration the current average market yields on outstanding marketable obligations of the United States having comparable maturities. The Secretary of the Treasury is authorized and directed to purchase any obligations of the Corporation to be issued hereunder and, for such purpose, the Secretary of the Treasury is authorized to use as a public-debt transac- tion the proceeds from the sale of any securities issued under the Second Liberty Bond Act, as amended, and the purposes for which securities may be issued under the Second Liberty Bond Act, as amended, are extended to include any purchases of tlie Corporation's obligations hereunder." SEC. 4. Section 6 (a) of said Act is hereby amended by striking out the figure "$9,000,000" in both places where it appears therein and inserting in lieu thereof the figure "$11,000,000". SEC. 5. Section 8 (a) of said Act is hereby amended to read as follows: "(a) Appropriations are authorized for payment to the Corpora- tion in the form of a grant of such amounts as may be necessary to cover losses incurred in the conduct of its activities which are included in the annual budget as predominantly revenue producing." SEC. 6. The first paragraph of section 9 of said Act is hereby amended by striking out the words "the Chairman of the Reconstruc- tion Finance Corporation" and inserting in lieu thereof the words "the Administrator of the Small Business Administration". SEC. 7. (a) The Secretary of the Navy is hereby authorized and directed to transfer and convey to the Virgin Islands Corporation, 40 Stat. 288. 31 u s e 774(2). 48 u s e 1407e. 48 u s e I407g. 48 u s e 1407h. Transfer of fa- cilities. 72 S T A T . ] PUBLIC LAW 85-914-8EPT. 2, 1958 1761 without reimbursement, the power-generating facilities located at the Marine Corps air facility and naval submarine base, Saint Thomas, Virgin Islands, together with all the land, buildings, structures, facili- ties, distribution lines, fuel tanks, and equipment appurtenant thereto and necessary for the operation thereof. (b) Upon the transfer and conveyance of such real and personal property to the Virgin Islands Corporation, the interest-bearing in- vestment of the United States in the Corporation shall be increased by the appraised value of such property based on cost less (a) depreci- ation, (b) the added cost of national defense features, and (c) im- provements and additions made by the Virgin Islands Corporation, as approved by the Bureau of the Budget. (c) The Virgin Islands Corporation shall be required to supply to the Department of Defense until June 30, 1969, all electric power re- quired oy such Department in Saint Thomas up to the amount of the designed capacity of the plant on January 1, 1948. Such power shall be supplied at cost to the Corporation (based on the value ascertained in accordance with subsection (b)), including depreciation and in- terest on investment. If the facilities described in subsection (a) of this section are disposed of pursuant to section 4 (a) of the Virgin Islands Corporation Act, the purchaser of such facilities shall be re- quired to comply with this subsection (c), the same as if the disposal had not been made, until two years from the date of such disposal or until June 30,1969, whichever occurs first. Approved September 2, 1958. Investment crease. in- Supply of trie power. elec- 48 u s e 1407c. Public Law 85-914 A N A C T September 2, 1958 To provide for the lump-sum payment of all accumulated and current accrued [H. R. 7710] annual leave of deceased employees. Be it enacted hy the Senate and House of Representatives of the United States of America in Congress assembled, That clause (6) of section 2 of the Act of August 3, 1950, as amended by section 501 of the Act of September 1, 1954 (68 Stat. 1115; 5 U. S. C. 61g), is amended to read as follows: "(6) payment for all accumulated and current accrued annual or vacation leave equal to the compensation the decedent would have received had he lived and remained in the service until the expiration of the period of such annual or vacation leave;"'. SEC. 2. Section 501 of the Postal Field Service Compensation Act of 1955, as amended, is amended by inserting " ( a ) " after the section number and by adding at the end thereof a new subsection as follows: "(b) Any employee of the legislative branch whose compensation is disbursed by the Secretary of the Senate or the Clerk of the House of Representatives, and who has completed two or more years of service as such an employee, may upon appointment to a position to which this Act applies have his initial rate of compensation fixed at the minimum rate of the appropriate level of the basic salary schedule applicable to such position, or at any step of that level that does not exceed the highest previous rate of compensation received by him during such service in the legislative branch." Approved September 2, 1958. Federal enploy- ees. Lunp-sum p a y - ment for deceased. Legislative e m- ployees. «9 Stat. 124. 39 u s e 991.