Bill No. 36-0238 — Budget, Appropriations and Finance, April 21, 2026
COMMITTEE ON BUDGET, APPROPRIATIONS AND FINANCE BILL NO. 36-0238 Thirty-Sixth Legislature of the Virgin Islands February 2, 2026 An act amending title 29, Virgin Islands Code, chapter 23 to redirect hotel development net bond proceeds to the Government Employees’ Retirement System of the Virgin Islands PROPOSED BY: Senator Avery L. Lewis Be it enacted by the Legislature of the Virgin Islands: 1 SECTION 1. Title 29, Virgin Islands Code, chapter 23, as amended by Act No. 9063 2 (Bill No. 36-0216), is amended as follows: 3 (a) In section 1319, subsection (c)(2) by striking “Government” and inserting 4 “Government Employees’ Retirement System of the Virgin Islands”; and 5 (b) In section 1320 by adding the following subsection (d): 6 “(d) Notwithstanding any other law, any net proceeds derived from the sale of a 7 hotel development project financed under this chapter that would otherwise be 8 transmitted to the Government of the Virgin Islands shall instead be transmitted to the 9 Government Employees’ Retirement System of the Virgin Islands, unless otherwise 10 prohibited by federal law …
Download the original document · Plain text (TXT) · Browse the archive · How this archive works
SHA-256 d27421c6c7c0326e3fef35905708fa9f19f07cc5901bc8cae3cdfddbc38dc527
Re-using this document
A proceeding of the Legislature of the Virgin Islands, open to the public under 3 V.I.C. § 881, which reaches any committee of any branch of government and permits the news media to publish what it records.
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-d27421c6c7c0
Document text
COMMITTEE ON BUDGET, APPROPRIATIONS AND FINANCE BILL NO. 36-0238 Thirty-Sixth Legislature of the Virgin Islands February 2, 2026 An act amending title 29, Virgin Islands Code, chapter 23 to redirect hotel development net bond proceeds to the Government Employees’ Retirement System of the Virgin Islands PROPOSED BY: Senator Avery L. Lewis Be it enacted by the Legislature of the Virgin Islands: 1 SECTION 1. Title 29, Virgin Islands Code, chapter 23, as amended by Act No. 9063 2 (Bill No. 36-0216), is amended as follows: 3 (a) In section 1319, subsection (c)(2) by striking “Government” and inserting 4 “Government Employees’ Retirement System of the Virgin Islands”; and 5 (b) In section 1320 by adding the following subsection (d): 6 “(d) Notwithstanding any other law, any net proceeds derived from the sale of a 7 hotel development project financed under this chapter that would otherwise be 8 transmitted to the Government of the Virgin Islands shall instead be transmitted to the 9 Government Employees’ Retirement System of the Virgin Islands, unless otherwise 10 prohibited by federal law or applicable bond covenants.” 11 BILL SUMMARY 12 This bill amends title 29 Virgin Islands Code, chapter 23, to redirect any net proceeds 13 derived from the sale of hotel development projects financed through tax-exempt bonds from 14 2 the Government of the Virgin Islands to the Government Employees’ Retirement System of 1 the Virgin Islands. 2 BR26-0973/January 28, 2026/KEH 3