Act No. 9101 (36th Legislature) — An act amending title 29 Virgin Islands Code, chapter 23 to redirect hotel development net bond proceeds to the Government Employees’ Retire
ACTNO.9 101 BILL NO. 36-0238 THIRTY-SIXTH LEGISLATURE OF THE VIRGIN ISLANDS Regular Session 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 and the Virgin Islands Government Hospitals and Health Facilities Corporation Be it enacted by the Legislature of the Virgin Islands: SECTION 1. Title 29 Virgin Islands Code, chapter 23, as amended by Act No. 9063 (Bill No. 36-0216), is amended as follows: (a) In section 1319, subsection (c)(2) by striking “Government” and _ inserting “Government Employees’ Retirement System of the Virgin Islands”; and (b) In section 1320 by adding the following subsection (d): “(d) Notwithstanding any other law, the Government of the Virgin Islands shall transmit any net proceeds derived from the sale of a hotel development project financed under this chapter as follows: 75 percent to the Government Employees’ Retirement System of the Virgin Islands, unless otherwise prohibited by federal law or applicable bond covenants, and 25 perc …
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