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U.S. Code as of:
01/19/04
Section 1574a. Revenue bonds or other obligations
(a) Authorization for issuance; use of proceeds; legislative
initiative and binding referendum vote
In addition to the authority conferred by section 1574(b) of this
title, the legislature of the government of the Virgin Islands is
authorized to cause to be issued bonds or other obligations of such
government in anticipation of revenues to be received under section
7652(b)(3) of title 26. The proceeds of such bonds or other
obligations may be used for any purpose authorized by an act of the
legislature. The legislature of the government of the Virgin
Islands may initiate, by majority vote of the members, a binding
referendum vote to approve or disapprove the amount of any such
bond or other obligation and/or any purpose for which such bond or
other obligation is authorized.
(b) Federal guarantee
The legislature of the government of the Virgin Islands may
provide, in connection with any issue of bonds or other obligations
authorized to be issued under subsection (a) of this section the
proceeds of which are to be used for public works or other capital
projects, that a guarantee of such bonds or obligations by the
United States should be applied for under section 1574b of this
title.
(c) Limitations on issuance
Except to the extent inconsistent with the provisions of this
Act, the provisions of section 1574(b)(ii) of this title (other
than the limitation contained in the proviso to the first sentence
of subparagraph (A)) shall apply to bonds and other obligations
authorized to be issued under subsection (a) of this section.
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