To amend the Revised Organic Act of the Virgin Islands, and for other purposes.

Summary: Amends the Revised Organic Act of the Virgin Islands to authorize the laws of the Virgin Islands to define whether an absence from the Virgin Islands of either the Governor or the Lieutenant Governor while on official business is construed as a "temporary absence" involving a surrender of authority and power. 
Authorizes the Virgin Islands legislature to issue short-term notes in anticipation of the collection of taxes and revenues for the current year.  Limits the principal amount of such notes to the anticipated taxes and revenues for such year. 
Amends a specified Act to revise bond priority guidelines to declare that Virgin Islands revenue bonds, instead of the current priority for payment in the order of the date of issue, shall have a parity lien with every other subsequently issued obligation. 
Virgin Islands Development Act of 1997 - Establishes the Commission on the Economic Future of the Virgin Islands to make recommendations to the President and the Congress on policies and actions for a secure and self-sustaining future for the local economy of the Virgin Islands through 2020, as well as on the Federal role in providing that future.  Authorizes appropriations.

SECTION 1. AMENDMENT TO THE REVISED ORGANIC ACT OF THE VIRGIN ISLANDS.

    (a) Temporary Absence of Officials Clarified.--Section 14 of the 
Revised Organic Act of the Virgin Islands (48 U.S.C. 1595) is amended 
by adding at the end the following new subsection:
    ``(g) The laws of the Virgin Islands may define whether an absence 
from the Virgin Islands of the Governor or the Lieutenant Governor, 
while on official business, is a `temporary absence' for purposes of 
this section.''.
    (b) Short Term Borrowing Authorization.--Section 8(b) of the 
Revised Organic Act of the Virgin Islands (48 U.S.C. 1574(b)) is 
amended by adding at the end the following:
    ``(iv) The legislature of the government of the Virgin Islands may 
issue notes in anticipation of the collection of taxes and revenues for 
the current year, but the principal amount of such notes may not exceed 
the anticipated taxes and revenues for such year. Such notes shall 
mature and be redeemed not later than 1 year from the date of issue. No 
extension of such notes shall be valid and no additional notes shall be 
issued under this authority until the outstanding principal and 
interest on all notes issued under this authority during preceding 
years has been paid.''.

SEC. 2. AMENDMENT TO P.L. 94-392.

    (a) Priority of Bonds.--Section 3 of Public Law 94-392 (48 U.S.C. 
1574c) is amended--
            (1) by striking ``priority for payment'' and inserting ``a 
        parity lien with every other issue of bonds or other 
        obligations issued for payment''; and
            (2) by striking ``in the order of the date of issue''.
    (b) Effective date.--The amendments made by subsection (a) shall 
apply to obligations issued on or after the date of enactment of this 
Act.

SEC. 3. VIRGIN ISLANDS DEVELOPMENT ACT.

    (a) Short Title.--This section may be cited as the ``Virgin Islands 
Development Act of 1997''.
    (b) Establishment of Commission.--There is established a commission 
to be known as the ``Commission on the Economic Future of the Virgin 
Islands'' (in this Act referred to as the ``Commission'').
    (c) Appointed Members.--(1) The Commission shall consist of 6 
members who shall be appointed by the President.
    (2) The members appointed pursuant to paragraph (1) shall have a 
background and experience which shall enable them to contribute to 
achievement of the purposes of the Commission.
    (3) 3 of the members appointed pursuant to paragraph (1) shall be 
selected from nominations made by the Governor of the Virgin Islands.
    (d) Ex-Officio Member.--The Secretary of the Interior shall be an 
ex-officio member of the Commission.
    (e) Chairperson.--The President shall designate 1 member from among 
the members appointed pursuant to subsection (c)(1) the Chairperson of 
the Committee. Subject to general policies of the Commission, the 
Chairperson shall be the chief executive officer of the Commission and 
shall exercise the executive and administrative powers of the 
Commission. The Chairperson may delegate the performance of such 
executive and administrative functions to the staff of the Commission.
    (f) Vacancy.--Any vacancy in the Commission shall be filled in the 
same manner as the original appointment was made.
    (g) Compensation.--Members of the Commission shall serve without 
compensation, but shall be reimbursed for travel, subsistence, and 
other necessary expenses incurred by them in the performance of their 
duties.
    (h) Powers.--The Commission may--
            (1) hold hearings, sit and act at such times and places, 
        take such testimony, and receive evidence as the Committee 
        considers appropriate;
            (2) use the United States mail in the same manner and under 
        the same conditions as departments and agencies of the United 
        States; and
            (3) with available funds, incur such expenses and enter 
        into contracts or agreements to carry out the duties of the 
        Commission.
    (i) Administrative Support Services.--Upon the request of the 
Commission, the Administrator of General Services shall provide to the 
Commission, on a reimbursable basis, office space, furnishings, 
equipment, staff, and other administrative services.
    (j) Assistance of Federal Agencies and Departments.--Upon request 
of the Commission, the President may direct the head of any Federal 
agency or department to assist the Commission and if so directed such 
head shall--
            (1) furnish, upon request of the Commission, information--
                    (A) that may be necessary for carrying out the 
                functions of the Commission;
                    (B) to the extent permitted by law;
                    (C) within available appropriations; and
                    (D) that is available to or procurable by such 
                department or agency; and
            (2) detail to temporary duty with the Commission, on a 
        reimbursable basis, such personnel as the Commission may need 
        to carry out its duties. Each such detail shall be without loss 
        of seniority, pay, or other employee status.
    (k) Duties.--(1) The Commission shall make recommendations to the 
President and Congress on the policies and actions necessary to provide 
for a secure and self-sustaining future for the local economy of the 
Virgin Islands through 2020 and on the role of the Federal Government.
    (2) In developing recommendations pursuant to paragraph (1), the 
Commission shall--
            (A) solicit and analyze information on projected private 
        sector development and shifting tourism trends based on 
        alternative forecasts of economic, political, and social 
        conditions in the Caribbean, including the possible effect of 
        expansion in the near future of Cuba in trade, tourism, and 
        development;
            (B) analyze capital infrastructure, education, social, 
        health, and environmental needs in light of the forecasts 
        described in subparagraph (A);
            (C) analyze of the capability of the Virgin Islands to meet 
        needs which are projected based on the analysis pursuant to 
        subparagraphs (A) and (B); and
            (D) assemble relevant demographic, economic, and revenue 
        and expenditure data for the years 1972 through 1997.
    (3) The Commission shall transmit a report which includes its 
recommendations made pursuant to this section to the President, the 
Committee on Energy and Natural Resources of the Senate, and the 
Committee on Resource of the House of Representatives no later than 
June 30, 1999. The report shall set forth the basis for the 
recommendations and include the analysis made pursuant to paragraph 
(2)(C).
    (l) Funding.--There is hereby authorized to be appropriated to the 
Secretary of the Interior $300,000 per year, in fiscal years 1998 and 
1999 for the work of the Commission.
    (m) Termination.--The Commission shall terminate 3 months after the 
report is transmitted pursuant to section (3)(k)(3).