H. R. 2841
One Hundred Sixth Congress
of the
United States of America
AT THE FIRST SESSION
Begun and held at the City of Washington on Wednesday,
the sixth day of January, one thousand nine hundred and ninety-nine
An Act
To amend the Revised Organic Act of the Virgin Islands to provide for greater
fiscal autonomy consistent with other United States jurisdictions, and for other
purposes.
Be it enacted by the Senate and House of Representatives of
the United States of America in Congress assembled,
SECTION 1. GREATER FISCAL AUTONOMY.
(a) ISSUANCE.—Section 8(b)(ii)(A) of the Revised Organic Act
of the Virgin Islands (48 U.S.C. 1574(b)(ii)(A)) is amended—
(1) in the first sentence, by inserting after ‘‘other evidence
of indebtedness’’ the following: ‘‘, including but not limited
to notes in anticipation of the collection of taxes or revenues,
’’;
(2) by striking ‘‘to construct, improve, extend’’ and all that
follows through ‘‘Provided, That no public’’ and inserting ‘‘for
any public purpose authorized by the legislature: Provided,
That no such’’; and
(3) by striking ‘‘and payable semiannually. All such bonds
shall be sold for not less than the principal amount thereof
plus accrued interest’’.
(b) TECHNICAL CORRECTIONS AND CONFORMING AMENDMENTS.—
(1) REPEAL.—Section 8(b)(ii)(B) of the Revised Organic Act
of the Virgin Islands (48 U.S.C. 1574(b)(ii)(B)) is repealed.
(2) REDESIGNATION.—Section 8(b)(ii)(C) of the Revised
Organic Act of the Virgin Islands (48 U.S.C. 1574(b)(ii)(C))
is redesignated as section 8(b)(ii)(B).
(3) REDUNDANT PROVISION.—Section 1 of Public Law 94–
392 (90 Stat. 1193) is amended by striking subsection (d).
SEC. 2. AGREEMENT.
(a) IN GENERAL.—The Secretary of the Interior is authorized
to enter into an agreement with the Governor of the Virgin Islands
establishing mutually agreed financial accountability and perform-
ance standards for the fiscal operations of the Government of the
Virgin Islands.
(b) TRANSMISSION
TO CONGRESS.—Upon ratification of the
agreement authorized in subsection (a) by both parties, the Sec-
retary shall forward a copy of the agreement to the Committee
on Resources in the House of Representatives and the Committee
on Energy and Natural Resources in the Senate.
SEC. 3. EFFECTIVE DATES.
(a) IN GENERAL.—Except as provided by subsection (b), the
amendments made by section 1 shall apply to those instruments
H. R. 2841—2
of indebtedness issued by the Government of the Virgin Islands
after the date of the enactment of this Act.
(b) EFFECT OF FAILURE TO REACH AGREEMENT.—If the agree-
ment authorized in section 2(a) is not ratified by both parties
on or before December 31, 1999, the amendments made by section
1—
(A) shall not apply to instruments of indebtedness issued
by the Government of the Virgin Islands on or after December
31, 1999; and
(B) shall continue to apply to those instruments of indebted-
ness issued by the Government of the Virgin Islands after
the date of the enactment of this Act and before December
31, 1999.
SEC. 4. CONSTRUCTION.
These amendments to the Revised Organic Act of the Virgin
Islands are not intended to modify the internal revenue laws. Thus,
the bonds authorized by this bill must comply with subsection
(c) of section 149 of the Internal Revenue Code of 1986 (which
requires the new bonds comply with the appropriate requirements
of the Internal Revenue Code).
Speaker of the House of Representatives.
Vice President of the United States and
President of the Senate.