IIB
106TH CONGRESS
1ST SESSION
H. R. 2841
IN THE SENATE OF THE UNITED STATES
SEPTEMBER 28, 1999
Received; read twice and referred to the Committee on Energy and Natural
Resources
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 Representa-
tives of the United States of America in Congress assembled,
HR 2841 RFS
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: ‘‘, in-
cluding 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 pub-
lic’’ 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 prin-
cipal amount thereof plus accrued interest’’.
(b) TECHNICAL CORRECTIONS
AND CONFORMING
AMENDMENTS.—
(1) REPEAL.—Section 8(b)(ii)(B) of the Re-
vised 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1574(b)(ii)(B)) is repealed.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).
HR 2841 RFS
(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 finan-
cial accountability and performance standards for the fis-
cal operations of the Government of the Virgin Islands.
(b) TRANSMISSION TO CONGRESS.—Upon ratification
of the agreement authorized in subsection (a) by both par-
ties, the Secretary shall forward a copy of the agreement
to the Committee on Resources in the House of Represent-
atives and the Committee on Energy and Natural Re-
sources 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 of indebtedness issued by the Govern-
ment of the Virgin Islands after the date of the enactment
of this Act.
(b) EFFECT OF FAILURE TO REACH AGREEMENT.—
If the agreement authorized in section 2(a) is not ratified
by both parties on or before December 31, 1999, the
amendments made by section 1—
HR 2841 RFS
(A) shall not apply to instruments of indebted-
ness issued by the Government of the Virgin Islands
on or after December 31, 1999; and
(B) shall continue to apply to those instruments
of indebtedness 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 rev-
enue 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 com-
ply with the appropriate requirements of the Internal Rev-
enue Code).
Passed the House of Representatives September 27,
1999.
Attest:
JEFF TRANDAHL,
Clerk.