ernor or the Lieutenant Governor, while on official busi-
ness, is a ‘temporary absence’ for purposes of this sec-
tion.’’.
(b) SHORT TERM BORROWING AUTHORIZATION.—
Section 8(b) of the Revised Organic Act of the Virgin Is-
lands (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 prin-
cipal 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 in-
serting ‘‘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 es-
tablished 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 para-
graph (1) shall be selected from nominations made by the
Governor of the Virgin Islands.
(d) EX-OFFICIO MEMBER.—The Secretary of the In-
terior 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. Sub-
ject 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 per-
formance 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 in-
curred 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 depart-
ments 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 reimburs-
able basis, office space, furnishings, equipment, staff, and
other administrative services.
(j) ASSISTANCE OF FEDERAL AGENCIES AND DE-
PARTMENTS.—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 Commis-
sion, 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 rec-
ommendations to the President and Congress on the poli-
cies and actions necessary to provide for a secure and self-
sustaining future for the local economy of the Virgin Is-
lands through 2020 and on the role of the Federal Govern-
ment.
(2) In developing recommendations pursuant to para-
graph (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, in-
cluding 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 Is-
lands 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 in-
cludes 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 rec-
ommendations and include the analysis made pursuant to
paragraph (2)(C).
(l) FUNDING.—There is hereby authorized to be ap-
propriated 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 termi-
nate 3 months after the report is transmitted pursuant
to section (3)(k)(3).
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