, 1955-06-21
A 1
First Regular Session 1855

THURSDAY, MARCH 10, 1855
Continued from yesterday
j n1edoe If annual contributions or other financial assistance
to be paid by the Federal Government, or when such bonds
or other obligations are secured by an agreement between
the Federal Government and the public housing or urban re
newal or redevelopment authority or agency In which the
Federal Government agrees to lend to such authority or
agency, prior to the maturity Of the bonds or other obliga-
ltions, moneys in an amount which together with any other
moneys irr~evocably committed to the payment OF principal
and interest on the bonds or other o~blgations) will suffice to
pay the principal of the bonds brother obligations with m
lte1est to maturity, (which moneys under the terms OF the
agreement are required to be used for that purposes and such
bonds and other obligations shall be authorized security for
all public deposits, it being the purpose Of this section to au-
thorize any of the foregoing to use any funds owned or con-
tIolled by them, including, but not limited to, sinking, insur-
Iance, investment, retirement, compensation, pension, and
trust funds, and funds held on deposit, for the purchase of
any such bonds or other obligations, provided, however, that
nothing herein be construed as relieving any person from any
duty Of exercising reasonable care in selecting securities.
SECTION SO () There are hereby validated, ratified,
confirmed, approved, and declared legal in all respects, the
following:
IL The creation and establishment of the Virgin Islands
Housing and Redetelopment Authority under the provisions
of Bill No. Is, Fifteenth Legislative Assembly, First Session
1850, approved September IS, 1850, and Of its predecessor
agencies.
~ All bonds, and other obligations Of that Authority
Tor Of it predecessors heretofore issued with the approval of
the Federal Government for the purposes of financing or as
sisting in carrying on public housing or urban redevelopment
projects.
() All contracts, agreements, and undertakings of that
Authority Tor Of its predecessors heretofore entered into
with the approval Of the Federal Government relating to the
financing or assistance for the development, construction,
maintenance, operation, and carrying out of any housing or
redeveopment projects, or to obtaining Federal aid therefor,
Including, without limitation, loan and annual contributions
contracts, loan and grant contracts, leases and contracts with
the Federal Government, agreements with municipalities or
other public bodies G~ncuding agreements that are pledged or
authorized to be pledged for the protection of the holders Of
any bonds or other obligations of that Authority, or which
are otherwise made a part of the contracts with such holders
of bonds or other obligations, relating to cooperation, contri-
buttons, grants or other local participation in aid of housing
or redevelopment projects, payments Gf any in lieu of taxes,
furnishing Of community services and facilities, and the eli
mination of unsafe and insanitary dwellings and Of slums,
and contracts for the construction or operation of housing re-
development projects.
"a All proceedings, actions, and things undertaken, car
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