, 1959-12-05
THE ST CROIx AVIS

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this Act. Any property which, in. the judgment of the De-
partment may be necessary to effectuate. the purposes of
this Act is hereby declared, for all legal purposes, of pub
lie use and In the public interest, and eminent domain pro
ceedlngS Tor the condemnation thereof may be COM
menced by the Department in accordance with the pro
visions OF Chapter 19, Title28 Of the Virgin Islands Code.
SECTION A. The Department is hereby empowered
to sell or lease the lots in the developments authorized
by section 3 to families Of moderate income, or to private
associations engaged in the construction Of houses to be
sold or leased to families Of moderate income, provided
said associations are organized for the mutual benefit OF
their members, but not for profit. The Department is fur
ther empowered to develop on said lands residential hous-
ing projects and to sell said houses, jointly with the lots
wherein they are located; to families of moderate income,
on instalnents over a period Of not less than twenty years.
without prejudice to the right Of the purchasers to agree
on the payment Of the price over shorter periods Of time
or to pay in full at any time, on the basis OF previously
established amortization schedules.
SECTION 5. The title to lots and houses sold in ac-
cordance with section 4, shall be retained BY the Depart
ment until the purchaser, or his successor or assignee, has
paid the debt in full plus interest thereon, and any other
amount that he may be owing to the Department accord
ing to the provisions OF this Act.
SECTION s. The Department with the approval of
the Governor shall have exclusive power Is determine the
qualifications of the persons entitled to acquire lots or
houses under the provisions of this Act, to regulate the
sale, transfer, and use of such lots and the structures
standing thereon; and to establish restrictions, fix require
ments and conditions Of such lots nd on any work or
luStCA C1CGLCu tlICIGO41, Which, 1CSl1IGG1O1o3 0QlSlL
and conditions shall constitute a real estate lien on such
property for such terms as the Department may fix.
SECTION n In the purpose Of financing the public
undertakings authorized by this Act, there are hereby
authorized to be issued by the Department in accordance
with section 8 of the Revised Organic Act Of the Virgin
Islands, as amended, revenue bonds not to exceed the
amount Of $1,000, 900, payable solely from the revenues
derived from such public undertaking.
SECTION 8. Bonds issued by the Department pur-
suant to the authority Of section I, may bear such date or
dates, may be in such denominations, may matur- in such
amounts and at such time or times, not exceeding thirty
years from the date thereof, may be payable at such place
or places, may carry such registration privileges as to
either principal and interest, or principal only, and may
be executed by such officers and in such manner as shall
be prescribed by the Governor of the Virgin Islands.
Said bonds shall be sold at public sale and shall be
redeemable after five years without premium.
In case any of the officers whose signatures appear on
the bonds or coupons shall cease to be such officers before
delivery Of such bonds. such. SIGNATURE. whether manual