V.I. Code tit. 29, § 500b (2019)
2019 US Virgin Islands Code|Title 29 - Public Planning and Development|Chapter 8 - Virgin Islands Waste Management Authority|Subchapter I - Waste Management Authority—establishment|§ 500b. Bonds of the Authority; authorization of issuance; security, tax exemption; terms and conditions

 (a) By authority of the Government of the Virgin Islands under section 8(b)(i) of the Revised Organic Act of 1954, as amended, the Authority is authorized to issue bonds from time to time in such principal amounts which, in the opinion of the Authority, are necessary to provide sufficient funds to finance and refinance its projects and facilities, including, but not limited to, all costs for developing and designing projects and facilities, to pay interest on its bonds for such period as the Authority may determine, and to pay such other expenses of the Authority, including, but not limited to, working capital, which are incidental, necessary or convenient to execute its corporate purposes and powers, and to pay any costs of issuance and to establish reserves to secure such bonds; except that the Authority may not issue and have outstanding, at any one time, excluding bonds issued solely for the purpose of exchanging the same in return for the cancellation of bonds either issued by the Authority or assumed by it, bonds in excess of Four Hundred Fifty Million Dollars ($450,000,000.00), in aggregate principal amount, in addition to all sums that the Legislature has authorized or may authorize separately for particular purposes; and provided further, that refunding bonds of the Authority issued solely for the purpose of applying the proceeds thereof to the payment for, or purchase of, bonds issued by the Authority or assumed by it, shall not be included in computing any such limitation. (b) Bonds issued by the Authority may be issued as general obligations of the Authority or as special obligations of the Authority payable solely from particular revenues or funds, as may be provided for in any trust agreement or bond resolution, or other agreement securing bonds. The Authority also may provide by resolution of the Board for the issuance from time to time of temporary notes in anticipation of the revenues to be collected or received by the Authority, or in anticipation of other receipts, grants or aid. The issuance of such notes shall be governed by the provisions of this chapter relating to the issuance of bonds (other than temporary notes) by the Authority, as the same may be applicable. The Authority may issue interim receipts or temporary bonds, with or without coupons, exchangeable for definitive bonds when the bonds shall have been executed and are available for delivery. The Authority also may provide for the replacement of any bonds which shall have become mutilated or shall have been destroyed or lost. (c) Payment of the bonds of the Authority may be secured by a pledge or lien on all or any part of its properties, contracts, gross or net rates, fees, revenues, other income or bond proceeds to which the rights of the Authority then exist or may thereafter come into existence or by pledge of or lien on any loan, grant or contribution, or parts thereof, from the Federal Government, or any department or agency thereof, or the Government of the Virgin Islands. It is the intention hereof that any pledge of revenues or other monies, or of a revenue-producing contract or contracts made by the Authority shall be valid and binding from the time when the pledge is made; that the revenues, or other monies or proceeds of any contract or contracts so pledged and thereafter received by the Authority shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act; and that the lien of any such pledge shall be valid and binding as against all parties having claims of any kind in tort, contracts or otherwise against the Authority irrespective of whether such parties have notice thereof. Neither the resolution, trust agreement, nor any other instrument by which a pledge is created need be recorded. (d) In accordance with Section 8(b) of the Revised Organic Act of 1954, as amended, the bonds of the Authority, their transfer and income therefrom, including any gains obtained from their sale, shall, to the maximum extent permitted by law, be exempt from the payment of all taxes, licenses or fees imposed by the Government of the Virgin Islands, or by any political subdivision thereof, or by any state, territory or possession, or by the District of Columbia. (e) Bonds of the Authority shall be authorized by resolution or resolutions of the Board, and shall comply with all pertinent provisions of the Revised Organic Act of 1954, as amended, or such other provisions of applicable Federal law as may be in effect at the time. Except as otherwise provided for by said Act or other Federal law, bonds of the Authority may be issued in one or more series and shall bear such date or dates, mature in such amounts and at such time or times, bear interest at such rate or rates, be in such denomination or denominations, be in such form, either coupon or registered, carry such conversion or registration privileges, have such rank or priority, be executed by such members or officers in such manner, be payable in such medium of payment, at such times and place or places (within or without the Territory of the Virgin Islands), may be declared or become due at such time before the maturity date thereof, may be authenticated in such manner and upon compliance with such conditions, and may contain such other terms and covenants as such resolutions or trust agreements may provide. At the discretion of the Board, any bonds issued hereunder may be secured by a bond resolution or trust agreement or other agreement in such form and executed in such manner as may be determined by the Board. Such agreement may be between the Authority and the purchasers or holders of such bonds, or between the Authority and a corporate trustee, as hereinafter provided. Such bond resolution or trust agreement or other agreement may contain such provisions for protecting and enforcing the rights, security and remedies of the bondholders as may be reasonable and proper, including, without limiting the generality of the foregoing, provisions defining defaults and providing for remedies in the event thereof, which may include the acceleration of maturities, restrictions on the individual right of action by bondholders, and covenants setting forth the duties of, and limitations on, the Authority in relation to the acquisition, construction, improvement, enlargement, alteration, maintenance, use, operation, insurance and disposition of its systems and facilities, the custody, investment and application of its moneys and funds, the issuance of additional and refunding bonds, the fixing, revision and collection of rates and charges, the establishment of reserves, and the making and amending of contracts. At the discretion of the Board, any bonds issued under the authority of this chapter may be issued by the Authority in the form of lines of credits or other banking arrangements under such terms and conditions, not inconsistent with this chapter, as the Board may determine to be in the best interests of the Authority. In addition to other security provided herein or otherwise by law, bonds issued by the Authority may be secured, in whole or in part, by financial guarantees, by insurance, or by letters of credit issued to the Authority or a trustee or any other person, by any bank, trust company, insurance or surety company or other financial institution, and the Authority may pledge or assign, in whole or in part, the property, revenues and funds to be received by the Authority, and any contract or other rights to receive the same, whether then existing or thereafter coming into existence and whether then held or thereafter acquired by the Authority, and the proceeds thereof, as security for such guarantees or insurance, or for the reimbursement by the Authority to any issuer of such letter of credit of any payments made under such letter of credit. (f) The bonds shall be sold at public or private sale, and otherwise in such manner as permitted by the Revised Organic Act of 1954, as amended, or other applicable Federal law, at such price as the Authority may determine. (g) In case any of the members or officers of the Authority whose signatures appear on any bonds or coupons shall cease to be such members or officers before the delivery of such bonds, such signatures shall, nevertheless, be valid and sufficient for all purposes, the same as if such members or officers had remained in office until such delivery. Any provision of any law to the contrary notwithstanding, any bonds issued by the Authority pursuant to this chapter shall be negotiable for all purposes, subject to the provisions of bonds for registration. (h) Neither the members of the Authority nor any person executing the bonds shall be personally liable on the bonds or be subject to any liability by reason of the issuance thereof. (i) Any trust agreement or resolution securing the bonds shall provide that any such bonds may contain a statement to the effect that they were issued pursuant to the provisions of this chapter, and any bond containing such statement under the authority of any such trust agreement or resolution shall be conclusively deemed to be valid and to have been issued pursuant to the provisions of this chapter.