V.I. Code tit. 29, § 922 (2019)
2019 US Virgin Islands Code|Title 29 - Public Planning and Development|Chapter 15 - The Virgin Islands Public Finance Authority|§ 922. Issuance of bonds; security; tax exemption; terms and conditions; etc.

 (a) By authority of the Government of the Virgin Islands under section 8(b) of the Revised Organic Act of the Virgin Islands, as amended, which is hereby granted, the Authority is authorized to issue and sell bonds from time to time, for the purpose of financing or refinancing, directly or indirectly, by loan of the proceeds of such bonds or otherwise, any project or purpose authorized by the Legislature or otherwise authorized by law to be financed by the Authority, the Government of the Virgin Islands or any agency, instrumentality, commission, authority, or political subdivision of the Virgin Islands, of funding reserves for such bonds and of paying the costs of issuance of such bonds. (b) Payment of the bonds of the Authority may be secured by a pledge of or a mortgage or other lien on all or any part of its real or personal properties, notes, loans, 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, by pledge of or lien on any bonds, notes, lease or sale obligations or other obligations of the Government of the Virgin Islands or any agency, instrumentality, commission, authority, or political subdivision thereof, or on any loan, guaranty, grant, or contribution, or parts thereof, from the United States, any agency, instrumentality, commission, authority or other political subdivision thereof, the Government of the Virgin Islands or by letter of credit, insurance or other credit enhancement device or any other source. 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 to secure bonds or any other obligation of 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, contract or otherwise against the Authority irrespective of whether such parties have notice thereof. Neither the resolution nor any other instrument by which a pledge is created need be recorded. (c) In accordance with section 8(b) of the Revised Organic Act of the Virgin Islands, as amended, the bonds shall be exempt as to principal and interest from taxation by the Government of the Virgin Islands, or by any political subdivision of the Virgin Islands. (d) Bonds shall be authorized by resolution or resolutions of the Board, and shall comply with all pertinent provisions of the Revised Organic Act of the Virgin Islands, 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 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, be subject to redemption prior to maturity at such time or times and upon such terms, 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 issued as serial bonds, sinking fund bonds or term bonds or any combination thereof, be noninterest bearing or bear interest at such rate or rates payable currently or compounded, including rates that vary in accordance with a formula or procedure set forth or referred to in the bonds, be general obligations of the Authority payable out of any revenues of such Authority, subject only to any agreement with the holder of particular bonds, pledging any particular revenues of the Authority, or be revenue bonds secured in such manner as the Authority may determine, be executed by manual or facsimile signature of the Governor of the Virgin Islands in such manner, and be payable in such medium of payment, at such place or places, 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 the Board may provide. (e) The bonds shall be sold at public or private sale, as permitted by the Revised Organic Act of the Virgin Islands, as amended, or other applicable Federal laws, at such price or prices as the Authority may determine. (f) 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 provisions of any law to the contrary notwithstanding, any bonds issued by the Authority pursuant to this chapter shall be negotiable for all purposes, subject only to the provisions of bonds for registration. (g) Neither the members of the Authority nor any person executing the bonds shall be liable personally on the bonds or be subject to any liability by reason of the issuance thereof. (h) In any suit, action or proceeding involving the validity or enforceability of any bond of the Authority or the security therefor, any such bond reciting in substance that it has been issued by the Authority to aid in financing a designated facility shall be conclusively deemed to have been issued for such purpose, and the facility shall be conclusively deemed to have been undertaken or acquired in accordance with the provisions of this chapter. (i) Upon the issuance of the bonds, the authority to issue the bonds, the regularity thereof, the validity of any pledge or lien, and the validity and legality of the resolution authorizing the bonds and the proceedings so adopted shall be conclusively presumed, and no court may inquire into such matters. (j) The Authority shall manage bond proceeds effectively. (k) Bond proceeds must be used in accordance with the timeframes and other restrictions contained in the Internal Revenue Code. (l) The Authority shall review a computerized schedule of bond proceeds to prevent bond proceeds from going unused past the date for remaining tax-exempt. (m) The Authority shall fulfill its duty to protect the integrity of its operations and the interests of bond holders.