V.I. Code tit. 29, § 919 (2019)
2019 US Virgin Islands Code|Title 29 - Public Planning and Development|Chapter 15 - The Virgin Islands Public Finance Authority|§ 919. Charter of the Authority

 The Charter of the Authority shall be as follows: CHARTER FIRST: The existence of the Authority shall be perpetual. SECOND: The principal office of the Authority shall be at St. Thomas, Virgin Islands. THIRD: The purposes for which the Authority is formed, the business or objectives to be carried on and promoted by it and the powers of the Authority are as follows: (A) To borrow money and contract debts for its corporate purposes upon such terms and conditions as the Authority may from time to time determine, with or without security, to dispose of its obligations evidencing such borrowing, contracting of debt or issuance of bonds, to make, execute and deliver trust indentures and other agreements with respect to any such borrowing, contracting of debt or issuance of bonds, and by the authority of the Government of the Virgin Islands which is hereby granted, to issue its bonds in such form, secured in such manner, and subject to such terms of redemption with or without premium, and to sell the same at public or private sale for such price or prices, all as may be determined by its Board. (B) To lend the proceeds of bonds or other money to, or to apply proceeds of bonds or other money to purchase bonds issued by the Government of the Virgin Islands or any agency, instrumentality, commission, authority, or political subdivision of the Virgin Islands, such loans or bonds to be secured in such manner as the Authority shall determine. (C) To guarantee, with or without security, loans and other obligations incurred by the Government of the Virgin Islands or any agency, instrumentality, commission, authority, or political subdivision of the Virgin Islands. (D) To invest its funds in direct obligations of the United States or obligations guaranteed as to both principal and interest by the United States; in obligations of any state, territory, possession or commonwealth of the United States or of any agency, instrumentality, commission, authority or other political subdivision of the United States or any state, territory, possession or commonwealth of the United States; in obligations of the Government of the Virgin Islands, or obligations guaranteed as to both principal and interest, by the Government of the Virgin Islands; in obligations of any agency, instrumentality, commission, authority, or other political subdivision of the Virgin Islands; in obligations of international banking institutions; in obligations issued, or the principal of and interest on which are unconditionally guaranteed, by any agency or instrumentality of or corporation wholly owned by the United States; in repurchase agreements or investment contracts with, or bank acceptances or bank time deposits evidenced by certificates of deposit issued by banks, savings and loan associations or trust companies organized under the laws of the Virgin Islands, the United States, or any state, territory, possession or commonwealth of the United States; in investment agreements, guaranteed investment contracts or similar funding agreements issued by insurance companies or other financial institutions; in shares or other interests in any mutual fund, trust, or investment company; in corporate commercial paper; and in money market portfolios consisting of any of the foregoing. (E) To arrange for the investment of the funds of the Government of the Virgin Islands or any agency, instrumentality, commission, authority, or political subdivision of the Virgin Islands, other than the Government Employees Retirement System, at the request of such entity or by agreement with such entity, to combine such funds, either with or without funds of the Authority, into a common investment pool or pools, and to direct the investment of such pool or pools in securities and obligations as described in subsection (D) above; except that any agency that requests or agrees to have the Authority manage its investment funds may terminate the investment services of the Public Finance Authority if: (i) The Authority cannot establish that the total investment net return, compounded over a four-year period is equal to or better than the total return that another investment option would provide, taking into account the same risk adjusted target return indicated by the agency's investment policy statement; (ii) The Authority's investment strategies fail to achieve the agency's target return objective for four consecutive semi-annual periods; or (iii) The investment policy under subsection (b) sets forth additional grounds or options for terminating the investment services. (F) To establish one or more revolving loan funds with the proceeds of bonds issued by the Authority or obligations issued by the Government of the Virgin Islands or any agency, instrumentality, commission, authority, or political subdivision of the Virgin Islands, or with such other monies which the Authority may have available to it. Amounts in any such revolving loan fund may be loaned by the Authority as authorized by this Section and the repayments of any such loan may be deposited in such revolving loan fund and applied to make additional loans, or applied to retire bonds or other obligations of the Authority. (G) To establish one or more collateral guaranty funds with the proceeds of bonds issued by the Authority or obligations issued by the Government of the Virgin Islands or any agency, instrumentality, commission, authority, or political subdivision of the Virgin Islands, or with such other monies which the Authority may have available to it. Amounts in any such collateral guaranty funds may be utilized by the Authority as authorized by the Legislature of the Virgin Islands or otherwise authorized by law. (H) To guarantee, with or without security, loans and other obligations incurred by one or more natural persons, firms, partnerships of all kinds and corporations, established or to be established in the Virgin Islands, in connection with public projects constituting programs specially approved and authorized by the Legislature of the Virgin Islands or otherwise authorized by law. (I) To exercise all such incidental powers as may be necessary or convenient for the purpose of carrying on the foregoing business and objectives. (J) To purchase notes and other obligations or instruments secured by real property from one or more natural persons, firms, partnerships of all kinds and or corporations, established in the Virgin Islands and to lend mortgages to one or more natural persons, firms, partnership of all kinds and or corporations established or to be established in the Virgin Islands, whose business includes land development or affordable housing development, provided that the loan is secured by real property. The interest on loans made by the Authority authorized by this subsection shall not exceed six percent (6%) per annum. FOURTH: The Authority shall also have the following powers: (A) To have a common seal and to alter the same from time to time. (B) To acquire real or personal property by grant, gift, purchase, devise or bequest, and to hold, lease, mortgage and otherwise exercise the rights of ownership of such property, and to dispose of such property, including by sale, lease or other disposition of such property to any person, including the Government of the Virgin Islands or any agency, instrumentality, commission, authority, or political subdivision of the Virgin Islands. (C) To acquire any property in the settlement or reduction of debts previously contracted or in exchange for investments previously made in the course of its business, where such acquisition is necessary to minimize or avoid loss in connection therewith, and to hold such property for such periods as the Board may deem advisable and to exercise the rights of ownership of and to dispose of the same. (D) To establish one or more offices necessary or convenient for the transaction of its business within or without the Virgin Islands. (E) To purchase or otherwise acquire bonds out of any funds available therefor, subject to such agreements with bondholders as may exist. (F) To charge such fees for its services as the Authority deems appropriate. (G) To sue and be sued. (H) To appoint, employ and contract for the services of officers, agents, employees and professional assistants and to pay such compensation for their services as the Authority may determine. (I) To make contracts and issue guarantees and to execute all instruments necessary or convenient in the exercise of any of its powers, including but not limited to, guarantees, standby agreements or other credit enhancements, interest exchange agreements, agreements in connection with credit enhancement procedures, including letters of credit, guarantee, standby agreements or other credit enhancements and agreements in connection with, without limitation, the private sale of its bonds, the remarketing of its bonds, the repurchase of its bonds, and its guaranty programs. (J) To make, and from time to time modify and repeal, bylaws, rules and regulations, not inconsistent with this chapter, providing for the internal organization and management of the Authority, for the administration of its affairs and operations, and for carrying into effect the powers and purposes of the Authority. (K) To accept grants or loans from, and enter into contracts, leases, agreements, or other transactions with the United States, any agency, instrumentality, commission, authority or other political subdivision thereof, the Government of the Virgin Islands or any agency, instrumentality, commission, authority, or political subdivision thereof, and to apply the proceeds of any such grants or loans for any of its corporate purposes; to participate in the programs of the United States or any agency, instrumentality, commission, authority or other political subdivision thereof, and, consistent with this chapter, to do any and all things necessary to secure participation in such programs and the cooperation of such entities in achieving the policies and purposes of this chapter; and to enter into agreements with the Government of the Virgin Islands, the United States or any agency, instrumentality, commission, authority or political subdivision thereof, providing for the guarantee of the payment of the principal of, or interest on, bonds of the Authority, which guaranty agreements may contain such terms or covenants as the Board shall deem necessary or appropriate, including those provisions set forth in section 923 of this chapter. (L) To exercise such other corporate powers, not inconsistent herewith, as are conferred upon corporations by the laws of the Virgin Islands and to exercise all its powers within and without the Virgin Islands to the same extent as natural persons might or could do. (M) To lend the proceeds of bonds, notes or other evidences of indebtedness issued by the Authority or such other monies which the Authority may have available to it, to private enterprises in the Virgin Islands subject to the approval of the Legislature of the Virgin Islands. FIFTH: (A) The Authority is governed by a Board of Directors consisting of seven members. The Governor, the Commissioner of Finance and the Director of the Office of Management and Budget, or persons acting in the official capacity of such officers, shall serve as ex-officio members of the Board. The Governor shall appoint four additional members with the advice and consent of the Legislature, who shall serve for a term of four years. Two members must be residents of the District of St. Thomas-St. John, and two members must be residents of the District of St. Croix. The members appointed by the Governor must be experienced in municipal finance and must not be salaried officials or employees of the Government of the United States or the Government of the Virgin Islands, but persons drawing retirement pay or pensions from such governments are not considered to be salaried officials or employees. (B) The Governor shall serve as Chairman of the Board of Directors and shall call all meetings of the Authority. The Commissioner of Finance or the Director of the Office of Management and Budget, as designated by the Governor, shall serve as Executive Director serve as Executive Director of the Authority. The Board may elect such additional officers from its membership or delegate to any of its members or the Authority's officers, agents or employees such duties and responsibilities as it may deem necessary. (C) A majority of the members shall constitute a quorum of the Board for the purpose of conducting the business of the Authority and exercising its powers, and for all other purposes notwithstanding the existence of any vacancies, except that a lesser number may adjourn. Unless the Authority in its bylaws requires a greater proportion in any instance, a vote of the majority of members present at any meeting of the Board shall prevail. (D) Members of the Board shall receive no compensation for their services, but shall be entitled to payment of official travel costs and reimbursement of expenses actually and necessarily incurred in the discharge of their official duties and functions pursuant to such regulations as are applicable to employees of the Government of the Virgin Islands. (E) Members of the Board, while acting within the scope of their authority as directors or officers, shall not be subject to any personal or civil liability resulting from the exercise of any of the Authority's purposes, duties or responsibilities, unless the conduct of the member is determined by a court of competent jurisdiction to constitute willful wrongdoing or gross negligence.