An act amending title 29, Virgin Islands Code, chapter 23 to redirect hotel development net bond proceeds to the Government Employees’ Retirement System
Sponsored By: Avery L. Lewis
Enacted
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Hotel sale money to pensions and hospitals
The law names the Government Employees’ Retirement System as the recipient in one key section. It also requires the government to split net proceeds from any sale of a hotel project financed under this chapter: 75% to the Retirement System and 25% to the Government Hospitals and Health Facilities Corporation. This rule applies despite any other territorial law, and it covers net proceeds, not gross. The 75% transfer to the Retirement System does not apply if federal law or bond covenants block it.
Sponsors & Cosponsors
Sponsor
Avery L. Lewis
legislature
Cosponsors
Alma Francis Heyliger
legislature
Clifford A. Joseph, Sr.
legislature
Roll Call Votes
No roll call votes available for this bill.
Actions Timeline
Enacted
6/9/2026legislatureTo Governor
6/3/2026legislatureFloor
5/28/2026legislatureRules
4/23/2026legislatureIntroduced
2/2/2026legislature
Bill Text
Enacted Act
6/9/2026
Amendment
5/28/2026
Bill Text
2/2/2026
Related Bills
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Lease 36-0293, An act approving the lease agreement between the Government of the Virgin Islands and The St. Thomas Cricket Association Inc. for Parcel No-2 of Tract
Bill No. 36-0192, An act amending title 34 Virgin Islands Code, chapter 15 to enact the Senior Financial Protection and Promissory Note Abuse Prevention Act of 2025
Bill No. 36-0290, An act granting a zoning use variance for Plot No. 104 Estate Concordia, Westend Quarter, St. Croix from the R-2 (Residential Low Density–One and Two Family)
Bill No. 36-0339, An act approving the lease agreement between the Government of the Virgin Islands, acting through the Commissioner of the Department of Property and Procurement,
Bill No. 36-0392, An act amending title 33 Virgin Islands Code, chapter 111 creating the Virgin Islands Contractor Bonds Cost Revolving Loan Fund