(a) The real property tax increment revenues and the gross receipts tax increment revenues that are declared to be dedicated pursuant to this chapter to the payment of debt service on TIF bonds, the provision and maintenance of reserves, and the payment of development costs constitute increment revenues as defined in section 1202 of this chapter.
(b) The PFA may issue TIF bonds to finance development costs of eligible projects approved pursuant to this chapter. TIF bonds may be issued to refund other TIF bonds issued pursuant to this chapter. TIF bonds may not be issued in an amount exceeding the total costs of implementing the tax increment financing plan for which they were issued.
(c) The PFA may execute such financing documents as may be necessary or appropriate for the issuance, security, and administration of TIF bonds, investment of proceeds and moneys in the accounts provided for in, or pursuant to this chapter, and the application of the proceeds of the TIF bonds and the moneys and investments in such accounts, and for the purposes set forth in section 1204 of this chapter, including financing documents with development sponsors.
(d) (1) To secure the full and timely payment of TIF bonds issued under this chapter in accordance with their respective terms, all such TIF bonds for a Project shall be secured upon issuance by a statutory lien on all Increment Revenues from such Project. The lien shall arise solely by force of this chapter specifically upon the issuance of any TIF bonds issued after the effective date of this chapter, and shall automatically attach without further action or authorization by the Government, the Authority, or the PFA. The lien shall be valid and binding from the time the Increment Revenues are received and the lien shall immediately attach to the Increment Revenues and be effective, binding and enforceable against the Government, the Authority or the PFA, as applicable, their respective successors, transferees, or creditors, and all others asserting rights therein, irrespective of whether those parties have notice of the lien and without the need for any physical delivery, recordation, filing, or further act. The statutory lien shall remain in effect so long as any TIF bond remains outstanding.(2) The Government, the Authority and the PFA are hereby authorized and directed to covenant and agree for the benefit of the holders of the TIF bonds outstanding from time to time that for so long as any TIF bonds remain unpaid, the Government, the Authority and the PFA shall defend, preserve and protect such statutory lien against all claims and demands of third parties, and not revoke, terminate or amend such statutory lien in any way that materially adversely affects the rights of any holder of TIF bonds.(3) In the event a development sponsor is financing a Project that could be financed with the proceeds of TIF bonds and the proceeds of bonds issued under the provisions of the Hotel Development Act (title 29, chapter 23 of the Virgin Islands Code), the PFA is hereby authorized, as the issuer of TIF bonds under this chapter, to additionally secure its TIF bonds with the Designated Casino Tax on Gross Revenue, the Designated Hotel Room Occupancy Tax and the Economic Recovery Fee that are authorized to be pledged to the payment of Hotel Development Notes thereunder as if the PFA was an authorized issuer of Hotel Development Notes under the Hotel Development Act. Conversely, any authorized issuer of Hotel Development Notes under the Hotel Development Act is hereby authorized to additionally secure its Hotel Development Notes with the real property tax increment revenues and the gross receipts tax increment revenues that are declared to be dedicated pursuant to this chapter to the payment of debt service on TIF bonds as if such issuer was the PFA hereunder.
(1) To secure the full and timely payment of TIF bonds issued under this chapter in accordance with their respective terms, all such TIF bonds for a Project shall be secured upon issuance by a statutory lien on all Increment Revenues from such Project. The lien shall arise solely by force of this chapter specifically upon the issuance of any TIF bonds issued after the effective date of this chapter, and shall automatically attach without further action or authorization by the Government, the Authority, or the PFA. The lien shall be valid and binding from the time the Increment Revenues are received and the lien shall immediately attach to the Increment Revenues and be effective, binding and enforceable against the Government, the Authority or the PFA, as applicable, their respective successors, transferees, or creditors, and all others asserting rights therein, irrespective of whether those parties have notice of the lien and without the need for any physical delivery, recordation, filing, or further act. The statutory lien shall remain in effect so long as any TIF bond remains outstanding.
(2) The Government, the Authority and the PFA are hereby authorized and directed to covenant and agree for the benefit of the holders of the TIF bonds outstanding from time to time that for so long as any TIF bonds remain unpaid, the Government, the Authority and the PFA shall defend, preserve and protect such statutory lien against all claims and demands of third parties, and not revoke, terminate or amend such statutory lien in any way that materially adversely affects the rights of any holder of TIF bonds.
(3) In the event a development sponsor is financing a Project that could be financed with the proceeds of TIF bonds and the proceeds of bonds issued under the provisions of the Hotel Development Act (title 29, chapter 23 of the Virgin Islands Code), the PFA is hereby authorized, as the issuer of TIF bonds under this chapter, to additionally secure its TIF bonds with the Designated Casino Tax on Gross Revenue, the Designated Hotel Room Occupancy Tax and the Economic Recovery Fee that are authorized to be pledged to the payment of Hotel Development Notes thereunder as if the PFA was an authorized issuer of Hotel Development Notes under the Hotel Development Act. Conversely, any authorized issuer of Hotel Development Notes under the Hotel Development Act is hereby authorized to additionally secure its Hotel Development Notes with the real property tax increment revenues and the gross receipts tax increment revenues that are declared to be dedicated pursuant to this chapter to the payment of debt service on TIF bonds as if such issuer was the PFA hereunder.
(e) [Deleted.]