(a) The Matching Fund Special Purpose Securitization Corporation is established as a special purpose, independent and autonomous, public corporation. The Corporation is intended, created, and empowered to effectuate the purposes stated in this chapter. The Corporation has a legal existence separate from the Government. The debts, obligations, contracts, bonds, receipts, expenditures, accounts, funds, facilities and property of the Corporation are those of the Corporation and not those of the Government, or any office, bureau, department, agency, commission, branch, agent, office or employee of the Government. The Corporation is established as a not for profit, tax-exempt entity and is not established or organized, and its operations may not be conducted for the purpose of making a profit. The Corporation has no authority to engage in any business activities other than those provided in this chapter. The Corporation has no taxing power.(1) The Corporation has the same fiscal year as the Government;(2) All operating and administrative expenses of the Corporation necessary for the proper business of the Corporation and budgeted at the time of the issuance of the Bonds or in any successive year and the costs of issuance and marketing of the Bonds must be paid by the Corporation out of the proceeds of the Bonds and the Matching Fund Receipts;(3) An independent certified public accountant, designated by the board of the Corporation, shall conduct an annual audit of the accounts and records of the Corporation; and(4) All assets and income of the Corporation are exempt from Virgin Islands taxation;
(1) The Corporation has the same fiscal year as the Government;
(2) All operating and administrative expenses of the Corporation necessary for the proper business of the Corporation and budgeted at the time of the issuance of the Bonds or in any successive year and the costs of issuance and marketing of the Bonds must be paid by the Corporation out of the proceeds of the Bonds and the Matching Fund Receipts;
(3) An independent certified public accountant, designated by the board of the Corporation, shall conduct an annual audit of the accounts and records of the Corporation; and
(4) All assets and income of the Corporation are exempt from Virgin Islands taxation;
(b) The purposes of the Corporation are to:(1) Acquire during the Transfer Period all of the Government’s right, title, and interest in and to the Matching Fund Receipts to be paid to or for the account of the Government by the U.S. Treasury and the Related Rights;(2) Issue Bonds and the Residual Certificate in order to pay the purchase price therefor and as otherwise authorized under this chapter; and(3) Direct the Secretary and the DOI to pay the Matching Fund Receipts directly into the GVI Restricted Account.
(1) Acquire during the Transfer Period all of the Government’s right, title, and interest in and to the Matching Fund Receipts to be paid to or for the account of the Government by the U.S. Treasury and the Related Rights;
(2) Issue Bonds and the Residual Certificate in order to pay the purchase price therefor and as otherwise authorized under this chapter; and
(3) Direct the Secretary and the DOI to pay the Matching Fund Receipts directly into the GVI Restricted Account.
(c) The Corporation, pursuant to a Resolution shall:(1) Issue the Initial Matching Fund Securitization Bonds as contemplated by a Resolution, and use the net proceeds to purchase and acquire the Government’s right, title and interest in and to the Matching Fund Receipts to be paid to or for the account of the Government during the Transfer Period and the Related Rights, and own, hold and use the Trust Estate and pay any related closing costs and ongoing financing costs;(2) Direct that Matching Fund Receipts deposited in the GVI Restricted Account and then transferred to the deposit account created by the Trustee for the Matching Fund Securitization Bonds be applied by the Trustee to the payments, at the times and in the order of priority, set forth in the Indenture;(3) In addition to the statutory lien on the Trust Estate securing the payment of principal of and interest on the Bonds as referred to in section 1407b, as additional security for the payment of principal of and interest on any Bonds issued by it and of any and all other obligations under the applicable Indenture, pledge and automatically create a security interest that is a consensual lien on the Trust Estate, and take all actions to create, impose and document the liens or other encumbrances that arise by force of this applicable chapter;(4) By the earlier of the date requested by the U.S. Treasury or such other deadline provided by law, for each fiscal year during the Transfer Period, when appropriate, deliver to the DOI a written letter requesting any adjustment to the amounts based on actual federal excise taxes paid on rum produced in the Virgin Islands and exported to the United States, with the adjustment to be applied to the amount of the Matching Fund Receipts paid to the Corporation in the ensuing year;(5) If authorized in the future by the Legislature, issue Additional Bonds including, but not limited to, Subordinated Lien Bonds, for purposes related to the Corporation as contemplated by a Resolution, and use the proceeds as contemplated in the related Indenture or supplemental indenture and pay any related closing costs and ongoing financing costs;(6) Issue the Residual Certificate as described in section 1403(a); and(7) Complete a financial audit no later than 270 days after the close of the fiscal year and provide the Corporation’s annual audited financial statements to the Legislature 30 days thereafter.
(1) Issue the Initial Matching Fund Securitization Bonds as contemplated by a Resolution, and use the net proceeds to purchase and acquire the Government’s right, title and interest in and to the Matching Fund Receipts to be paid to or for the account of the Government during the Transfer Period and the Related Rights, and own, hold and use the Trust Estate and pay any related closing costs and ongoing financing costs;
(2) Direct that Matching Fund Receipts deposited in the GVI Restricted Account and then transferred to the deposit account created by the Trustee for the Matching Fund Securitization Bonds be applied by the Trustee to the payments, at the times and in the order of priority, set forth in the Indenture;
(3) In addition to the statutory lien on the Trust Estate securing the payment of principal of and interest on the Bonds as referred to in section 1407b, as additional security for the payment of principal of and interest on any Bonds issued by it and of any and all other obligations under the applicable Indenture, pledge and automatically create a security interest that is a consensual lien on the Trust Estate, and take all actions to create, impose and document the liens or other encumbrances that arise by force of this applicable chapter;
(4) By the earlier of the date requested by the U.S. Treasury or such other deadline provided by law, for each fiscal year during the Transfer Period, when appropriate, deliver to the DOI a written letter requesting any adjustment to the amounts based on actual federal excise taxes paid on rum produced in the Virgin Islands and exported to the United States, with the adjustment to be applied to the amount of the Matching Fund Receipts paid to the Corporation in the ensuing year;
(5) If authorized in the future by the Legislature, issue Additional Bonds including, but not limited to, Subordinated Lien Bonds, for purposes related to the Corporation as contemplated by a Resolution, and use the proceeds as contemplated in the related Indenture or supplemental indenture and pay any related closing costs and ongoing financing costs;
(6) Issue the Residual Certificate as described in section 1403(a); and
(7) Complete a financial audit no later than 270 days after the close of the fiscal year and provide the Corporation’s annual audited financial statements to the Legislature 30 days thereafter.
(d) In addition to the duties under subsection (c) in connection with the issuance of Bonds, the Corporation shall:(1) Establish and maintain such reserves and special accounts for the benefit of the Bondholders to be held in trust or otherwise, as may be required by agreements made in connection with the Bonds, or any agreement between itself and third parties;(2) Redeem, defease, or otherwise refund the Bonds in accordance with the terms of the applicable Indenture as long as the redemption, defeasance or refunding does not, solely by such action, reduce the expected Residual Receipts to the Residual Certificate Holder on a net present value basis compared to the net Residual Receipts that would have been expected to be available to the Residual Certificate Holder had the Bonds remained outstanding unless the Residual Certificate Holder otherwise consents to such action;(3) Consistent with the statutory lien on the Trust Estate, execute and deliver one or more agreements or other instruments pursuant to which it shall take all actions necessary or appropriate to cause the Matching Fund Receipts to be paid directly from the U.S. Treasury into the GVI Restricted Account and transferred to the deposit account maintained in the custody of the Trustee and held separate from any other funds and accounts of the Government or the Corporation or a bank or trust company;
(1) Establish and maintain such reserves and special accounts for the benefit of the Bondholders to be held in trust or otherwise, as may be required by agreements made in connection with the Bonds, or any agreement between itself and third parties;
(2) Redeem, defease, or otherwise refund the Bonds in accordance with the terms of the applicable Indenture as long as the redemption, defeasance or refunding does not, solely by such action, reduce the expected Residual Receipts to the Residual Certificate Holder on a net present value basis compared to the net Residual Receipts that would have been expected to be available to the Residual Certificate Holder had the Bonds remained outstanding unless the Residual Certificate Holder otherwise consents to such action;
(3) Consistent with the statutory lien on the Trust Estate, execute and deliver one or more agreements or other instruments pursuant to which it shall take all actions necessary or appropriate to cause the Matching Fund Receipts to be paid directly from the U.S. Treasury into the GVI Restricted Account and transferred to the deposit account maintained in the custody of the Trustee and held separate from any other funds and accounts of the Government or the Corporation or a bank or trust company;
(e) In addition to other powers and duties provided in this chapter, the Corporation may:(1) Adopt, amend, repeal, and enforce bylaws, rules, regulations, and procedures not inconsistent with this chapter as it determines appropriate to the governing of its affairs and the conduct of its business;(2) Sue and be sued, and complain and defend, in its own name;(3) Adopt, alter, and use a corporate seal, which must be judicially noticed, but the absence of the seal on a contract or other documents does not affect its validity;(4) Acquire, hold, or pledge, contract rights, general intangibles, revenues, moneys, and accounts as may be proper or expedient to carry out the purposes of the Corporation and this chapter, and to assign, convey, sell, transfer, lease or otherwise dispose of such property;(5) Elect, appoint, and employ officers and agents as the Corporation considers advisable to operate and manage the affairs of the Corporation, and to define their duties and fix, adjust, and define their compensation as it determines to be appropriate;(6) Make, execute, and perform contracts, commitments, agreements, Indentures, instruments, and Ancillary Agreements in connection with the issuance of security for or administration of the Bonds and the Residual Certificate, as approved by its board and as necessary or appropriate to accomplish the purposes of the Corporation and this chapter;(7) Select, retain, and employ professionals, contractors, agents, bond insurance providers, auditors, or rating agencies that are necessary or appropriate to enable or assist the Corporation in carrying out the purposes of the Corporation;(8) Pay its financing costs, scheduled debt service on the Bonds and related financing costs;(9) Indemnify or insure members of the board and officers of the Corporation as it determines appropriate;(10) Purchase insurance or self-insure against loss in connection with its property and other asses or other risks, in amounts and from insurers as it determines appropriate;(11) Invest any funds or other moneys under its custody and control in investment securities or under any Ancillary Agreement pursuant to the terms of the Indenture; and(12) Do all things necessary or appropriate to carry out its purposes of and exercise the powers and enforce its rights expressly granted in this chapter.
(1) Adopt, amend, repeal, and enforce bylaws, rules, regulations, and procedures not inconsistent with this chapter as it determines appropriate to the governing of its affairs and the conduct of its business;
(2) Sue and be sued, and complain and defend, in its own name;
(3) Adopt, alter, and use a corporate seal, which must be judicially noticed, but the absence of the seal on a contract or other documents does not affect its validity;
(4) Acquire, hold, or pledge, contract rights, general intangibles, revenues, moneys, and accounts as may be proper or expedient to carry out the purposes of the Corporation and this chapter, and to assign, convey, sell, transfer, lease or otherwise dispose of such property;
(5) Elect, appoint, and employ officers and agents as the Corporation considers advisable to operate and manage the affairs of the Corporation, and to define their duties and fix, adjust, and define their compensation as it determines to be appropriate;
(6) Make, execute, and perform contracts, commitments, agreements, Indentures, instruments, and Ancillary Agreements in connection with the issuance of security for or administration of the Bonds and the Residual Certificate, as approved by its board and as necessary or appropriate to accomplish the purposes of the Corporation and this chapter;
(7) Select, retain, and employ professionals, contractors, agents, bond insurance providers, auditors, or rating agencies that are necessary or appropriate to enable or assist the Corporation in carrying out the purposes of the Corporation;
(8) Pay its financing costs, scheduled debt service on the Bonds and related financing costs;
(9) Indemnify or insure members of the board and officers of the Corporation as it determines appropriate;
(10) Purchase insurance or self-insure against loss in connection with its property and other asses or other risks, in amounts and from insurers as it determines appropriate;
(11) Invest any funds or other moneys under its custody and control in investment securities or under any Ancillary Agreement pursuant to the terms of the Indenture; and
(12) Do all things necessary or appropriate to carry out its purposes of and exercise the powers and enforce its rights expressly granted in this chapter.