(a) The Bonds are securities in which all public officers and bodies of the Government and all agencies, instrumentalities, commissions, authorities, and political subdivisions thereof, all insurance companies and associations and other persons carrying on an insurance business, all banks, bankers, trust companies, savings banks and savings associations, including savings and loan associations, building and loan associations, investment companies and other persons carrying on a banking business, and all other persons whatsoever who are now or may hereafter be authorized to invest in Bonds or other obligations of the Corporation, may properly and legally invest funds including capital in their control or belonging to them.
(b) The Bonds are securities that may be deposited with and are received by all public officers and bodies of the Government and all agencies, instrumentalities, commissions, authorities, and political subdivisions thereof, for any purpose for which the deposit of Bonds or other obligations of the Corporation is now or may hereafter be authorized.
(c) The Bonds are the sole obligations of the Corporation.
(d) The Bonds, obligations of the Corporation under the Ancillary Agreements or other contracts, expenditures, accounts, funds, property and facilities of the Corporation are those of the Corporation and not those of the Government, or any department, office, agency, commission, municipality, branch, bureau, agent, officer or employee of the Government.
(e) The Bonds are not obligations of the Government and are not secured by a pledge of the full faith and credit of the Government, and the Bondholders may not require the levy or imposition of taxes. Neither the full faith and credit nor the taxing power of the Virgin Islands is pledged to the payment of the principal of, or interest on, the Bonds.
(f) The Bonds and the Residual Certificate are special obligations of the Corporation payable solely from and secured by the Trust Estate.
(g) The Bonds must contain on their face the statements contained in paragraphs (1) through (4) of this subsection:(1) Nothing contained in the Bonds or in the related financing or closing documents creates an obligation on the part of the Corporation or the Government to make payments with respect to the Bonds or the Residual Certificate from sources other than the assets of the Corporation.(2) 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 each Resolution authorizing the Bonds and the proceedings so adopted are conclusively presumed.(3) No official, employee, or agent of the Corporation or the Government is personally liable solely because the Bonds are issued. Members of the board, while acting within the scope of their authority as directors of the Corporation, are not subject to any personal or civil liability from the exercise of any of the Corporation’s purposes, duties or responsibilities, unless the conduct of the director is determined by a court of competent jurisdiction to constitute willful wrongdoing or gross negligence.(4) The signature of an officer of the Corporation that appears on the Bonds not yet issued or delivered, whether manual or facsimile, remains valid and sufficient notwithstanding that the person has ceased to hold that office.
(1) Nothing contained in the Bonds or in the related financing or closing documents creates an obligation on the part of the Corporation or the Government to make payments with respect to the Bonds or the Residual Certificate from sources other than the assets of the Corporation.
(2) 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 each Resolution authorizing the Bonds and the proceedings so adopted are conclusively presumed.
(3) No official, employee, or agent of the Corporation or the Government is personally liable solely because the Bonds are issued. Members of the board, while acting within the scope of their authority as directors of the Corporation, are not subject to any personal or civil liability from the exercise of any of the Corporation’s purposes, duties or responsibilities, unless the conduct of the director is determined by a court of competent jurisdiction to constitute willful wrongdoing or gross negligence.
(4) The signature of an officer of the Corporation that appears on the Bonds not yet issued or delivered, whether manual or facsimile, remains valid and sufficient notwithstanding that the person has ceased to hold that office.
(h) The Bonds are exempt as to principal and interest from taxation by the Government or by any political subdivision of the Government.
(i) The Corporation pursuant to section 1404(c)(5) may issue, for any lawful purpose, Subordinate Lien Bonds and any other bonds, notes, or other obligations secured in whole or in part by liens on the Trust Estate that are junior and subordinate to the lien on revenues securing payment of the Bonds, parity notes, and other parity obligations. The Subordinate Lien Bonds may be further secured by any other source of payment lawfully available for such purpose.