Title 29 — Public Planning and Development
25 chapters · 546 sections in this title.
29 V.I.C. § 801 Declaration of purpose
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(a) The purposes and objectives of this chapter are:(a) To acquire, operate and improve industrial parks in order to provide suitable sites for the location of industries in the Virgin Islands.(b) To complement the Economic Development program established under chapter 12 of this…
29 V.I.C. § 802 Short title
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This chapter shall be known and may be cited as the “Virgin Islands Economic Development Park Act”.
29 V.I.C. § 803 Definitions
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(a) As used in this chapter, unless the context requires otherwise, the following words shall have the meaning set forth in this section:(a) “Corporation” means the Economic Development Park Corporation created by this chapter.(b) “Chief Executive Officer” means the Chief Executi…
29 V.I.C. § 810 Public corporation
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(a) There is hereby created the Virgin Islands Economic Development Park Corporation, (hereinafter referred to as “the Corporation”), as a discrete but integral part of the Economic Development Authority established in chapter 21 of title 29, Virgin Islands Code. (b) The Corporat…
29 V.I.C. § 811 Corporate purposes
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The corporate purposes of the Corporation shall be the same as those purposes set forth in section 801 of this title, as the purposes of this chapter.
29 V.I.C. § 812 Board of Directors
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The powers of the Corporation shall be exercised by the Governing Board of the Virgin Islands Economic Development Authority which shall also constitute the Governing Board of the Corporation.
29 V.I.C. § 813 Board of Directors; powers and duties
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(a) The Board of Directors shall have the following powers and duties to effectuate the purposes of this chapter, including but without limiting the generality of the foregoing:(a) To do any and all things permitted under the laws of the Virgin Islands to effectuate the purposes …
29 V.I.C. § 814 Executive Director; powers and duties
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The Chief Executive Officer, appointed pursuant to section 1102 of title 29, Virgin Islands Code, shall act as the Executive Director for the corporation and shall have such powers and duties as set forth in section 707 of this title as may be applicable to the Corporation subjec…
29 V.I.C. § 815 Taxation of the Corporation
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The purposes for which the Corporation is created and shall exercise its powers being public purposes, the Corporation, its property, income and activities, shall be exempt from all taxes, special assessments and license fees of the Virgin Islands or any political subdivision the…
29 V.I.C. § 816 Bonds: authorization of issuance; security; tax exemption; terms and conditions
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(a) Pursuant to the authority of the Government of the Virgin Islands under section 8(b)(i) of the Revised Organic Act of the Virgin Islands, as amended, the Corporation is hereby granted the power to issue and sell bonds from time to time and have outstanding at any one time, ex…
29 V.I.C. § 817 Bonds: powers of the Corporation with respect to industrial revenue bonds
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(a) In any resolution or resolutions authorizing the issuance of bonds, the Corporation may contract with the holders of bonds to undertake and obligate itself of such commitments, as long as the bonds are outstanding and unpaid, as are deemed by the Board to be necessary and app…
29 V.I.C. § 818 Bonds: right to receivership upon default
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(a) The Corporation is authorized to covenant for foreclosure of any of its projects financed by the bank upon default as hereinafter set forth in subsections (b) and (c) of this section inclusive, or to limit such right by definition of default or otherwise, in its agreement wit…
29 V.I.C. § 819 Bonds: remedies of bondholders
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(a) Subject to any contractual limitations binding upon the holders of any issue of bonds, or trustees therefor, including but not limited to the restriction of the exercise of any remedy to a specified proportion or percentage of such holders, any holder of bonds, or trustee the…
29 V.I.C. § 820 Bonds: bonds of the Corporation as local investments for public or private funds
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The bonds of the Corporation shall be lawful investments, and may be accepted as security, for all fiduciary, trust and public funds, the investment or deposit of which shall be under the authority or control of the Government of the Virgin Islands or any officer or officers ther…
29 V.I.C. § 821 Agreements of the Virgin Islands
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The Government of the Virgin Islands is authorized to and does hereby, pledge to and agree with the holders of the bonds or notes that the Government of the Virgin Islands will not limit or alter the rights, hereby vested in the Corporation to acquire, construct, reconstruct, imp…
29 V.I.C. § 822 Government of the United States Virgin Islands not liable on bonds or notes
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The bonds or notes and other obligations of the Corporation shall not be a debt of the Government of the Virgin Islands, and the Government of the Virgin Islands shall not be liable thereon, nor shall they be payable out of any funds other than those under the resolution of the C…
29 V.I.C. § 823 Powers not set forth
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Whenever the Corporation lacks the express power to perform an act consistent with the purposes set forth in this chapter, the Corporation may do or perform such act where authorized under the general corporation laws of the Virgin Islands.
29 V.I.C. § 824 Audits
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The Corporation shall obtain an independent certified audit for transmittal to the Governor and the Legislature annually.
29 V.I.C. § 825 Term of existence
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The existence of the Corporation shall be perpetual.
29 V.I.C. § 826 Winding up and dissolution
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The Corporation may be wound up and dissolved by an act of the Governor and the Legislature with assets, subject to any agreements that the Corporation may have entered into, reverting to the Government of the Virgin Islands.
29 V.I.C. § 827 Contributions to the Government Employees Retirement Fund, the Government Insurance Fund, Health Insurance Fund and Unemployment Insurance Fund
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(a) The employees of the Corporation shall also be employees of the Commission and shall perform such tasks as may be assigned by the Chief Executive Officer or Assistant Executive Officer. All employees of the Corporation shall be in the “exempt service” and shall serve at the p…