Title 29 — Public Planning and Development
25 chapters · 546 sections in this title.
29 V.I.C. § 1100 Statement of purpose
1.2K chars
The purpose of this chapter is to create an umbrella authority to assume, integrate and unify the functions of the Economic Development Bank, the Economic Development Commission, the Economic Park Development Corporation, and the Small Business Development Agency (hereinafter ref…
29 V.I.C. § 1101 Creation
1.4K chars
(a) To aid the Government in the performance of its duties to develop the economy of the Virgin Islands, there is hereby created a body corporate and politic constituting a public corporation and semi-autonomous instrumentality of the Government of the Virgin Islands, by the name…
29 V.I.C. § 1102 Governing board and other personnel of the Authority
5.5K chars
(a) The powers of the Authority shall be exercised by a governing board consisting of the members of the Authority acting as a board. Of the seven members appointed to the Board, three shall not be employees of the Government of the Virgin Islands or the Government of the United …
29 V.I.C. § 1103 Charter of the Authority
13.1K chars
(A) The Charter of the Authority shall be as follows:FIRST: The existence of the Authority shall be perpetual.SECOND: The principal office of the Authority shall be within the Virgin Islands.THIRD: The purpose for which the Authority is formed, the business or objectives to be ca…
29 V.I.C. § 1104 Exemption of Authority from taxes
0.4K chars
The purpose for which the Authority is created and shall exercise its powers being a public purpose, unless otherwise expressly provided by law, the Authority shall not be required to pay any taxes or assessments on any of the property acquired or to be acquired by it, or on its …
29 V.I.C. § 1105 Annual report; publication
0.2K chars
The Authority shall submit to the Governor and Legislature annually, after the close of its fiscal year, a report of the business of the Authority for the preceding fiscal year.
29 V.I.C. § 1106 Written transcripts of proceedings
0.5K chars
The Authority shall keep recordings or written transcripts of all of its proceedings and such recordings or transcripts shall be considered public documents. Transcripts shall be transcribed no later than 30 days after the date of the proceeding during which they were taken, and …
29 V.I.C. § 1107 Competitive bidding
3.4K chars
(a) All purchases and contracts for supplies for services, except for personnel services, made by the Authority, including contracts for the construction of facilities of the Authority, shall be made after advertisement for bids, sufficiently in advance of opening bids, for the A…
29 V.I.C. § 1108 Other assistance of Government of the Virgin Islands
1.1K chars
(a) For the purpose of further aiding the Authority in accomplishing its purpose and goals, any department or agency of the Virgin Islands or any political subdivision thereof may, at the request of the Authority and upon such terms, with or without consideration, as the Governor…
29 V.I.C. § 1109 Moneys and accounts of Authority
2.1K chars
(a) (1) All moneys of the Authority shall be deposited in qualified depositories for funds of the Government of the Virgin Islands, but they shall be kept in separate accounts in the name of the Authority. The disbursements shall be made by it pursuant to regulations and budgets …
29 V.I.C. § 1110 Financial assistance; guarantees and purchases of bonds of Authority; loans and grants
1.8K chars
(a) For the purpose of assisting the Authority with its financing, the Government of the Virgin Islands, to the extent permitted by the Revised Organic Act of 1954, as amended, or any other applicable Federal law, may:(1) guarantee payment of the bonds of the Authority, both as t…
29 V.I.C. § 1111 Injunctions
0.1K chars
An injunction shall not be granted to prevent the application of this chapter or any part thereof.
29 V.I.C. § 1112 Lack of jurisdiction of other agencies
0.6K chars
No officer, board, commission, department or other agency or political subdivision of the Virgin Islands shall have jurisdiction over the Authority in the management and control of its properties and facilities, or any power over the regulation of rates, fees, rentals and other c…
29 V.I.C. § 1113 Applicability of other laws
0.3K chars
Nothing in this chapter shall be construed as exempting the Authority from any law made specifically applicable thereto or generally applicable to independent instrumentalities of the Government of the Virgin Islands, whether such law was enacted before, on or after the creation …
29 V.I.C. § 1114 Separability of provisions
0.3K chars
If any provisions of this chapter or the application of such provisions to any person or circumstance shall be held invalid, the remainder of the chapter and the application of such provisions to persons or circumstances other than those as to which it shall have been held invali…
29 V.I.C. § 1115 Establishment of committees and subcommittees
1.1K chars
(a) The Board of Directors of the Authority shall administer the business of its subsidiary entities, the Economic Development Commission (EDC), Government Development Bank (GDB), Small Business Development Agency (SBDA), Industrial Development Park Corporation (IDPC) and the Ent…
29 V.I.C. § 1116 Economic Development Fund
4.1K chars
(a) There is established in the Treasury of the Government of the Virgin Islands a fund to be known as the “Economic Development Fund” (hereinafter the “Fund”). The Governing Board of the Authority shall provide for the administration of the Fund, and no amounts therein shall be …
29 V.I.C. § 1117 Economic Hardship Package
0.7K chars
(a) There is established under the control of the Economic Development Authority the “Economic Hardship Package” to provide low interest loans to small businesses to help secure their financial viability. (b) Loans shall be provided at a 3% interest rate to qualifying businesses.…