Title 29, Public Planning and Development

(a) The Corporation is governed by a board of directors composed of five members, including four private members and one public member. Four members of the board must be private citizens known as “Independent Members”. The Governor shall serve as an ex-officio member and the chai…

The existence of the Corporation is perpetual; but the board by unanimous vote may dissolve the Corporation no earlier than one year and one day after the Bonds, and all other obligations of the Corporation under the applicable Indenture and the Ancillary Agreements have been rep…

(a) Subject to section 1404(c)(5) and section 1414, the Corporation, as authorized by a Resolution, may issue Bonds in one or more series or tranches, or both, and at one or more times, including refunding Bonds at or before maturity, and the obligations are payable solely from t…

(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, …

The Bonds are automatically upon issuance secured by a statutory lien on the Trust Estate created by this section. The Matching Fund Securitization Bonds and any Subordinate Lien Bonds have the benefit of and are secured by a statutory lien upon the Trust Estate, which statutory …

Any pledge by the Corporation of the Trust Estate as security for the Bonds has the benefit of a consensual lien, perfected, effective, binding, and enforceable against creditors and all others asserting rights therein or having claims of any kind in tort, contract, or otherwise,…

(a) The transfer of the Government’s right, title, and interest in and to the Matching Fund Receipts and the Related Rights pursuant to this chapter to the Corporation or any assignee permitted under the initial Indenture must be treated as an absolute transfer and true sale of a…

(a) The Government pledges to and agrees with the Corporation for the Corporation and for the benefit of the Bondholders that, until at least one year and one day after the Bonds and all other obligations of the Corporation pursuant to the applicable Indenture, other than the Res…

(a) The Corporation may not be a debtor under any provision of the United States Bankruptcy Code or under any other bankruptcy or similar law, and neither any public officer nor any organization, entity or other person may authorize the Corporation to be or become a debtor under …

Notwithstanding any law to the contrary, no approvals, notices, authorizations or filings other than those specified in this chapter are required with respect to any Resolution or the transactions and contracts authorized in or contemplated by this chapter or any Resolution, incl…

This chapter is a money bill of the Legislature for the purposes of 48 U.S.C. § 1561 and there is no requirement under statutory or other provisions of Virgin Islands law that the Legislature enact further legislation to appropriate any funds to the Corporation or to implement th…

The Governor shall negotiate and execute amendments or adjustments to existing agreements with Cruzan and Diageo and any Ancillary Agreements relating to the Initial Matching Fund Securitization Bonds as are necessary and appropriate to carry out the transactions contemplated by …

(a) The law governing, as applicable, the validity, enforceability, attachment, perfection, priority and exercise of remedies with respect to the sale, transfer or conveyance of the Matching Fund Receipts and the Related Rights pursuant to this chapter or the creation of a securi…

(a) Effective on the date that any Bonds are first issued, if any provision of this Chapter is held to be invalid or is invalidated, superseded, replaced, repealed or expires for any reason, that occurrence does not affect any action allowed under this chapter that is taken by th…