Title 17 — Education
38 chapters · 393 sections in this title.
17 V.I.C. § 480 Declaration of purpose
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(a) The purposes and objectives of this chapter are declared to be the development of a technology sector in the Virgin Islands to promote the economic growth, development and diversification of the Virgin Islands and the broadening of the capabilities of the University of the Vi…
17 V.I.C. § 481 Short title
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This chapter shall be known and may be cited as the “University of the Virgin Islands Research and Technology Park Corporation Act.”
17 V.I.C. § 482 Definitions
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(a) As used in this chapter and chapter 42 of this title unless the context requires otherwise, the following words shall have the meaning set forth in this section:(a) “Corporation” means the University of the Virgin Islands Research and Technology Park Corporation created by th…
17 V.I.C. § 483 Public corporation
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There is hereby created the University of the Virgin Islands Research and Technology Park Corporation, hereinafter referred to as the Corporation, which shall be a body corporate and politic constituting a public corporation and autonomous governmental instrumentality of the Gove…
17 V.I.C. § 484 Corporate purposes
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The corporate purposes of the Corporation shall be the same as those purposes set forth in section 480 of this chapter.
17 V.I.C. § 485 Board of Directors
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(a) Composition. The powers of the Corporation shall be exercised by a seven member Board of Directors.(1) The Board of Directors shall consist of:(A) the Chairman of the Board of Trustees of the University of the Virgin Islands and the President of the University of the Virgin I…
17 V.I.C. § 486 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 …
17 V.I.C. § 487 Executive Director; powers and duties
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(a) The Board may appoint an Executive Director of the Corporation, who shall have the following powers and duties:(a) To hire and remove employees of the Corporation for cause;(b) To be responsible for the general administration of the Corporation;(c) To have such other powers a…
17 V.I.C. § 487A Taxation of the Corporation
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The purposes for which the Corporation is created and shall exercise its powers being essential 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 subdi…
17 V.I.C. § 488 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) 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, exclu…
17 V.I.C. § 488A 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 by such commitments, as long as the bonds are outstanding and unpaid, as are deemed by the Board to be necessary and app…
17 V.I.C. § 488B Bonds: right to receivership upon default
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(a) The Corporation is authorized to covenant for foreclosure of any of its projects 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 with the bondholders. (b…
17 V.I.C. § 488C 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…
17 V.I.C. § 488D Bonds: bonds of the Corporation as legal investments for public or private funds
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(a) The bonds of the Corporation are hereby made securities in which all public officers and bodies of the Virgin Islands and all agencies, instrumentalities, commissions, authorities, and political subdivisions thereof, all insurance companies and associations and other persons …
17 V.I.C. § 488E Property of the Corporation exempt from levy and sale
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All property of the Corporation, including funds, shall be exempt from judicial process of every kind, including, without limitation, attachment, levy, execution and sale by virtue of an execution, and no judgment shall be a lien or charge upon its property or funds; provided, th…
17 V.I.C. § 489 Agreements of the Virgin Islands
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The Government of the Virgin Islands is authorized to and does hereby pledge to and agrees 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…
17 V.I.C. § 489A Government of the Virgin Islands and University of the 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 or the University of the Virgin Islands, and neither the Government of the Virgin Islands nor the University of the Virgin Islands shall be liable thereon, nor …
17 V.I.C. § 489B 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.
17 V.I.C. § 489C Audits
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The Corporation shall obtain an independent certified audit annually for transmittal annually to the Governor, the Legislature and the Board of Trustees of the University of the Virgin Islands.
17 V.I.C. § 489D Term of existence
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The existence of the Corporation shall be perpetual.
17 V.I.C. § 489E 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 University of the Virgin Islands upon satisfaction of all obligations to bondholders.
17 V.I.C. § 489F Contributions to the Government Employees Retirement Fund, the Government Insurance Fund, Health Insurance Fund and Unemployment Insurance Fund; contributions to TIAA/CREF
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(a) The Corporation shall:(1) Contribute to the Government Insurance Fund, on the basis of annual billings, as determined by the Commissioner of Finance, for the benefit payments made from such fund on account of the Corporation's employees. The annual billings shall also include…
17 V.I.C. § 490A Research and Technology Park tenants
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(a) The Research and Technology Park will have the following categories of tenants: Beneficiaries of the Virgin Islands' Economic Development Program pursuant to Title 29, chapter 12 of this Code; Beneficiaries of the Farmers, Fishermen and Consumers Assistance Program pursuant t…
17 V.I.C. § 490B Tax payments and incentives for Research and Technology Park tenants under § 490A(a)(3) or (4) of this chapter
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(a) Each Research and Technology Park tenant listed in section 490A(a)(3) or (4) of this chapter shall pay an annual franchise tax to the Department of Finance based on the worldwide gross receipts of the respective tenant business. Each Research and Technology Park tenant with a…
17 V.I.C. § 490C Licensing
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(a) Each Research and Technology Park tenant listed in section 490A(a)(3) and (4) of this chapter shall obtain a business license. (b) The Research and Technology Park Board of Directors and the Department of Licensing and Consumer Affairs shall work cooperatively to develop poli…
17 V.I.C. § 490D Office of the Lieutenant Governor; Department of Planning and Natural Resources
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(a) The Research and Technology Park Board of Directors and the Office of the Lieutenant Governor, Corporations Division, shall work cooperatively to develop policies and procedures by which a Research and Technology Park tenant listed in section 490A(a)(3) or (4) of this chapter…
17 V.I.C. § 490E Action by the Governor
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Upon receiving a finding from the Board recommending an application for tenancy for an Existing Business, for tenancy be approved, the Governor shall proceed to make his determination as to whether to approve the Board's findings. If 60 calendar days, excluding Sundays and holida…
17 V.I.C. § 490F Definitions
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(a) The following words and phrases when used in this subchapter have the meanings given to them in this section unless the context clearly indicates otherwise:(a) “Catalyst Project” means a private economic development project created by the combined efforts of the public sector…
17 V.I.C. § 490G Establishment of program
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(a) The VI Catalyst Revolving Loan Fund Program is established to provide loans to eligible entities for catalyst projects to achieve one or more of the following goals:(1) To sustain local economic growth;(2) To stimulate job creation and development;(3) To catalyze commercial, …
17 V.I.C. § 490H Lending authority
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The Corporation may provide financial assistance under the Program to any eligible entity either directly or in conjunction with a lending or financial institution, in connection with the financing or refinancing of a catalyst project, in accordance with an agreement or agreement…
17 V.I.C. § 490I Catalyst Revolving Loans
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(a) After considering any advice and recommendations of the Loan Review Committee, the Executive Director shall establish procedures for applying to the Program for a loan of money from the Catalyst Fund. The procedures must:(1) Include a requirement that applications for loans m…
17 V.I.C. § 490J Loan review committee; establishment, duties
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(a) The Loan Review Committee may be composed of no fewer than three members appointed by the Executive Director, subject to the approval of the Board of Directors of the Corporation. The Committee must include a representative of the Economic Development Authority. If the Loan R…
17 V.I.C. § 490L Report on program impact
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(1) On or before July 1 of each year, the Executive Director shall prepare and submit to the Governor of the Virgin Islands and the President of the Legislature a report containing VI Catalyst Revolving Loan Fund Program activity for the preceding fiscal year ending September 30t…
17 V.I.C. § 490M Non-discrimination
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No loan may be made to a business unless the business certifies to the Loan Review Committee, in a form satisfactory to the Committee, that it will not discriminate against any employee or against any applicant for employment because of race, religion, color, national origin, sex…
17 V.I.C. § 490N Coordination
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(a) In carrying out this subchapter, the Executive Director may call upon Government departments and agencies to supply such statistical data, program reports, and other materials, information, and assistance as the Executive Director considers necessary to implement the Program,…
17 V.I.C. § 490O Duplication of activities
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The Executive Director may not duplicate the work or activities of any department or agency of the Government of the Virgin Islands, and nothing contained in this subchapter may be construed to authorize any such duplication unless such work or activity is expressly authorized fo…
17 V.I.C. § 490P The Catalyst Fund
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(a) There is established an account maintained by the Corporation designated “The Catalyst Fund”. The purpose of which is to receive, manage, control, and dispose of monies on behalf of the Program. The Catalyst Fund is separate from any other fund or account of the Corporation. …
17 V.I.C. § 490Q Offenses; penalties
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(a) A person who makes any statement knowing it to be false, or who willfully overvalues any security for the purpose of obtaining for himself or for any applicant any loan, or extension thereof by renewal, deferment of action, or otherwise, or the acceptance, release, or substit…