Title 29 — Public Planning and Development
25 chapters · 546 sections in this title.
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…
29 V.I.C. § 901 Creation
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(a) To aid the Insular Government in the performance of its duties to develop the economy of the Virgin Islands, there is hereby created, as a discrete but integral part of the Economic Development Authority established in chapter 21 of title 29, Virgin Islands Code, “The Economi…
29 V.I.C. § 902 Charter
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The Charter of the Bank shall be as follows: CHARTER CHARTER First: The existence of the Bank shall be perpetual. Second: The principal office of the Bank shall be at St. Thomas, Virgin Islands, and no less than one branch on St. Croix. (A) Third: The purpose for which the Bank h…
29 V.I.C. § 903 Government of the Islands not liable for debts and obligations
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The debts or obligations of the Bank shall not be debts or obligations of the Government of the Virgin Islands.
29 V.I.C. § 904 Monthly report
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The Bank shall make and submit to the Governor of the Virgin Islands, the Legislature and the Banking Board a written report of its condition as of the last day of each month, in such manner as the Banking Board shall prescribe. Such report shall include the total amount of outst…
29 V.I.C. § 905 Annual report
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The Bank shall file with the Banking Board in the office of the Lieutenant Governor of the Virgin Islands, annually, within ninety days after the close of its fiscal year, a report in compliance with Title 9, section 64, Virgin Islands Code.
29 V.I.C. § 906 Bank examination and audited statement
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The Bank shall be subject to examination and supervision by the Banking Board of the Virgin Islands, in accordance with the terms of the Banking Law applicable to banks organized under or subject to the provisions thereof; provided, however, that no fee shall be required to be pa…
29 V.I.C. § 907 Insolvency; receivership
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If, in consequence of an examination or a report made by an examiner, the Banking Board shall have reason to believe that the Bank is not in sound financial condition or that its affairs are conducted in such a manner as to endanger its funds or other assets, or if the Bank shall…
29 V.I.C. § 908 Removal of director for cause
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If any director of the Bank shall violate or knowingly or negligently permit any of the officers, agents or employees of the Bank to violate any laws or any of the provisions of the Charter of the Bank, the matter shall be reported to the Governor. Upon receiving such report the …
29 V.I.C. § 909 Prohibited transfers of assets
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All transfers of notes, bonds, bills of exchange or credits of the Bank or of deposits to the credit thereof, and all assignments of mortgages, security on real property or of judgments or decrees in favor of the Bank, and all deposits of money, or other things of value and all p…
29 V.I.C. § 910 Embezzlement by Bank officers or employees; penalty
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Any officer, employee or agent of the Bank who embezzles, abstracts or willfully misapplies any moneys, funds, credits or securities of the Bank, or who, without being duly authorized, issues or draws any certificate of deposit, draws any order or bill of exchange, mortgage, judg…
29 V.I.C. § 911 Inapplicability of Banking Law
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In view of the inclusion in this chapter of all necessary and pertinent provisions similar to provisions contained in the Banking Law, none of the provisions of the Banking Law, except as referenced herein, shall apply to the Bank, its directors, officers, employees or agents.
29 V.I.C. § 912 Applicability of other laws
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Nothing in this chapter shall be construed as exempting the Economic Development Bank for the Virgin Islands from any law made specifically applicable thereto or generally applicable to independent instrumentalities of the Government of the Virgin Islands, whether such law was en…
29 V.I.C. § 913 Separability of provisions
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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 is held invalid shall not b…
29 V.I.C. § 914 Capital of Bank
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The capital of the Bank shall initially consist of $5,000,000 in equity, $2,500,000 from any banking institution and $2,500,000 from the Government of the Virgin Islands. Other sources that may be utilized as capital include, but are not limited to unutilized surpluses from the 1…
29 V.I.C. § 915 Banking institutions not liable for bank's obligations to lenders
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Any banking institution having an officer on the Bank's Board of Directors or entering into a financing relationship with the Bank shall not be subject to lender liability arising from the Bank's conduct, unless the banking institution's conduct is determined by a court of compet…
29 V.I.C. § 915a Commission for the preservation of small businesses
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(a) There is hereby established a Commission for the Preservation of Small Businesses for the purpose of providing assistance to small businesses, as defined in Title 11, section 1252 of this Code, in order to prevent them from closing. The Commission shall consist of five member…
29 V.I.C. § 915b Benefits of employees of the Bank
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(a) All personnel of the Government of the Virgin Islands who are being utilized solely in the exercise of any of the powers, duties and functions vested in the Economic Development Bank upon the effective date of this section shall be transferred to the Economic Development Bank…
29 V.I.C. § 916 Legislative findings
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The Legislature of the Virgin Islands hereby finds and declares that due to a general decline in investor acceptance of securities of the Government of the Virgin Islands, a need exists for the creation of a public corporation as a government instrumentality having full powers to…
29 V.I.C. § 917 Definitions
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(a) For the purposes of this chapter, unless the context requires otherwise, the following words shall have the meanings set forth in this section:(a) The term “Authority” shall mean the Virgin Islands Public Finance Authority created by this chapter.(b) The term “Board” shall me…
29 V.I.C. § 918 Creation and purpose of Authority
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To aid the Government of the Virgin Islands in the performance of its fiscal duties and the effective carrying out of its governmental responsibility of raising capital for essential public projects, there is hereby created a body corporate and politic constituting a public corpo…
29 V.I.C. § 919 Charter of the Authority
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The Charter of the Authority shall be as follows: CHARTER CHARTER FIRST: The existence of the Authority shall be perpetual. SECOND: The principal office of the Authority shall be at St. Thomas, Virgin Islands. THIRD: The purposes for which the Authority is formed, the business or…
29 V.I.C. § 920 Legislative approval
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Notwithstanding any provision of this chapter to the contrary, except for any indebtedness involving special obligations issued to finance a project for the benefit of a private party, and payable out of the revenues generated by the involved project and/or payable to the Authori…
29 V.I.C. § 921 Exemption of Authority from taxes
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The purpose for which the Authority is created and shall exercise its powers being a public purpose, 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 operations or activities, or on the income d…
29 V.I.C. § 922 Issuance of bonds; security; tax exemption; terms and conditions; etc
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(a) By authority of the Government of the Virgin Islands under section 8(b) of the Revised Organic Act of the Virgin Islands, as amended, which is hereby granted, the Authority is authorized to issue and sell bonds from time to time, for the purpose of financing or refinancing, d…
29 V.I.C. § 923 Powers of Authority with respect to bonds
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(a) In any resolution, trust indenture or other contractual commitment authorizing the issuance of bonds, the Authority may contract with the holders of the bonds to undertake and obligate itself by such commitments, as long as the bonds are outstanding and unpaid, as are deemed …
29 V.I.C. § 924 Annual report; publication
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(a) The Authority shall submit to the Legislature annually after the close of its fiscal year, a report of the business of the Authority for the preceding fiscal year. (b) The Authority's annual report must include an accounting of (i) the expenditures paid from its Operating Bud…
29 V.I.C. § 924a Written transcripts of proceedings
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The Authority shall keep written transcripts of all of its proceedings and such 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.
29 V.I.C. § 925 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. § 926 Agreement of the Government of the Virgin Islands
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The Government of the Virgin Islands does hereby pledge to, contract and agree with, any person, firm or corporation, or any Federal, Virgin Islands or state agency, subscribing to or acquiring bonds of the Authority issued for the purposes of this chapter, that it obligates itse…
29 V.I.C. § 927 Bonds of Authority legal investments for public or private funds
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The bonds 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 carrying on an insuranc…
29 V.I.C. § 928 Authorization for arrangements with Authority
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Notwithstanding any other provisions of law to the contrary, the Government of the Virgin Islands and all agencies, instrumentalities, commissions, authorities, and political subdivisions of the Virgin Islands are hereby authorized to arrange with the Authority for the investment…
29 V.I.C. § 929 Separability of provisions
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If any provisions of this chapter or the application of any such provisions to any person or circumstance shall be held invalid, the remainder of the chapter and the application of any such provision to persons or circumstances other than those as to which such provision shall ha…
29 V.I.C. § 930 Declaration of legislative findings
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(i) The Legislature hereby finds and declares that:(i) there is a critical shortage of decent, safe, sanitary, aesthetically acceptable, high quality housing for persons of low and moderate income;(ii) there is considerable demand for owner-occupied single-family housing units an…
29 V.I.C. § 931 Policy and purpose
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(a) It is the express purpose of this Act that the Virgin Islands Housing Finance Authority, (hereinafter “VIHFA”), as an independent instrumentality of the Government, shall operate the Affordable Housing Program for low and moderate income persons under this Act. The VIHFA shal…
29 V.I.C. § 932 Definitions
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(a) As used in this Act, the following terms shall have the following meanings, unless the context otherwise requires:(a) “Act” means the Low and Moderate Income Affordable Housing Act of 1990.(b) “Affordable housing” means, with respect to living accommodations, a dwelling unit …
29 V.I.C. § 940 Authorization of program; appointment of Project Manager
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(a) The VIHFA is hereby authorized to initiate, administer and maintain a program to provide affordable housing for persons of low and moderate income to be referred to as the “Virgin Islands Affordable Housing Program”. The program may include the following elements:(1) contribu…
29 V.I.C. § 941 Authorization to undertake housing development; preference for local participation; joint ventures
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(a) The VIHFA, on behalf of the Government, are hereby authorized to contract with builders, contractors, project coordinators, construction managers and others, as necessary and appropriate, to finance, develop, acquire, construct, rehabilitate and manage affordable housing. The…
29 V.I.C. § 942 Encouragement of housing production facilities
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In order to facilitate the production of decent, safe, sanitary, aesthetically acceptable, high quality affordable housing in the Virgin Islands, to create jobs for Virgin Islanders and to stimulate increased economic development in the Virgin Islands through involvement of the l…
29 V.I.C. § 943 Financing
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(a) The Authority, subject to subsection (d) of this section, shall have the power and is hereby authorized, at one time or from time to time, to borrow money and to issue its negotiable notes, bonds, debentures, certificates, obligations or other evidences of indebtedness to fun…
29 V.I.C. § 944 Administration of Housing Trust Fund
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(a) The Authority is hereby declared to be the trustee of the Housing Trust Fund, established pursuant to Title 33, chapter 111, section 3074, as amended. There shall be deposited in the Housing Trust Fund from time to time all moneys appropriated by the Legislature for such purp…
29 V.I.C. § 945 Limitation on sale or rental of affordable housing units
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(a) Sale or rental. (1) Subject to the provisions of this subsection and in consideration of the incentives provided under the Act, every affordable housing unit provided directly by the Government of the Virgin Islands through bonds, notes or other obligations issued by the Auth…
29 V.I.C. § 946 Income level
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The upper income limit for low and moderate income persons participating in the Virgin Islands Housing Finance Authority's Home and Land Ownership Program is 3½ times the median income in the Virgin Islands as determined by the U.S. Department of Housing and Urban Development.
29 V.I.C. § 950 Title
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This subchapter shall be known and may be cited as the “Antiquities and Cultural Properties Act of 1998”.
29 V.I.C. § 951 Declaration of policy
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It shall be the policy of the Government of the Virgin Islands to cooperate with the Government of the United States in protecting and managing the Territory's terrestrial and marine historical, cultural and archaeological resources for the benefit of the people of the Virgin Isl…
29 V.I.C. § 952 Definitions
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(a) For purposes of this subchapter:(a) “Agency” means any department, agency, authority, commission or instrumentality of the Government of the Virgin Islands.(b) “Archaeological site” means a location wherein exists material evidence of past human life and culture that is older…
29 V.I.C. § 953 Powers and duties of State Historic Preservation Officer
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(a) The Commissioner of the Department of Planning and Natural Resources shall be the State Historic Preservation Officer, and the Director of the Division for Archaeology and Historic Preservation shall be the Deputy State Historic Preservation Officer for the Virgin Islands. Th…
29 V.I.C. § 954 Permits; rules and regulations
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(a) All persons, except for archaeologists within the Division for Archaeology and Historic Preservation who wish to, or are required to conduct subsurface or underwater archaeological excavations, tests, probing, or other investigations which result in the removal or contextual …
29 V.I.C. § 955 Rights of the Government of the Virgin Islands
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(a) The Government retains the exclusive right to and control over all historical, cultural and archaeological properties and archaeological specimens located on public lands and waters, including submerged lands. (b) The Government retains the exclusive right to and control over…
29 V.I.C. § 956 Excavation
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(a) No excavation or other similar activity may be undertaken until a permit is first obtained from the State Historic Preservation Officer. (b) All excavations, scientific investigations, recovery operations or data recording techniques shall be conducted under the general super…