§1408a Issuance of Notes, Bonds, and Obligations

Summary

The legislative assembly can let an authority borrow money and sell notes, bonds, or other obligations in whatever form, term, security, and way it chooses, even if other federal laws or the Virgin Islands Organic Act say otherwise. Those obligations are not debts of the United States, the Virgin Islands, or its local governments (only the issuing authority is responsible), and they are not treated as "bonds and other obligations" under sections 1403 to 1403b or as debt under other U.S. law limits that apply to the Virgin Islands or its local agencies.