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Title 48, Territories and Insular PossessionsRelease 119-102

§1408a Issuance of Notes, Bonds, and Obligations

Title 48 › CHAPTER 7 — VIRGIN ISLANDS › SUBCHAPTER IV — PUBLIC HOUSING › § 1408a

Last updated Aug 21, 2026|Official source

Summary

The legislative assembly may allow an authority to borrow money and sell notes, bonds, or other debt, with whatever terms, security, and maturity the assembly decides, even if other Virgin Islands or federal laws say otherwise. Those notes and bonds will not be the debt of the United States, the Virgin Islands, or any city or local government except the issuing authority, and they will not count as the kinds of bonds covered by sections 1403 to 1403b or as debt for any legal borrowing limits that apply to the Virgin Islands or its local governments.

Full Legal Text

Title 48, §1408a

Territories and Insular Possessions, Source: USLM XML via OLRC

The legislative assembly may authorize such authority, any provision of the Virgin Islands Organic Act [48 U.S.C. 1405 et seq.] or any other Act of Congress to the contrary notwithstanding, to borrow money and to issue notes, bonds, and other obligations of such character and maturity, with such security, and in such manner as the legislative assembly may provide. Such notes, bonds, and other obligations shall not be a debt of the United States, or of the Virgin Islands or of any municipality or subdivision thereof, other than such authority, nor constitute “bonds and other obligations” within the meaning of sections 1403 to 1403b of this title, or a debt, indebtedness, or the borrowing of money within the meaning of any limitation or restriction on the issuance of notes, bonds, or other obligations contained in any laws of the United States applicable to the Virgin Islands or to any municipal corporation or other political subdivision or agency thereof.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

References in Text

The Virgin Islands Organic Act, referred to in text, probably means the Organic Act of the Virgin Islands of the United States, act June 22, 1936, ch. 699, 49 Stat. 1807, which is classified generally to subchapter II (§ 1405 et seq.) of this chapter. For complete classification of this Act to the Code, see section 1406m of this title and Tables.

Reference

Citations & Metadata

Citation

48 U.S.C. § 1408a

Title 48, Territories and Insular Possessions

Last Updated

Aug 21, 2026

Release point: 119-102