[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2841 Engrossed in House (EH)]


  1st Session

                               H. R. 2841

_______________________________________________________________________

                                 AN ACT

 To amend the Revised Organic Act of the Virgin Islands to provide for 
      greater fiscal autonomy consistent with other United States 
                 jurisdictions, and for other purposes.
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
106th CONGRESS
  1st Session
                                H. R. 2841

_______________________________________________________________________

                                 AN ACT


 
 To amend the Revised Organic Act of the Virgin Islands to provide for 
      greater fiscal autonomy consistent with other United States 
                 jurisdictions, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. GREATER FISCAL AUTONOMY.

    (a) Issuance.--Section 8(b)(ii)(A) of the Revised Organic Act of 
the Virgin Islands (48 U.S.C. 1574(b)(ii)(A)) is amended--
            (1) in the first sentence, by inserting after ``other 
        evidence of indebtedness'' the following: ``, including but not 
        limited to notes in anticipation of the collection of taxes or 
        revenues, '';
            (2) by striking ``to construct, improve, extend'' and all 
        that follows through ``Provided, That no public'' and inserting 
        ``for any public purpose authorized by the legislature: 
        Provided, That no such''; and
            (3) by striking ``and payable semiannually. All such bonds 
        shall be sold for not less than the principal amount thereof 
        plus accrued interest''.
    (b) Technical Corrections and Conforming Amendments.--
            (1) Repeal.--Section 8(b)(ii)(B) of the Revised Organic Act 
        of the Virgin Islands (48 U.S.C. 1574(b)(ii)(B)) is repealed.
            (2) Redesignation.--Section 8(b)(ii)(C) of the Revised 
        Organic Act of the Virgin Islands (48 U.S.C. 1574(b)(ii)(C)) is 
        redesignated as section 8(b)(ii)(B).
            (3) Redundant provision.--Section 1 of Public Law 94-392 
        (90 Stat. 1193) is amended by striking subsection (d).

SEC. 2. AGREEMENT.

    (a) In General.--The Secretary of the Interior is authorized to 
enter into an agreement with the Governor of the Virgin Islands 
establishing mutually agreed financial accountability and performance 
standards for the fiscal operations of the Government of the Virgin 
Islands.
    (b) Transmission to Congress.--Upon ratification of the agreement 
authorized in subsection (a) by both parties, the Secretary shall 
forward a copy of the agreement to the Committee on Resources in the 
House of Representatives and the Committee on Energy and Natural 
Resources in the Senate.

SEC. 3. EFFECTIVE DATES.

    (a) In General.--Except as provided by subsection (b), the 
amendments made by section 1 shall apply to those instruments of 
indebtedness issued by the Government of the Virgin Islands after the 
date of the enactment of this Act.
    (b) Effect of Failure To Reach Agreement.--If the agreement 
authorized in section 2(a) is not ratified by both parties on or before 
December 31, 1999, the amendments made by section 1--
            (A) shall not apply to instruments of indebtedness issued 
        by the Government of the Virgin Islands on or after December 
        31, 1999; and
            (B) shall continue to apply to those instruments of 
        indebtedness issued by the Government of the Virgin Islands 
        after the date of the enactment of this Act and before December 
        31, 1999.

SEC. 4. CONSTRUCTION.

    These amendments to the Revised Organic Act of the Virgin Islands 
are not intended to modify the internal revenue laws. Thus, the bonds 
authorized by this bill must comply with subsection (c) of section 149 
of the Internal Revenue Code of 1986 (which requires the new bonds 
comply with the appropriate requirements of the Internal Revenue Code).

            Passed the House of Representatives September 27, 1999.

            Attest:

                                                                 Clerk.