H.R. 2841 (ih) 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. [Introduced in House] ...

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        H.R.2841

                       One Hundred Sixth Congress

                                 of the

                        United States of America


                          AT THE FIRST SESSION

         Begun and held at the City of Washington on Wednesday,
   the sixth day of January, one thousand nine hundred and ninety-nine


                                 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    the Virgin Islands (48 U.S.C. 1574(b)(ii)(B)) is repealed.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).

                               Speaker of the House of Representatives.

                            Vice President of the United States and    
                                               President of the Senate.

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