(a) An adequate supply of water and electric power is essential to the public welfare and the economic health of the Virgin Islands.
(b) Acute, severe and chronic water and electric power supply problems afflict the Virgin Islands.
(c) The inadequacy of existing water and electric power systems in the Virgin Islands constitutes a menace to the health and safety of its people and is inimical to its economic growth.
(d) The development, acquisition, construction, improvement, reconstruction, enlargement, extension, operation, repair, maintenance and use of water and electric power systems in the Virgin Islands is necessary to assure adequate water and electric power supplies and will protect the public health and safety and promote the public interest by economic development of the Virgin Islands.
(e) The powers conferred by this chapter are for public uses and purposes and are proper governmental functions for which public money may be expended, private property may be acquired, by eminent domain or otherwise, and bonds or other obligations may be issued pursuant to section 8(b) of the Revised Organic Act of the Virgin Islands, as amended, or any other such authority as may hereafter be conferred by Federal law.
(f) The provisions enacted by this chapter are hereby declared to be necessary in the public interest, and the facilities herein authorized are declared to be public improvements and public undertakings.