Declaration by Authority

  1. Law
  2. US Virgin Islands Code
  3. Homesteads and Home Loans
  4. Home Owners Construction and Mortgage Assistance
  5. Declaration by Authority

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  • Prior to or contemporaneous with the issuance of bonds or notes pursuant to this chapter, the Authority shall have found and determined by declaration that the findings of the Legislature as set forth in subsections (a) through (d) of section 101 of this chapter continue to exist and that the issuance of bonds or notes is intended to ameliorate such conditions. The declaration shall include such other information as the Authority may deem appropriate including, but not limited to, the following:

    • (a) the qualifications and limitations on loans and mortgage loans to be financed with the proceeds of the bonds or notes and the manner, means and schedule of financing same, and the transferring, holding, insuring and collecting same:

    • (b) any other uses of the proceeds permitted by this chapter; and

    • (c) the qualifications of borrowers and buyers with respect to eligibility to receive mortgage loans and of the institutions with respect to originating and servicing loans, and the manner and time for receiving, processing, and accepting or rejecting applications for loans.


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