(a) Make and enter into any and all agreements and covenants with the trustee or the holders of the TIF bonds that PFA may determine to be necessary or desirable including, without limitation, covenants and agreement as to.
(1) the application, investment, deposit, use and disposition of the proceeds of TIF bonds and the other movies, securities, and property;
(2) the assignment by PFA of its rights in any agreement;
(3) terms and conditions upon which additional TIF bonds of the Authority may be issued by the PFA; but the term of any TIF bonds may not exceed 30 years from the date of issuance;
(4) providing for the appointment of a trustee to act on behalf of bondholders to appoint a trustee; and
(5) vesting in a trustee, for the benefit of the holders of TIF bonds, or in the bondholders directly, such rights and remedies as PFA determines.
(b) Pledge, mortgage or assign monies agreements, property or other assets of the Authority or the Government of the Virgin Islands, either presently in hand or to be received in the future, or both.
(c) Provide for bond issuance and letters of credit, or otherwise enhance the credit of and security for the payment of its TIF bonds; and
(d) Provide for any other matters of like or different character that in any way affects the security for or payment of the TIF bonds.
(1) Pursuant to authority granted in section 8(b) of the Revised Organic Act of the Virgin Islands the TIF bonds issued by the PFA under this chapter are exempt as to principal and interest from the taxation by the Government of the Virgin Islands.
(2)
(A) The Government of the Virgin Islands pledges to contract and agree with the holders of any TIF bonds issued pursuant to this chapter that, subject to the provisions of the financing documents, the Government of the Virgin Islands will not limit or alter the basis upon which available gross receipt taxes are received, allocated, applied and pledged pursuant to this chapter; will not impair the contractual obligations of the PFA to fulfill the terms of any agreement made with the holders of the TIF bonds, will not in any way impair the rights or remedies of the holders, and will not in any way the exemptions from taxation provided for in this chapter, until the TIF bonds and the interest on the TIF bonds, with interest on any unpaid installment of interest and all costs and expenses in connection with any suit, action or proceeding by or on behalf of the holders, are fully met and discharged.
(B) The PFA is shall [sic] include this pledge and agreement of the Government of the Virgin Islands as part of the contract with the holders of any of its bonds. This chapter constitutes a contract between the Government of the Virgin Islands and the holders of the TIF bonds authorized by this chapter.
(C) To the extent that any acts or resolutions of the Authority may be in conflict with this chapter, this chapter is controlling.
(e) Any pledge made by the PFA in respect of its TIF bonds is valid and binding from the time the pledge is made. The money or property so pledged and thereafter received is immediately subject to the lien of the pledge without physical delivery or further act, and the lien of the pledge is valid and binding as against all parties having any claim of any kind in tort, contract or otherwise against PFA irrespective of whether the parties have notice. Neither the resolution, trust agreement, nor any other instrument by which a pledge is created is required to be recorded or filed under the provisions of the Uniform Commercial Code to be valid, binding, and effective against the parties.
(f) Not later than July 1 of each year that TIF bonds are outstanding, the Authority shall submit a report to the Board of the Authority and the Legislature of the Virgin Islands with respect to the operations, finances and achievement of the economic development objectives of the projects approved under this chapter. The Authority shall review and evaluate the progress of each eligible project and devise and employ techniques for forecasting and measuring relevant indices of accomplishment of its goals of economic development, including, but not limited to:
(1) the actual expenditures compared to original estimated costs;
(2) whether there have been significant cost increases over the original estimates;
(3) the number of jobs created, or to be created, by or as a result of the eligible project;
(4) the cost or estimated cost, to the Authority, involved in the creation of those jobs;
(5) the amount of private capital investment in, or stimulated by the project, in proportion to the public funds invested in such project;
(6) the number of additional businesses created and associated jobs; and
(7) any impact on tourism.
(g) Not later than July 1 of each year that TIF bonds are outstanding, the Authority shall obtain an independent financial status report on each project approved under this chapter. The independent financial analysis must include, but not be limited to, determinations as to whether the incremental real property taxes and gross receipts taxes actually generated by the project are equal to the estimates made at the time the eligible project was approved, whether the project employment statistics are equal to the projected estimates, whether the eligible project is economically viable and whether the TIF bonds issued are self-sustaining with the real property tax increment revenues actually collected and other financing sources dedicated to repayment of the TIF bonds. The Authority may require the development sponsor to reimburse the Authority for the costs of the annual analyses. The Authority shall make the results of the analyses available to the Legislature.