Default

  1. Law
  2. US Virgin Islands Code
  3. Public Planning and Development
  4. Tax Incremental Financing
  5. Default

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  • If there is a default in the payment of the principal of or interest on any TIF bonds of a series after the principal or interest becomes due and payable, whether at maturity or upon call for redemption, or if the PFA or the Government of the Virgin Islands fails or refuses to carry out and perform the terms of any agreement with the holders of any of the TIF bonds; then the holders of the TIF bonds, or the trustee appointed to act on behalf of the holders, may, subject to the provisions of the financing documents, do the following:

    • (a) By action, writ, or other proceeding enforce all rights of the holders of the TIF bonds, including the right to require the PFA to carry out and perform the terms of any agreement with the holders of the TIF bonds or its duties under this chapter;

    • (b) By action, petition to enjoin any acts or things that may be unlawful or in violation of the rights of the holders of the TIF bonds; and

    • (c) Declare all TIF bonds due and payable, whether or not in advance of maturity and, if all the defaults be made good, annul the declaration and its consequences.


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