(a) Subject to any contractual limitations binding upon the holders of any issue of bonds, or trustees therefor including, but not limited to the restriction of the exercise of any remedy to a specified proportion or percentage of such holders, any holder of bonds, or trustee therefor, shall have the right and power, for the equal benefit and protection of all holders of bonds similarly situated, to exercise such remedies and take such other actions to protect or preserve its rights with respect to any issue of bonds as shall be set forth in the related resolution, trust indenture or other contractual commitment authorizing the issuance of the bonds including, but not limited to the following:
(1) by mandamus or other suit, action, or proceeding at law or in equity to compel the Authority and its Board, officers, agents or employees to perform and carry out its and their duties and obligations under this chapter and its and their covenants and agreements with bondholders;
(2) by action or suit in equity to require the Authority and the Board thereof to account as if they were the trustees of an express trust;
(3) to declare the bonds immediately due and payable;
(4) by action or suit in equity to enjoin any acts or things which may be unlawful or in violation of the rights of the bondholders; and
(5) to bring suit upon the bonds.
(b) The faith and credit of the Government of the Virgin Islands shall not be pledged for the payment of the principal and interest of the bonds, and there shall be on the face of each bond a statement plainly worded to that effect. The Authority has no taxing power and its obligations are not debts of the Government of the Virgin Islands or any political subdivision of the Virgin Islands. No holder of the bonds shall have the right to compel any exercise of the taxing power of the Government of the Virgin Islands to pay the principal of or interest on the bonds.
(c) The Government of the Virgin Islands does hereby pledge to, contract and agree with, any person, firm or corporation, or any federal, Virgin Islands or state agency, subscribing to or acquiring bonds of the Authority issued for the purposes of this chapter, that it obligates itself not to limit or alter the rights or powers hereby vested in the Authority to fulfill the terms of any agreements made with the holders of the bonds, or in any way impair the rights or remedies of such bondholders until all such bonds at any time issued, together with interest thereon, are fully met and discharged.
(d) The bonds are hereby made securities in which all public officers and bodies of the Virgin Islands and all agencies, instrumentalities, commissions, authorities, and political subdivisions thereof, all insurance companies and associations and other persons carrying on an insurance business, and all banks, bankers, trust companies, savings banks and savings associations, including savings and loan associations, building and loan associations, investment companies and other persons carrying on a banking business, and all other persons whatsoever who are now or may hereafter be authorized to invest in bonds or other obligations of the Authority, may properly and legally invest funds including capital in their control or belonging to them.
(e) The bonds are also hereby made securities which may be deposited with and shall be received by all public officers and bodies of the Virgin Islands and all agencies, instrumentalities, commissions, authorities, and political subdivisions thereof, for any purpose for which the deposit of bonds or other obligations of the Authority is now or may hereafter be authorized.