(a) The amount of debt of the Government of the Virgin Islands existing on October 1, 2000 shall be the debt limit of the Government of the Virgin Islands, exclusive of bond principal and interest that may become due. The debt limit shall not include bonds authorized by law for which a specific source of revenue is identified and committed to retiring those bonds.
(b) This section shall be effective for the fiscal year commencing on October 1, 2001 and for each fiscal year thereafter.
(c) The provisions of subsection (a) of this section may be suspended by the governor during times of emergency.