(a) It is declared to be in the public interest and necessary for the promotion and protection of the public welfare, that in the employment of persons by private contractors for public works projects with the Government of the Virgin Islands that preference be given to occupationally qualified residents of the Virgin Islands.
(b) For the purposes of this subchapter:
(1) “resident” shall mean a person who:
(A) is a citizen of the United States and or other person legally admitted as a permanent resident to the United States; and
(B) has been a bona fide resident of the Virgin Islands for a period of at least one (1) year.
(2) “public works project” includes any project involving the construction, improvement, alteration, or repair of any building, water system, sewer system, road, highway, or bridge paid for with money from the Treasury of the Virgin Islands.
(3) “Government of the Virgin Islands” include its agencies and instrumentalities, including those agencies listed under Title 1, section 253, subsection (b), Virgin Islands Code, and specifically includes the Virgin Islands Water and Power Authority, the Virgin Islands Housing Authority, the Virgin Islands Port Authority, and University of the Virgin Islands, the Virgin Islands Housing Finance Authority and the Public Works Acceleration Authority.