(a) To facilitate the improvement of community services and enhance the health and welfare of citizens of the Nation and of the Virgin Islands, and to obtain assistance in the form of loans and/or grants under the various Federal programs, especially the Public Facility Loans Program (Public Law 345, 84th Congress, as amended) which provides loan funds for certain basic public works for which funds cannot be obtained from other sources on reasonable terms, and the Public Works Acceleration Program (Public Law 87–658, 87th Congress, 2nd Session) which provides grants for needed public works projects in areas which suffer from persistent and chronic unemployment and economic underdevelopment, the Legislature of the Virgin Islands declares the following provisions of this chapter.
(b) The Legislature finds that there exists in the Virgin Islands an immediate need for the development of the Virgin Islands area through the acceleration of public works projects in order to help the community through improvement of its facilities to become more conducive to industrial development and a better place in which to live and work.
(c) It is the policy of the Government of the Virgin Islands to attack the problem of underdevelopment of this area by undertaking a program of acceleration of public works projects and to join in the national policy and program expressed in the Public Acceleration Act and the Public Facility Loans Program.
(d) The provisions enacted in this chapter are hereby declared to be necessary in the public interest.