(a) The University of the Virgin Islands shall have the power to issue bonds from time to time in its discretion, for any of its corporate purposes or projects including, without limiting the generality of the foregoing, the undertaking of projects aided by the Community Facilities Administration of the Housing and Home Finance Agency or under any other Federal programs, and the planning and construction of one or more dormitories, other housing facilities, dining facilities, health service buildings, gymnasiums, auditoriums or theaters, field houses, stadiums, student union buildings and recreational facilities, and any enlargements or improvements thereto, on any campus of the University, together with the necessary land and equipment. Such bonds may cover any project of the University in connection with any of the foregoing items undertaken prior to the enactment of this title. The University shall also have the power to issue refunding bonds for the purpose of paying or retiring bonds previously issued by it. The University may issue such types of bonds as it may determine, including (without limiting the generality of the foregoing) bonds on which the principal and interest are payable (1) exclusively from the income and revenues of a project financed with the proceeds of such bonds; (2) exclusively from income and revenues of certain designated projects, whether or not they are financed in whole or in part with the proceeds of such bonds; or (3) from its revenues generally.
(b) Any such bonds may be additionally secured by a pledge of any loan, grant, or contribution, or parts thereof, from the Federal Government or other source, or a pledge of any income or revenues of the University of the Virgin Islands, or a mortgage of any project, or part thereof, or other property of the said University.
(c) Neither the Board of Trustees of the University of the Virgin Islands nor any person executing the bonds shall be personally liable on the bonds by reason of the issuance of the bonds.
(d) The bonds and other obligations of the University (and the bonds and obligations shall so state on their face), shall not be a debt of the Virgin Islands (which may be referred to as the “state”) or any political subdivision thereof and neither the Virgin Islands nor any political subdivision thereof shall be liable thereon, nor in any event shall such bonds or obligations be payable out of any funds or properties other than those of the University, and shall not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction.
(e) Bonds of the University are declared to be issued for an essential public and governmental purpose and together with interest thereon and income therefrom, are exempt from all taxes. The provisions of this chapter exempting from taxation the University, its property and its bonds and interest thereon and income therefrom, shall be considered part of the security for the repayment of the bonds and shall constitute, by virtue of this chapter and without necessity of being restated in the bonds, a contract between the bondholders, and each and every one of them, including transferees of said bonds from time to time, on the one hand, and the University of the Virgin Islands on the other.
(f) For all purposes of this chapter, the term “bonds” as used in this chapter shall be deemed to include notes.