Subject to the provisions of section 8(b) of the Revised Organic Act of the Virgin Islands, approved July 22, 1954, the Government of the United States Virgin Islands may levy taxes, appropriate funds, incur indebtedness and issue bonds for the purposes of procuring funds to be loaned, appropriated, contributed, or granted, to the University for carrying out its powers, functions and duties under this chapter, for the provision of public improvements and other forms of local governmental cooperation, and for use in connection with any project of the University or otherwise to carry out the purposes of this chapter. Bonds to be issued by such Government pursuant to the provisions of this section shall be issued in the manner and within the limitations prescribed by law for the issuance and authorization of bonds for such purposes.