Bonds of Authority legal investments for public or private funds

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  • The bonds of the Authority shall be lawful investments, and may be accepted as security, for all fiduciary, trust and public funds, the investment or deposit of which shall be under the authority or control of the Government of the Virgin Islands or any officer or officers thereof.
  • Except for the bonds issued pursuant to the provisions of sections 500f and 500g of this chapter, the bonds issued by the Authority shall not constitute an indebtedness of the Government of the Virgin Islands, nor of any of its political subdivisions, and neither the Government of the Virgin Islands, nor any of its political subdivisions, shall be liable therefore, and such bonds shall be payable solely out of those funds pledged for the payment thereof. Bonds issued under the provisions of this chapter, except for the bonds issued pursuant to the provisions of sections 500f and 500g of this chapter, shall recite that neither the Government of the Virgin Islands, nor of any of its political subdivisions, shall be obligated to pay the same and that neither the Government of the Virgin Islands, nor any of its political subdivisions is pledged to the payment of the principal of or interest on such bonds.


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