(a) The Government of the Virgin Islands hereby declares that the welfare of the Virgin Islands and the improvement of the health and living standards of its people require that public use and development of park and beach areas be facilitated by the establishment of a public agency to plan and execute a continuing constructive program in this field of community recreation.
(b) For the purpose of acquiring, improving and operating parks and beaches, the Magens Bay Authority which is established by section 295 of Title 3 is hereby declared to constitute a corporate instrumentality of the Government of the United States Virgin Islands.