(a) The Virgin Islands Housing Authority is hereby granted the power and authority to enter into a contractual agreement with a licensed bonding agency for the purpose of providing bonding or insurance coverage for its law enforcement officers.
(b) In the event that a commissioner or officer of the Authority whose signature on any bond(s) shall cease to be a commissioner or officer before the delivery of the bonds, their signatures shall be valid and sufficient for all purposes, the same as if the commissioner or officer had remained in office until such delivery.
(c) The Authority may legally invest any monies or funds belonging to them or within their control to secure the purchase of bonds or insurance for coverage of its law enforcement officers.