(a) Pursuant to the authority of the Government of the Virgin Islands under section 8(b)(i) of the Revised Organic Act of the Virgin Islands, as amended, the Corporation is hereby granted the power to issue and sell bonds from time to time and have outstanding at any one time, exclusive of bonds issued solely for the purpose of exchanging or refunding the same in return for the cancellation of bonds either issued by the Corporation or assumed by it, bonds not in excess of five million ($5,000,000) dollars, in aggregate principal amount; provided, however, that refunding of the issue, solely for the purpose of applying the proceeds thereof to the payment for, or purchase of, bonds issued by the Corporation or assumed by it, shall not be included in computing any such limitation.
(b) Payment of the bonds of the Corporation may be secured by a pledge, lien or mortgage on all or any part of its properties, contracts, fees, revenues, other income or bond proceeds to which the rights of the Corporation then exist or may thereafter come into existence or by pledge of or lien on any loan, grant, or contribution, or parts thereof from any Federal agency, the Government of the Virgin Islands, or any other source. It is the intention hereof that any such pledge, lien or mortgage of revenues or other monies or profits, or of a revenue-producing contract or contracts made by the Corporation shall be valid and binding from the time when the pledge, lien or mortgage is made; that the revenues, or properties, or other monies or proceeds of any contract or contracts so pledged and thereafter received by the Corporation shall immediately be subject to the lien of such pledge, lien or mortgage without any physical delivery thereof or further act; and that the lien of any such pledge, lien or mortgage shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the Corporation irrespective of whether such parties have notice thereof. Neither the resolution nor any other instrument by which a pledge, lien or mortgage is created need be recorded.
(c) In accordance with section 8(b) of the Revised Organic Act of the Virgin Islands, as amended, the bonds of the Corporation shall be exempt as to principal and interest from taxation by the Government of the United States, or by the Government of the Virgin Islands, or by any state, territory, or possession, or by any political subdivision of any state, territory or possession, or by the District of Columbia.
(d) Bonds of the Corporation shall be authorized by resolution or resolutions of the Board, and shall comply with all pertinent provisions of the Revised Organic Act of the Virgin Islands, as amended, or such other provisions of applicable Federal law as may be in effect at the time. Except as otherwise provided for by said act or other Federal law, bonds of the Corporation may be issued from time to time, in one or more series and shall bear such date or dates, mature in such amounts and at such time or times, bear interest at such rate or rates, payable semi-annually, be in such denomination or denominations, be in such form, either coupon or registered, carry such conversion or registration privileges, have such rank or priority, be executed by such members of the Board of Directors or officers of the Corporation in such manner, be payable in such medium of payment, at such place or places, may be declared or become due at such time before the maturity date thereof, may be authenticated in such manner and upon compliance with such conditions, and may contain such other terms and covenants as such resolutions or its trust indenture may provide.
(e) The bonds shall be sold in such manner as permitted by the Revised Organic Act of the Virgin Islands, as amended, or other applicable Federal law, at such price as the Corporation may determine.
(f) In case any of the members of the Board of Directors or officers of the Corporation whose signatures appear on any bonds or coupons shall cease to be such members or officers before the delivery of such bonds, such signatures shall, nevertheless, be valid sufficient for all purposes, the same as if such members or officers had remained in office until such delivery. Any provision of any law to the contrary notwithstanding, any bonds issued by the Corporation pursuant to this chapter shall be negotiable for all purposes, subject to the provisions of bonds for registration.
(g) Neither the members of the Board of Directors of the Corporation nor any person executing the bonds shall be liable personally on the bonds or be subject to any liability by reason of the issuance thereof.
(h) In any suit, action or proceeding involving the validity or enforceability of any bond of the Corporation or the security thereof, any such bond reciting in substance that it has been issued by the Corporation to aid in financing an industrial park project as defined in this chapter, shall be conclusively deemed to have been issued for such purpose and the project shall be conclusively deemed to have been undertaken, constructed or acquired in accordance with the provisions of this chapter.
(i) The Corporation shall have power from time to time and whenever it deems refunding expedient, to refund any bonds by the issuance of new bonds, whether the bonds to be refunded have or have not matured, and may issue bonds partly to refund bonds then outstanding and partly for any other purpose hereinabove described. The refunding bonds may be exchanged for the bonds to be refunded, with such cash adjustments as may be agreed, or may be sold and the proceeds applied to the purchase or redemption of the bonds to be refunded.
(j) Except as may otherwise be expressly provided by the Corporation, the bonds of every issue shall be special obligations of the Corporation payable solely from revenues derived from the leasing, sale or other disposition of an industrial park project or moneys received pursuant to a loan agreement, subject only to any agreements with holders of particular bonds pledging any particular moneys or revenues.