The Legislature of the Virgin Islands hereby finds and declares that due to a general decline in investor acceptance of securities of the Government of the Virgin Islands, a need exists for the creation of a public corporation as a government instrumentality having full powers to borrow money and issue its bonds and notes for the purpose of raising capital for essential public projects and creating programs which will serve the financing needs of the Virgin Islands over the next several decades, and to encourage economic development through the issuance of special obligations issued to finance a project for the benefit of private parties which special obligations are payable out of the revenues generated by the involved project and/or payable to the Authority by said private party. It is further declared that such purpose is a public purpose in all respects for the benefit of the Virgin Islands.