Priority for payment of principal and interest of revenue bonds or other obligations

  1. Law
  2. USC 48
  3. Territories And Insular Possessions
  4. VIRGIN ISLANDS 1954
  5. LEGISLATIVE BRANCH
  6. Priority for payment of principal and interest of revenue bonds or other obligations

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§1574c. Priority for payment of principal and interest of revenue bonds or other obligations

Each issue of bonds or other obligations issued under subsection (a) of section 1574a of this title shall have a parity lien with every other issue of bonds or other obligations issued for payment of principal and interest out of revenues received under section 7652(b)(3) of title 26, except that issues guaranteed under section 1574b of this title shall have priority, according to the date of issue, over issues not so guaranteed and the revenues received under section 7652(b)(3) of title 26 shall be pledged for the payment of such bonds or other obligations.

( Pub. L. 94–392, §3, Aug. 19, 1976, 90 Stat. 1195 ; Pub. L. 105–83, title I, §124(a), Nov. 14, 1997, 111 Stat. 1567 .)

Codification

"Section 7652(b)(3) of title 26" substituted in text for "section 28(b) of the Revised Organic Act of the Virgin Islands [68 Stat. 508]", which was classified to section 3350(c) of former Title 26, Internal Revenue Code, on authority of section 7852(b) of Title 26, Internal Revenue Code, which provided that any reference in any other law to a provision of the Internal Revenue Code of 1939 be deemed a reference to the corresponding provision of the Internal Revenue Code of 1986.

Section was not enacted as part of the Revised Organic Act of the Virgin Islands which comprises this chapter.

Amendments

1997-Pub. L. 105–83 substituted "a parity lien with every other issue of bonds or other obligations issued for payment" for "priority for payment" and struck out "in the order of the date of issue" before ", except that".

Effective Date of 1997 Amendment

Pub. L. 105–83, title I, §124(b), Nov. 14, 1997, 111 Stat. 1567 , provided that: "The amendments made by subsection (a) [amending this section] shall apply to obligations issued on or after the date of enactment of this section [Nov. 14, 1997]."


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