Pub. L. 105-83, tit. I, sec. 124

Sec. 124. (a) Priority of Bonds.—Section 3 of Public Law 94–392 (90 Stat. 1193, 1195) is amended— (1) by striking “priority for payment” and inserting “a parity lien with every other issue of bonds or other obligations issued for payment”; and (2) by striking “in the order of the date of issue”. (b) Application.—The amendments made by subsection (a) shall apply to obligations issued on or after the date of enactment of this section. (c) Short Term Borrowing.—Section 1 of Public Law 94392 (90 Stat. 1193) is amended by adding the following new subsection at the end: “(d) The legislature of the Government of the Virgin Islands may cause to be issued notes in anticipation of the collection of the taxes and revenues for the current fiscal year. Such notes shall mature and be paid within one year from the date they are issued. No extension of such notes shall be valid and no additional notes shall be issued under this section until all notes issued during a preceding year shall have been paid.”.