PUBLIC LAW 94-392—AUG. 19, 1976 ized to use as a public debt transaction the proceeds from the sale of any securities issued under the Second Liberty Bond Act and the purposes for which securities may be issued under that Act are extended to include any purchase of such notes or obligations. The Secretary of the Treasury may at any time sell any of the notes or other obligations acquired by him under this subsection. All redemptions, purchases, and sales by the Secretary of the Treasury of such notes or other obligations shall be treated as public debt transactions of the United States. SEC. 3. Each issue of bonds or other obligations issued under subsection (a) of the first section of this Act shall have priority for payment of principal and interest out of revenues received under section 28(b) of the Revised Organic Act of the Virgin Islands in the order of the date of issue, except that issues guaranteed under section 2 shall have priority, according to the date of issue, over issues not so guaranteed and the revenues received under section 28(b) of the Revised Organic Act of the Virgin Islands shall be pledged for the payment of such bonds or other obligations. SEC. 4. The Secretary is authorized and directed to make grants to the government of the Virgin Islands for operation of such government in an amount not to exceed $8,500,000. SEC. 5. Chapter 44, section 1, of the Act of July 12, 1921 (42 Stat. 123; 48 U.S.C. 1397), is hereby amended by striking the period at the end thereof and inserting in lieu thereof the following language: ": Provided further, That, notwithstanding any other provision of law, the Legislature of the Virgin Islands is authorized to levy a surtax on all taxpayers in an amount not to exceed 10 per centum of their annual income tax obligation to the government of the Virgin Islands.". SEC. 6. There are hereby authorized to be appropriated such sums as may be necessary to carry out the provisions of this Act. Approved August 19, 1976.
LEGISLATIVE HISTORY: HOUSE REPORT No. 94-1080 (Comm. on Interior and Insular Affairs). SENATE REPORT No. 94-1021 (Comm. on Interior and Insular Affairs). CONGRESSIONAL RECORD, Vol. 122 (1976): May 3, considered and passed House. July 26, considered and passed Senate, amended. Aug. 10, House concurred in Senate amendments.
90 STAT. 1195 31 USC 774.
Payment priorities.
48 USC 1574c. 26 USC 7652.
Grants. 48 USC 1574d.
Income, ten per cent surtax levy.
Appropriation authorization. 48 USC 1574a note.
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