provisions of Public Law 93-435 (88 Stat. 1210)48 USC 1705 et seq. is hereby transferred to the Virgin Islands government.”.
(b) The General Services Administration shall release from the mortgage dated January 26, 1972, given by the government of the Virgin Islands to the Administrator of the General Services Administration, approximately ten acres of such mortgaged land for construction of the proposed Saint Croix armory upon payment by the government of the Virgin Islands of the outstanding principal due on such ten acres.
Sec. 402.Water Island property. No extension, renewal, or renegotiation of the lease of real property on Water Island in the Virgin Islands to which the United States is a party may be entered into before 1992 unless such extension, renewal, or renegotiation is specifically approved by Act of Congress.
Sec. 403. (a) Subsection 28(a) of the Revised Organic Act of the Virgin Islands48 USC 1642. is amended by inserting after the words “and naturalization fees collected in the Virgin Islands,” the following: “(less the cost of collecting such duties, taxes and fees as may be directly attributable (as certified by the Comptroller of the Virgin Islands) to the importation of petroleum products until January 1, 1982: Provided, That any other retained costs not heretofore remitted pursuant to the Act of August 18, 1978,92 Stat. 487. shall be immediately remitted to the Treasury of the Virgin Islands notwithstanding any other provision of law).”
(b)Repeal. The paragraph entitled “U.S. Customs Service” involving the collection of customs duties in the Virgin Islands in the Act of July 25, 1979,93 Stat. 122.
48 USC 1642a. is hereby repealed.
Sec. 404. Subsection (d) of section 4 of Public Law 95-348 (92 Stat. 487, 491)48 USC 1641 note. is hereby repealed.
Sec. 405.Excise taxes.
48 USC 1574 note. Any excise taxes levied by the Legislature of the Virgin Islands may be levied and collected as the Legislature of the Virgin Islands may direct as soon as the articles, goods, merchandise, and commodities subject to said tax are brought into the Virgin Islands.
Sec. 406.District Court Building property, transfer. Not later than two years after the date of enactment of this Act, the Administrator of the General Services Administration shall convey, without consideration, all right, title, and interest of the United States in and to the property known as the former District Court Building (including the parcel of land upon which said building is located), 48 B Norre Gade, St. Thomas, Virgin Islands, to the Government of the Virgin Islands.
Sec. 407.Bonds, insurance. Subsection (f) of section 2 of the Act entitled “An Act to authorize the government of the Virgin Islands to issue bonds in anticipation of revenue receipts and to authorize the guarantee of such bonds by the United States under specified conditions, and for other purposes” (90 Stat. 1193; Public Law 94-392; 48 U.S.C. 1574b) is amended by striking out the last sentence and inserting in lieu thereof the following language: “No commitment to guarantee may be issued by the Secretary, and no guaranteed but unobligated funds may be obligated by the government of the Virgin Islands after October 1, 1984. After October 1, 1984, any unobligated proceeds of bonds or other obligations issued by the government of the Virgin Islands pursuant to this section shall be repaid immediately by the government of the Virgin Islands to the lenders with the agreed upon interest. Should there be any delay in the government of the Virgin Islands’ making such repayment, the Secretary shall deduct the requisite amounts from moneys under his control that would otherwise be paid to the government of the Virgin Islands under section 28(b) of the Revised Organic Act of the Virgin Islands.26 USC 7652.”.
