48-U.S.C.-1574C
§1574C – Priority For Payment of Principal and Interest of Revenue Bonds Or Other Obligations
Pathway
Title 48 > Chapter 12 > Subchapter III > Section 1574c
Details
- Reference: Section 1574c
- Legend: §1574C – Priority For Payment of Principal and Interest of Revenue Bonds Or Other Obligations
- USCode Year: 2013
Provision Content
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].
U.S. Encyclopedia of Law Coverage
48-U.S.C.-1574-1 in the Legal Encyclopedia: Territories
In this entry about 48-U.S.C.-1574-1, find legal reference material, bibliographies and premiere content related to territories in the American Encyclopedia of Law, presenting a comprehensive view of the United States territories-specific issues, written by authorities in the field.
Subchapter I – General Provisions in the Legal Encyclopedia: Virgin Islands
In this entry about Subchapter I – General Provisions, find legal reference material, bibliographies and premiere content related to virgin islands in the American Encyclopedia of Law, presenting a comprehensive view of the United States virgin islands-specific issues, written by authorities in the field.
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