bly of the Virgin Islands dealing with any part of the subject matter of this Act and not inconsistent herewith is hereby ratified and confirmed.

SEC. 306. Powers granted herein shall be in addition to and not in derogation of any powers granted by other law to or for the benefit or assistance of any public corporate authority or municipality. Approved July 18, 1950.

PUERTO RICO

[Public Law 745, 75th Cong.; 52 Stat. 1203 48 U.S.C. 911 (1946 ed.)]

AN ACT To authorize the Legislature of Puerto Rico to create public corporate authorities to undertake slum clearance and projects, to provide dwelling accommodation for families of low income, and to issue bonds therefor; to authorize the legislature to provide for financial assistance to such authorities by the government of Puerto Rico and its municipalities and for other purposes

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Legislature of Puerto Rico may create public corporate authorities to undertake slum clearance and projects to provide dwelling accommodations for families of low income.

SEC. 2. The Legislature of Puerto Rico may provide for the appointment and terms of the commissioners of such authorities, and for the powers of such authorities, except that such authorities shall be given no power of taxation, and may authorize the commissioners of such authorities to fix the salaries of employees.

SEC. 3. The legislature may appropriate funds for and may make and authorize any municipality of Puerto Rico to make loans, donations, and conveyances of money or property to such authorities; may make and authorize any municipality of Puerto Rico to make available its facilities and services to such authorities and take other action in aid of slum clearance or low-rent housing; and may, without regard to any Federal Acts restricting the disposition of public property or lands in Puerto Rico, provide for the use by or disposal to such authorities of any public lands or other property held or controlled by the people of Puerto Rico, its municipalities, or other subdivisions.

SEC. 4. The legislature may authorize such authorities to issue bonds or other obligations with such security as the legislature may provide and may provide for the disposition of the proceeds of such bonds and all receipts and revenues of such authorities.

SEC. 5. Such bonds shall not be a debt of Puerto Rico or any municipality, and shall not constitute a public indebtedness within the meaning of section 3 of the Act of Congress approved March 2, 1917, entitled "An Act to provide a civil government for Puerto Rico, and for other purposes", as amended.

SEC. 6. All legislation heretofore enacted by the Legislature of Puerto Rico dealing with the subject matter of this Act and not inconsistent herewith is hereby ratified and confirmed.

Approved June 25, 1938.

VIRGIN ISLANDS

[Public Law 418, 81st Cong.; 63 Stat. 940, 48 U.S.C. 1403]

AN ACT To authorize the government of the Virgin Islands or any municipality thereof to issue bonds and other obligations1

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That to construct, improve, extend, better, repair, reconstruct, acquire, and operate any and all types of public works which shall include, but not be limited to, streets, bridges, wharves, and harbor facilities, sewers and sewagedisposal plants, municipal buildings, schools, libraries, gymnasia and athletic fields, fire houses, electric distribution systems or other work pertaining to electric systems, and other public utilities, including those owned or operated by the Saint Thomas Power Authority, or to clear slums, accomplish urban redevelopment or provide low-rent housing, negotiable general obligation bonds and other obligations may be issued by the government of the Virgin Islands or any municipality thereof: Provided, That no public indebtedness of any municipality thereof shall be incurred in excess of 10 per centum of the aggregate assessed valuation of the taxable real property in such municipality and that no public indebtedness of the government of the Virgin Islands shall be incurred in excess of 10 per centum of the aggregate assessed valuation of the taxable real property in the islands. Bonds issued pursuant to this Act shall bear such date or dates, may be in such denominations, may mature in such amounts and at such time or times, not exceeding thirty years from the date thereof, may be payable at such place or places, may be sold at either public or private sale, may be redeemable (either with or without premium) or nonredeemable, may carry such registration privileges as to either principal and interest, or principal only, and may be executed by such officers and in such manner, as shall be prescribed by the government of the Virgin Islands or of the municipality issuing the bonds. In case any of the officers whose signatures appear on the bonds or coupons shall cease to be such officers before delivery of such bonds, such signature, whether manual or facsimile, shall, nevertheless, be valid and sufficient for all purposes, the same as if such officers had remained in office until such delivery. The bonds so issued shall bear interest at a rate not to exceed 4 per centum per annum, payable semiannually. All such bonds shall be sold for not less than the principal amount thereof plus accrued interest. All bonds issued by the government of the Virgin Islands or any municipality thereof including specifically interest thereon, shall be exempt from taxation by the Government of the United States, or by the government of the

1 The Department of the Interior has construed sec. 8(b) of the Revised Organic Act of the Virgin Islands of 1954 as having terminated the authority of the government of the Virgin Islands to issue general obligation bonds. Public Law 88-180, approved November 19, 1963. 77 Stat. 335, 336, reinstated this authority (which had been granted by Congress in 1949 but omitted from the Revised Organic Act of 1954) to include the construction, reconstruction, repair, acquisition, and equipment of hospitals, schools, libraries, gymnasia, athletic fields, sewers, sewage disposal plants, and water systems. H.R. 1989, which became Public Law 88-180, was amended by the House to exclude from the authority to issue general obligation bonds certain types of projects including slum clearance, urban redevelopment, and low-rent public housing. No attempt was made in the Senate to restore this language.

Virgin Islands or any political subdivision thereof, or by any State, Territory, or possession or by any political subdivision of any State, Territory, or possession, or by the District of Columbia: Provided further, That the government of the Virgin Islands and any municipality thereof shall be obliged to levy and collect sufficient taxes for servicing any of the outstanding bonds, even if such taxation is required at a rate in excess of or in addition to the tax or tax rate of 1.25 per centum of the assessed value which is provided for in section 3 of the Act of May 26, 1936 (49 Stat. 1372).

SEC. 2. The proceeds of the bond issues or other obligations herein authorized shall be expended only for the public improvements set forth in section 1 of this Act, or for the reduction of the debt created by such bond issue or obligation, unless otherwise authorized by the Congress.

SEC. 3. Bonds or other obligations issued pursuant to this Act shall not be a debt of the United States, nor shall the United States be liable thereon.

Approved October 27, 1949.

GUAM

[Public Law 88-171, 77 Stat. 304, 48 U.S.C. 1425a]

AN ACT To permit the government of Guam to authorize a public authority to undertake urban renewal and housing activities

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Legislature of Guam may by law grant to a public corporate authority, existing or to be created by or under such law, powers to undertake urban renewal and housing activities in Guam. Such legislature may by law provide for the appointment, terms of office, or removal of the members of such authority and for the power of such authority, including authority to accept whatever benefits the Federal Government may make available, and to do all things, to exercise any and all powers, and to assume and fulfill any and all obligations, duties, responsibilities, and requirements, including but not limited to those relating to planning or zoning, necessary or desirable for receiving such Federal assistance, except that such authority shall not be given any power of taxation, nor any power to pledge the faith and credit of the territory of Guam for any loan whatever.

SEC. 2. The Legislature of Guam may by law authorize such authority, any provision of the Organic Act of Guam, or any other Act of Congress to the contrary notwithstanding, to borrow money and to issue notes, bonds, and other obligations of such character and maturity, with such security, and in such manner as the legislature may provide. Such notes, bonds, and other obligations shall not be a debt of the United States, or of Guam other than such authority, nor constitute a debt, indebtedness, or the borrowing of money within the meaning of any limitation or restriction on the issuance of notes, bonds, or other obligations contained in any laws of the United States applicable to Guam or to any agency thereof.

SEC. 3. The Legislature of Guam may by law assist such authority by furnishing, or authorizing the furnishing of cash donations, loans, conveyances of real and personal property, facilities, and services, and otherwise, and may by law take other action in aid of urban renewal or housing or related activities.

SEC. 4. Each and every part of Public Law 6-135, approved December 18, 1962, heretofore enacted by the Legislature of Guam dealing with any part of the subject matter of this Act and not inconsistent herewith is ratified and confirmed.

SEC. 5. Powers granted herein shall be in addition to, and not in derogation of, any powers granted by other law to, or for the benefit or assistance of, any public corporate authority. Approved November 4, 1963.