To amend the Revised Organic Act of the Virgin Islands to provide for greater fiscal autonomy consistent with other United States jurisdictions, and for other purposes.
Latest Action
Became Public Law No: 106-84.
Official Summary
Amends the Revised Organic Act of the Virgin Islands to authorize the Virgin Islands legislature to issue notes in anticipation of the collection of taxes or revenues as it may deem necessary and advisable for any public purpose authorized by it (thereby expanding the current list of authorized construction projects).Authorizes the Secretary of the Interior to enter into an agreement with the Governor of the Virgin Islands establishing mutually agreed financial accountability and performance standards for fiscal operations of the Government of the Virgin Islands. Requires such agreement to be ratified by both parties of the legislature and forwarded to Congress.
GovScope Watchdog™
AI Government Intelligence™This law amends the Revised Organic Act of the Virgin Islands to provide the Virgin Islands legislature with expanded fiscal autonomy, including the authority to issue notes in anticipation of tax or revenue collection for any authorized public purpose. It also authorizes the Secretary of the Interior to enter into an agreement with the Governor of the Virgin Islands to establish financial accountability and performance standards for the territory's fiscal operations. Such agreements require ratification by both legislative bodies of the Virgin Islands and must be forwarded to Congress.
The law enhances the Virgin Islands' fiscal autonomy and establishes a framework for financial accountability between the territory and the federal government.
- Expands the Virgin Islands legislature's authority to issue notes backed by anticipated tax or revenue collections for any public purpose it authorizes.
- Authorizes the Secretary of the Interior to negotiate financial accountability and performance standards agreements with the Virgin Islands Governor.
- Requires ratification of these agreements by both houses of the Virgin Islands legislature and submission to Congress.
['Government of the Virgin Islands, including its legislature and executive branch', 'Residents of the Virgin Islands who may benefit from improved fiscal management and expanded public projects', 'U.S. Department of the Interior, which gains a formal role in overseeing fiscal accountability']
['Implementation challenges in establishing and enforcing mutually agreed financial accountability standards', 'Potential fiscal risks associated with the expanded authority to issue notes based on anticipated revenues', 'Oversight complexity due to the requirement of ratification by both legislative bodies and federal review']
The bill was introduced and passed during the 106th Congress and was signed into law on October 28, 1999. It reflects ongoing efforts to provide U.S. territories like the Virgin Islands with fiscal tools and governance structures more consistent with those of states and other jurisdictions, while maintaining federal oversight through the Department of the Interior.
Hidden impact flags detected: 2
GovScope reviewed 2 policy-risk categories. Hover for a quick definition. Click detected flags for bill-specific details.
['Potential improvement in fiscal discipline and transparency in the Virgin Islands due to formalized accountability agreements.', 'Increased ability for the Virgin Islands to finance public projects through note issuance, possibly stimulating local economic development.', 'Possible delays or complications in fiscal operations due to the need for legislative ratification and federal oversight.']
Transparency and oversight are critical given the expanded fiscal authority granted to the Virgin Islands legislature. Monitoring the implementation of financial accountability agreements and the use of note issuance authority will be important to ensure fiscal responsibility and prevent potential budgetary risks. The multi-layered approval process involving local legislature and Congress may affect the timeliness and effectiveness of fiscal management.
GovScope Intelligence Roadmap
Future bill intelligence will connect sponsors, committee referrals, related votes, campaign finance, disclosures, and stock trades into one legislative intelligence view.