U.S. Virgin Islands

Decision instrument

The legislature authorizes every bond issue. General-obligation debt may not exceed 10% of the assessed value of taxable real property.

What public act authorizes the borrowing, and where is the purpose and the first-year cost written down? Notes to the financial statements for the year ended September 30, 2022, citing 48 U.S.C. § 1574(b). Revenue bonds for a public improvement have no principal cap in that discussion and are payable only from the revenues of that improvement. Matching-fund bonds under § 1574(a) have no legal limit in the note. These statements are the latest audited set used here. They are not a 2025 report.

Debt statement

No Annual Debt Statement of the New Jersey kind. The attached statements are for the year ended September 30, 2022.

What yearly filing states gross debt, deductions, and how close the issuer is to its limit? Island dollar rows are not attached.

Debt limit

General-obligation indebtedness stops at 10% of the aggregate assessed valuation of taxable real property.

What cap binds a county or a city, and is the state's own ceiling a different rule? The note states that limit and says the legislature must authorize every issue. It does not print the assessed valuation or the unused margin. A municipality has the same 10% limit on its own taxable real property under 48 U.S.C. § 1403. The statements do not apply that percentage to a dollar of assessed value.

Conflict rule

Not attached.

Which ethics statute covers local officers, what counts as an interest, and who is left out? The ethics statute was not opened in this sitting, so no percentage and no ban are copied from another government.

Geography

Three islands. No counties.

What is the county-equivalent, and which cities, schools, and authorities must not be pasted onto that row? Census island codes. Seats are not in the financial statements. Dollar rows stay blank.

Primary money record

General obligation bonds: none are listed in the September 30, 2022 bond table.

Which audited report is the state's own number, and as of what date? The bond table, in thousands, lists gross-receipts revenue bonds of $559,920, tobacco bonds of $8,505, matching-fund securitization bonds of $952,825, federal-aid highway bonds of $62,905, and a tax-increment bond of $9,573. Those add to bonds payable of $1,593,728. Premium of $47,773, minus discount of $234, plus accretion of $13,876, makes the net $1,655,143. A fund description uses the words general obligation for debt issued by the Public Finance Authority. The bond table does not give any outstanding series that label. The two sentences are both printed. They are not combined into a general-obligation balance.

Who pays the coupon

No general-obligation payment is printed, because no general-obligation series is listed.

Which fund, tax, or rate is actually pledged — not which new store might show up later? The note says revenue bonds are payable only from the improvement’s own revenue, and that the government must authorize each issue. A single next-year general-obligation line is not in the table.

Other obligors

The $1.655 billion net bond figure is the total of the revenue and securitization lines. It is not a general-obligation balance.

Which authorities and districts borrow beside the state and must not be added to its total? Matching-fund bonds are the largest piece, $952,825,000. They are limited special obligations in the note’s discussion of that credit. They are not added to a general-obligation number that the statements do not print.

Book-entry wall

Cede & Co., at the Depository Trust Company.

Who is the registered owner on ordinary public paper? Series-level confirmation still waits on that official statement. Beneficial owners stay unnamed.