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.
Public Law 94-392 · H.R. 13359 · 94th Congress · began in the House
Signed by Gerald Ford (R) on Aug 19, 1976 · Government Operations and Politics
Sponsor: Rep. Ron de Lugo (D-VI)
Cosponsors (13): Rep. Phillip Burton, Rep. Donald Clausen,
Passage votes
- HouseMethod not stated
- SenateMethod not stated
Data notes
The final version of the law, as each chamber passed it. A chamber that passed it by voice vote or unanimous consent has no count. “Method not stated” means the record does not say how the chamber voted. Where the record has a member-by-member vote, the “Who voted for it” section shows who voted yea.
Summary
The Congressional Research Service’s plain-language summary of what the law does.
Authorizes the legislature of the government of the Virgin Islands to issue bonds or other obligations. Permits the government of the Virgin Islands to apply to the Secretary of the Interior for a guarantee of any issue of bonds or obligations authorized to be issued under this Act.
Authorizes the Secretary to enter into commitments to guarantee payment of principal and interest on bonds and obligations issued by the government of the Virgin Islands.
Establishes a revolving fund in the Treasury for the purpose of this Act. Authorizes the Secretary of the Interior to borrow from the Treasury in the event of default on a guaranteed obligation.
Requires bonds issued under this Act to have priority on revenues received.
Authorizes the Secretary to make grants to the government of the Virgin Islands for operation of such government in an amount not to exceed $8,500,000.
Permits the legislature of the Virgin Islands to levy a surtax on all taxpayers not to exceed ten percent of their annual income tax obligation.
Authorizes to be appropriated such sums as may be necessary to carry out this Act.
Committees
The committees the bill was sent to, and what each did with it.
Data notes
A committee links to its page only where it exists in the current Congress; older and renamed committees are named without a link.
Timeline
From introduction to signing, newest first: the committees, the floor and the president. 14 actions.
- Aug 19, 1976Became lawBecame law · Signed by President.
- PresidentPresident · Public law 94-392.
- Aug 11, 1976PresidentPresident · Measure presented to President.
- PresidentPresident · Measure enrolled in Senate.
- PresidentPresident · Measure enrolled in House.
- Aug 10, 1976Resolving differencesResolving differences · House agreed to Senate amendment.
- Jul 26, 1976FloorFloor · Measure passed Senate, amended.
- Jun 30, 1976CommitteeCommittee · Reported by Senate Energy and Natural Resources Committee
- May 4, 1976CommitteeCommittee · Referred to Senate Energy and Natural Resources Committee
- May 3, 1976FloorFloor · Measure passed House.
- FloorFloor · Measure called up under motion to suspend rules and pass in House.
- Apr 30, 1976CommitteeCommittee · Reported by House Natural Resources Committee
- Apr 28, 1976CommitteeCommittee · Referred to House Natural Resources Committee
- IntroducedIntroduced · Introduced in the House
Data notes
Shows the introduction, each committee and subcommittee step the source dates (referral, hearings, markup, report, discharge), and the floor, conference, presidential and became-law steps. Calendar placements, messages between the chambers, amendments and committee report numbers are not shown for laws before the 108th Congress. Two entries the source lists twice are shown once.
Official record
The bill’s full text and every action, including introduction and committee steps, are on Congress.gov. Data through Oct 7, 2026.