48 USC § 1574c - Priority for payment of principal and interest of revenue bonds or other obligations

---
identifier: "/us/usc/t48/s1574c"
source: "usc"
legal_status: "official_prima_facie"
title: "48 USC § 1574c - Priority for payment of principal and interest of revenue bonds or other obligations"
title_number: 48
title_name: "TERRITORIES AND INSULAR POSSESSIONS"
section_number: "1574c"
section_name: "Priority for payment of principal and interest of revenue bonds or other obligations"
chapter_number: 12
chapter_name: "VIRGIN ISLANDS [1954]"
subchapter_number: "III"
subchapter_name: "LEGISLATIVE BRANCH"
positive_law: false
currency: "119-84"
last_updated: "2026-04-17"
format_version: "1.1.0"
generator: "[email protected]"
source_credit: "(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.)"
---


# § 1574c. Priority for payment of principal and interest of revenue bonds or other obligations

section 1574a of this titlesection 7652(b)(3) of title 26section 1574b of this titlesection 7652(b)(3) of title 26

Each issue of bonds or other obligations issued under subsection (a) of  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 , except that issues guaranteed under  shall have priority, according to the date of issue, over issues not so guaranteed and the revenues received under  shall be pledged for the payment of such bonds or other obligations.

---

**Source Credit**: (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.)

## Editorial Notes

### Codification

“” substituted in text for “section 28(b) of the Revised Organic Act of the Virgin Islands []”, which was classified to section 3350(c) of former Title 26, Internal Revenue Code, on authority of , 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— 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”.

## Statutory Notes and Related Subsidiaries

### Effective Date of 1997 Amendment

> “The amendments made by subsection (a) [amending this section] shall apply to obligations issued on or after the date of enactment of this section [
> 
> ].”

, , , provided that: