A bill to enhance the economic development of Guam, the Virgin Islands, American Samoa, the Northern Mariana Islands and for other purposes.

Summary

Title I - Authorizes the Secretary of the Interior to encourage private investment in projects, enterprises, and activities in the territories of Guam, the Virgin Islands, American Samoa, and the Northern Mariana Islands. Requires such investments to contribute to economic development and to promote and develop business management expertise by supplementing private capital when it is not otherwise available on reasonable terms and conditions through other sources and by providing technical and other assistance. Establishes in the Treasury a Territorial Economic Development Fund which shall be available as a revolving fund for the purposes of this Act. Provides for the administration of such fund by the Secretary and a Board of Directors. Permits the Secretary to make loans from the Fund for a period not to exceed 25 years or 90 percent of the useful life of any physical asset to be financed by the loan, whichever is less. Prohibits approval of any loan unless the Secretary determines that credit is not otherwise available to the applicant on reasonable terms and conditions. Requires the Secretary to submit an annual report to Congress concerning the activities of the Board of Directors and the operation of the program authorized by this Act, including an income statement and a balance sheet. Authorizes appropriations through FY 1987 for the initial lending capital for the Fund and for its administrative expenses. Title II - Amends the Revised Organic Act of the Virgin Islands to permit the governments of the Virgin Islands to issue industrial development bonds. Authorizes the government of American Samoa to issue such bonds. Exempts such bonds from taxation by the United States, or by any State, territory, or possession of the United States or any political subdivision. Amends the Organic Act of Guam to permit the Secretary of the Treasury, at the request of the Board of Directors of the Guam Power Authority for a second refinancing agreement, to guarantee for purchase by the Federal Financing Bank, on or before December 31, 1984, obligations of the Guam Power Authority that: (1) carry an annual simple interest rate of seven percent; (2) shall be paid in equal semiannual installments of principal and interest; (3) mature not later than December 3, 2004, and (4) contain no prepayment penalty. Title III - Makes any vessel of at least five net tons that is not registered under the laws of a foreign country eligible for documentation under certain Acts if it is owned by: (1) an individual who is a citizen or national of the United States domiciled in Guam, American Samoa, or the Northern Mariana Islands; (2) an entity of citizens or nationals of the United States capable of holding title to a vessel under the laws of the United States, Guam, America Samoa, or the Northern Mariana Islands; (3) a partnership whose general partners are citizens or nationals of the United States domiciled in Guam, American Samoa, or the Northern Mariana Islands and the controlling interest in the partnership is owned by citizens or nationals of the United States domiciled in such places; (4) a corporation created under the laws of the United States, Guam, American Samoa, or the Northern Mariana Islands, if certain conditions are met; or (5) one of such governments. Declares that nothing in this Act shall be deemed to render applicable to the Northern Mariana Islands the coastwise laws of the United States or any prohibition in the laws of the United States against foreign vessels landing fish or unfinished fish products in the United States. Provides that foreign-built vessels documented under this Act are entitled to engage in: (1) fishing within the territorial sea and fishery conservation zone adjacent to Guam, American Samoa, and the Northern Mariana Islands in accordance with applicable U.S. laws; and (2) coastwise trade of fisheries products in and among Guam, American Samoa, and the Northern Mariana Islands. Declares that nationals of the United States domiciled in Guam, American Samoa, or the Northern Mariana Islands, and citizens of the Northern Mariana Islands shall be considered citizens of the United States for all citizenship requirements related to the operation of vessels documented under this Act. Declares that upon the effective date of the termination of the Trusteeship Agreement over the Trust Territory of the Pacific Islands with respect to the Northern Mariana Islands, all references to the Northern Mariana Islands contained in this Act shall cease to be effective. Title IV - Authorizes appropriations for FY 1986 for grants to the government of Guam to further the rehabilitation, upgrading, and construction of public facilities. Authorizes appropriations for FY 1985 to be used by the Secretary of the Interior exclusively for the planning of improvements for the Alexander Hamilton Airport in St. Croix, Virgin Islands. Directs the Secretary to study the desirability and feasibility of initiating a program for the development of housing in American Samoa and to submit such recommendations as appropriate to specified congressional committees.

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Documents

6 official files

• Public Law (PDF)

  Public Law · EN · 6 October 1984

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• House agreed to Senate amendment with amendment

  summary · EN · 14 September 1984

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• Passed Senate amended

  summary · EN · 10 August 1984

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• Passed House amended

  summary · EN · 28 June 1984

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• Reported to House with amendment(s)

  summary · EN · 15 May 1984

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• Introduced in House

  summary · EN · 1 May 1984

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