To amend the Revised Organic Act of the Virgin Islands, and for other purposes.

Amends the Revised Organic Act of the Virgin Islands to authorize the laws of the Virgin Islands to define whether an absence from the Virgin Islands of either the Governor or the Lieutenant Governor while on official business is construed as a "temporary absence" involving a surrender of authority and power.

Authorizes the Virgin Islands legislature to issue short-term notes in anticipation of the collection of taxes and revenues for the current year. Limits the principal amount of such notes to the anticipated taxes and revenues for such year.

Amends a specified Act to revise bond priority guidelines to declare that Virgin Islands revenue bonds, instead of the current priority for payment in the order of the date of issue, shall have a parity lien with every other subsequently issued obligation.

Virgin Islands Development Act of 1997 - Establishes the Commission on the Economic Future of the Virgin Islands to make recommendations to the President and the Congress on policies and actions for a secure and self-sustaining future for the local economy of the Virgin Islands through 2020, as well as on the Federal role in providing that future. Authorizes appropriations.