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.

(Reported to Senate from the Committee on Interior and Insular Affairs with amendment, S. Rept. 94-1021)

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.