advisable to construct, improve, extend, better, repair, reconstruct, acquire, and equip
hospitals, schools, libraries, gymnasia, athletic fields, sewers, sewage-disposal plants
and water systems: (Provided, That no public indebtedness shall be incurred in excess
of twenty per centum of the aggregate assessed valuation of the taxable real property
in the Territory). All such bonds or other obligations shall be sold for not less than the
principal amount thereof plus accrued interest and the proceeds thereof shall be
expended only for the public improvements set forth in this subsection or for the
reduction of the debt created by such bond issue or obligation.

 (c) Bonds or other obligations issued pursuant to subsections (a) and (b) of this
section may bear such date or dates, may be in such denominations, may mature in
such amounts and at such time or times, not exceeding thirty years from the date
thereof, may be payable at such place or places, may be redeemable (either with or
without premium) or nonredeemable, may carry such registration privileges as to
either principal or interest, or principal only, and may be executed by such officers and
in such manner as shall be prescribed by law. In case the officers whose signatures
appear on the bonds or coupons shall cease to be such officers before the delivery of
such bonds, such signature, whether manual or facsimile shall, nevertheless, be valid
and sufficient for all purposes, the same as if such officers had remained in office until
such delivery. The bonds so issued shall bear interest at a rate not to exceed that
specified by law, payable semiannually.

 Section 7. Systems of Account. The Governor shall establish and maintain
 systems of accounting and internal control designed to provide:

 (1) Full disclosure of the financial results of the Government's activities;

 (2) Adequate financial information needed for the Government's management
 purposes;

 (3) Effective control over and accountability for all funds, property, and other
 assets for which the Government is responsible, including appropriate
 internal audit; and

 (4) Reliable accounting results to serve as the basis for the Governor's
 executive budget request to the Legislature, and for controlling the
 execution of the executive budget.

 Section 8. Executive Budget. The Governor shall prepare and submit to the
 Legislature, at a time prescribed by law, an executive budget for the ensuing fiscal
 year. The budget shall set forth the estimated balance of funds available for
 appropriation at the beginning of the fiscal year, the estimated receipts, and a plan for
 expenditures and obligations during the fiscal year for every department, authority,
 public corporation and quasi-public corporation of the Territory, the College of the
 Virgin Islands, and every public agency created by the Territory. The budget shall also
 set forth the indebtedness and contingent liabilities of the Territory and such other