All such bonds shall be sold for not less than the principal amount
thereof plus accrued interest. All bonds issued by the Government of the Virgin
Islands, specifically including interest thereon, shall be exempt from taxation by the
Government of the Virgin Islands or any political subdivision thereof; by any State,
territory or possession or any political subdivision thereof, or by the District of
Columbia.

 (d) The proceeds of the bond issue or other obligation herein
authorized shall be expended only for public purposes as set forth in this section or for
the reduction of the debt created by such bond issue or obligation.

 (e) For purposes of this section bonds shall mean bonds, notes, or
other obligations and shall be deemed to include bonds to refund any bonds, notes, or
other obligations.

 (f) Aggregate bonds issued in support of a single project pursuant to
section (b) above, which exceed 20 percent of the average Government revenue for
the previous three years, shall be approved by a majority of the qualified voters of the
Virgin Islands voting on the question at a referendum.

 (g) Bonds may not be issued for the operating expenses of the
Government of the Virgin Islands, except that short-term bonds which are required to
be repaid within one year may be issued by law to meet appropriations for any fiscal
period in anticipation of the collection of revenue for that period or to meet casual
deficits.

 AUDITOR GENERAL
 Section 4. (a) There shall be an Auditor General, who shall be appointed by
the Governor with the advice and consent of the Senate and shall serve for a term of
six years.

 (b) The Auditor General shall be a United States citizen, a Virgin
Islands citizen, a qualified voter of the Virgin Islands, a domiciliary of the Virgin Islands
for at least five years, and shall have such other qualifications as may be provided by
law.

 (c) The Auditor General shall audit all revenues, accounts,
expenditures, and programs of the Government, its departments, offices, agencies,
and instrumentalities; shall make a public report and any special reports that may be
required by the Governor or the Senate, and shall perform other duties as may be
provided by law. In the performance of official duties, the Auditor General shall have
the authority to administer oaths, take evidence, compel the attendance of witnesses
and the production of books, letters, papers, records, and all other necessary articles.

 (d) The Auditor General may not hold any other public position while
in office, nor engage in any activity that would conflict with official duties and