(a) The Legislature finds and declares that:
(1) agriculture, shipping, tourism, fishing, maritime, economic development and related business industries, among others, are vital to the economy of the Territory and the welfare of the people, and need to be enhanced and expanded to improve the economic and fiscal position of the Territory;
(2) there is a need to enhance other economic activity in the Territory by attracting manufacturing development, business enterprise management, and other activities conducive to economic promotion, in order to provide a stronger, more balanced, and stable economy in the Territory, while providing for the health and safety of the people;
(3) in order to improve the prosperity and welfare of the Territory and its inhabitants, to improve and expand living and working conditions, to promote the energy independence of the Territory, and to increase purchasing power and opportunities for gainful employment, it is necessary and in the public interest to facilitate the financing of capital projects provided for in this chapter.
(4) the economic stability and well-being of the people of American Samoa will be enhanced by providing affordable health care facilities for the benefit of its citizens, by providing educational facilities of every nature and kind by providing capital improvements of every kind and nature for the people of American Samoa and by providing financial assistance and capital facilities to agencies of the government;
(5) there exists severe economic instability and distress in traditional national and international markets for goods and services produced by the people of American Samoa: this instability and distress has caused serious economic distress to and among the people of American Samoa and is manifest in the extraordinarily high levels of unemployment and in the unavailability and rapidly rising costs of housing for elderly persons, disabled persons, existence of these conditions is inimical to the public health, general welfare, safety, morals and economic security of the people of American Samoa;
(6) the housing inventory in American Samoa needs immediate improvement, for there exists in American Samoa unsanitary, unsafe and overcrowded housing, blighted commercial and residential areas, as well as an acute shortage of safe, sanitary dwellings for person of low and moderate income which cannot be relieved by private enterprise alone, and the provision and financing of decent, safe and sanitary dwelling accommodations for person of low and moderate income are public purposes and a central objective of the government; the American Samoa Economic Development Authority should be vested with the necessary powers and responsibilities to facilitate the housing goals specifically stated for American Samoa in Public Law 98-454, 5 October 1984, to initiate a housing program for American Samoa and to include the Territory in existing federal housing programs.
(b) For the above reasons the Legislature further finds and declares that there exists in American Samoa urgent and severe need to provide the means and methods to provide financing and other programs to:
(1) complement the services of American Samoa’s private financial institutions in a manner which will contribute to a strengthened and diversified economy of American Samoa;
(2) restore and revitalize existing apiculture, shipping, tourism, fishing, maritime, economic development and related businesses and industries for the purposes of retaining and expanding employment within American Samoa;
(3) promote and target resources of American Samoa to increase the export of its products to strengthen economic development of the Territory and to generate additional employment;
(4) eliminate the shortage of decent, safe, sanitary and affordable residential housing for elderly and disabled persons and families of low and moderate income in American Samoa;
(5) remedy unsafe and unsanitary housing conditions that are injurious to the public health, safety and welfare;
(6) remove blighted areas;
(7) obtain all pertinent housing and urban development assistance and financing for American Samoa;
(8) assure the development of reliable, affordable, efficient and environmentally compatible sources of energy for all types of public and private consumption;
(9) provide health care facilities for the benefit of the people of American Samoa;
(10) provide capital facilities for the benefit of the people of American Samoa;
(11) provide educational facilities for educational institutions within American Samoa;
(12) provide for financing of facilities for agencies of the government; and
(13) assist private enterprise to obtain loans or other financial assistance in the privatization of governmental operations.
(c) It is hereby declared to be the public policy and responsibility of American Samoa to promote the health, general welfare, safety and economic security of its people through the provision and financing of decent, safe, sanitary and affordable housing for elderly and disabled persons and persons of low and moderate income, to enlarge existing employment and alleviate unemployment in all phases of agriculture, shipping, tourism, fishing, maritime, economic development and related businesses and industries, to develop reliable, affordable, efficient and environmentally compatible sources of energy for public and private consumption, to provide health care and other capital facilities for the benefit of its people, to provide educational facilities for the benefit of education within American Samoa, to provide facilities for agencies of the government, and to assist private enterprise in financing privatization of governmental operations.
(d) The Legislature finds that the public policies and responsibilities of American Samoa as set forth in this section cannot be fully achieved or attained without the use of public financing and that such public financing can best be provided by establishing the American Samoa Economic Development Authority, vesting it with comprehensive and extensive powers herein described, and enabling said authority to issue revenue bonds and enter into other obligations to provide financing for housing projects, agricultural businesses, industrial enterprises, commercial enterprises, utilities, health care facilities, educational facilities, governmental facilities and other facilities, and to acquire real property wherever situated to promote and develop the expansion of existing employment and the establishment of new agricultural business, industrial enterprises, commercial enterprises, residential housing, health care facilities, educational facilities, facilities for agencies of the government, and any other facilities, and that all of the foregoing are public purposes and uses for which public moneys may be borrowed, expended, advanced, loaned and granted.