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11.1904 Authorization to issue bonds.

Cite as [A.S.C.A. 11.1904]

(a) The Authority may issue bonds or enter into other obligations to finance all or any portion of the cost of a project or facility or otherwise implement any project set forth and defined by this chapter.

(b) Bonds issued for each project under the provisions of this chapter do not constitute a debt of the Territory or the Government, or its political subdivisions or agencies, or a pledge of the faith and credit of any of them, but are payable solely from the revenue of such project and from any other source of funds lawfully available to the Authority, including funds received from the Federal Government to acquire, construct, finance, own, operate or lease the project. The bonds must contain a statement to the effect that neither the Territory or the Government nor any political corporate or subdivision of the Territory or the Government is obligated to pay the same or the bond interest from sources other than those specified in the bonds, and that the faith and credit and the taxing power of the Territory or the Government, or its political subdivisions, is not pledged to the payment of the principal of or the interest on these bonds. The Authority may not incur financial obligations which cannot be paid from proceeds of the bonds or from the security given for the bonds or from revenues realized from the project or realized from repayment of a loan made by the Authority to finance or refinance a project, in whole or in part, or from any other source of funds lawfully available to the Authority, including funds received from the Federal Government.

(c) The exercise of the powers granted by this chapter will be in all respects for the benefit of the people of American Samoa and will constitute the performance of essential public functions. The Authority is not required to pay any taxes on any project or any other property owned, constructed or otherwise utilized by the Authority under the provisions of this chapter, and no taxes shall be payable upon the interest or the bonds or otherwise upon the bonds issued under the provisions of this chapter or upon their transfer, and the bond income(including any profit made on the sale of the bonds), must at all times be free from taxation by the Territory or the Government and any local unit or political subdivision of the Territory or the Government.

(d) The Authority may enter into contracts, agreements and other obligations with any agency or department of the United States of America, the Government or any other person on terms and conditions deemed appropriate by the Board of Directors of the Authority and for a term which may extend to 55 years from the effective date of the agreement or contract. The Government, through its duly constituted officials, may enter into contracts, agreements and other obligations with the Authority to implement any of the provisions of this chapter upon terms and conditions deemed appropriate by the Government.

History: 1986, PL, 19-69