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Chapter 09 - U.S. Loan Agreements

Chapter 09 - U.S. Loan Agreements

28.0901 Authorization for implementation of U.S. Public Law No. 106-113.


(a) The Governor, or his designee, is authorized to enter into such agreements, contracts and arrangements with the Secretary of the United States Department of the Interior (and any other officials of the United States Government as may be necessary), and to take all such other legal ministerial actions as may be required to implement Section 125 of “the Act making appropriations for the Department of Interior and related agencies for the fiscal year ending September 30, 2000 and for other purposes (H.R. 2466; P.L. No. 106-113)”, hereinafter referred to as “the Act.”

(b) The Governor is specifically authorized to enter into a loan agreement with the Secretary of Interior in accordance with the terms and conditions of Section 125 of the Act, the repayment of such loan principal and the interest thereon to be derived from an irrevocable assignment of funds as they become due and payable (annually or otherwise) to the American Samoa Government from the Escrow Account established under the terms and conditions of the Tobacco Master Settlement Agreement (and the subsequent Enforcing Consent Decree hereinafter collectively referred to as “the Agreement”) entered into on November 23, 1998, and the judgment granted by the High Court of American Samoa on January 5, 1999 in Civil Action No. 119-98.

(c) The Governor is further authorized to pledge the full faith and credit of the American Samoa Government as additional security for the loan as required by Section 125(b)(1) of the Act.

(d) The Governor, or his designee, shall provide regular monthly reports to the Legislature on the progress of debt payments undertaken, regular quarterly reports to the Legislature on fiscal and managerial reform programs instituted in relation to Section 125(d) of the Act and regular annual reports to the Legislature on the status of repayment of the loan.