American Samoa § 11.3010 - Legislative authorization of refunding bonds.

§ 11.3010. Legislative authorization of refunding bonds.

(a) The American Samoa Finance Committee is authorized to issue refunding bonds in the principal amount of not to exceed $19,000,000 for the purpose of refunding part or all of the following obligations and to pay all costs incurred in connection with such bond issuance and refunding: (1) The lease-purchase obligation of American Samoa Government which secures the outstanding bonds of the American Samoa Economic Development Authority issued under date of May 1, 1988. (2) The 1991 loan from the American Samoa Government Employees Retirement Fund to ASG in the original principal amount of $5,000,000. (3) The 1998 loan from the American Samoa Government Employees Retirement Fund to American Samoa Government in the original principal amount of $10,000,000. (b) Such refunding bonds shall be general obligations of American Samoa Government and the Finance Committee is authorized to pledge the full faith and credit of American Samoa Government to the full and prompt payment of the principal of and interest on such bonds as the same shall become due and payable. The principal amount of the refunding bonds may exceed the principal amount of the obligations refunded by such bonds if a savings in total principal and interest is achieved.