American Samoa § 28.1401 - Authorization of Credit Facility

§ 28.1401. Authorization of Credit Facility

(a) The Treasurer, on behalf of the government, is authorized to enter into a credit facility with the Bank of Hawaii in an amount not to exceed $5,000,000 to satisfy appropriated obligations of the government. The Treasurer is authorized to negotiate the terms of the credit, including a variable interest rate, repayment terms and such other terms and conditions as may be required to obtain the credit facility, so long as said terms are standard in the lending industry and consistent with standard banking practices and established principles of government borrowing. The Treasurer is further authorized to execute all instruments and documents necessary to conclude the transaction, including promissory notes which evidence indebtedness of the government. Said instruments and documents shall be subject to review and approval by the Attorney General for legal sufficiency prior to execution by the Treasurer. (b) The principal, plus accrued interest thereon, owing on the credit facility and any charges and fees associated with the facility shall be paid with revenues from the general fund. (c) Within 30 days of the end of each fiscal year, the Treasurer shall provide a report to the Governor and the Legislature detailing the status of the credit facility and all transactions related thereto which occurred during the prior fiscal year.