4.0140 Authorization to borrow money and incur indebtedness.

Cite as [A.S.C.A. § 4.0140 ]

The Governor is authorized to allow the American Samoa Telecommunications Authority (ASTCA) in the name of the American Samoa Government, to borrow money and incur indebtedness for infrastructure projects, and mortgage, assign, hypothecate and give security interests in ASTCA property and earned revenue to secure such indebtedness. Such authority to borrow shall be limited to only funds from the U.S. Department of Agriculture Rural Utilities Service (RUS) made available on July 2, 2009 under the American Recovery and Reinvestment Act. This authorization to borrow money and incur indebtedness shall in no event exceed a total aggregate amount of ten million dollars ($10,000,000.00) and shall be limited for the purposes set out in ASTCA’s application for funding dated August 21, 2009.

History: 2010, PL 31-13 § 1.