(a) The Authority shall submit an annual report; signed by the Chairman of the Board of Directors, to the Governor and members of the Legislature showing a summary of the year’s activities, the financial condition of the Authority, the condition of the properties, the number of housing units and vacancies, any significant problems and accomplishments, plans for the future, and such other information as the Authority or the Governor shall deem pertinent.
(b) During his tenure and for one year thereafter, no director, officer or employee of the Authority, or any member of the Governor’s office, or any other public official who exercises any responsibilities or functions with regard to a project, shall voluntarily acquire any interest, direct or indirect, in any project or in any property included or planned to be included in any project or any contract or proposed contract relating to any project unless prior to such acquisition, he discloses his interest in writing to the Authority and such disclosure is entered upon the minutes of the Authority, and the director, officer or employee shall not participate in any action by the authority relating to the property or contract in which he has any such interests. If any director, officer or employee of the Authority involuntarily acquires any such interest, or voluntarily or involuntarily acquired any such interest prior to appointment or employment as a director, officer or employee, the director, officer or employee, in any such event, shall immediately disclose his interest in writing to the Authority; and such disclosure shall be entered upon the minutes of the Authority, and the director, officer or employee shall not participate in any action by the Authority relating to the property or contract in which he has any such interests. Any violation of the foregoing provisions of this section shall constitute misconduct in office. This section shall not be applicable to the acquisition of any interest in obligations of the Authority issued in connection with any project, or to the execution of agreements by banking institutions for the deposit or handling of funds in connection with a project or to act as trustee under any trust indenture.
(c) Each project developed or operated under a contract providing for federal government financial assistance shall be developed and operated in compliance with all requirements of such contract and applicable federal legislation, and with all regulations and requirements prescribed from time to time by the federal government in connection with such assistance.
(d) The Authority shall obtain or provide for the obtaining of an adequate fidelity bond for any person handling cash, or authorized to sign checks or certify vouchers.
(e) The Authority shall not construct or operate any project for profit.
(f) All property including funds acquired or held by the Authority pursuant to this chapter shall be exempt from levy and sale by virtue of an execution, and no execution or other judicial process shall issue against the same nor shall any judgment against the Authority be a charge or lien upon such property. However, the provisions of this section shall not apply to or limit the right of obligees to pursue any remedies for the enforcement of any pledge or lien given by the Authority on its rents, fees or revenues or the right of the Federal Government to pursue any remedies conferred upon it pursuant to the provisions of this chapter or the right of the Authority to bring eviction actions pursuant to the provisions of this chapter.
(g) The Authority shall obtain the approval of any other Federal Government department or agency, if necessary, prior to signing any financial assistance contract with the Department of Housing and Urban Development or any other Federal Government department or agency.
(h) The Authority may borrow money or accept financial or other assistance from the Federal Government to assist in its construction, operation, or maintenance of any housing project. The Authority may do any and all things necessary or desirable to secure such assistance including obligating itself in any contract with the Federal Government for loans or contributions to convey to the Federal Government the projects to which the contract relates upon the occurrence of a substantial default thereunder.
(i) Funds shall be appropriated annually for the purpose of paying rental charges on lease contracts entered into between the Authority and the government pertaining to the lease of space by an agency or agencies of the government in an office building owned by the Authority. The rental charges shall be in an amount sufficient to pay the principal of and interest on the bonds issued by the Authority to finance the office building, after taking into account amounts received from any other sources of lawfully available funds and to maintain any reserve fund required for servicing the debt. All lease contracts entered into between the Authority and the government pertaining to the lease of space by an agency or agencies of the government in an office building owned by the Authority shall be signed by the Governor on behalf of the government and attested by the Secretary of American Samoa. All lease contracts duly executed by the Authority and by the Governor on behalf of the government shall be incontestable in any court or other forum for any reason and shall be valid and binding obligations in accordance with their terms and conditions for all purposes.