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11.3006.1 Evidences of indebtedness - Issuance - Finance Committee, duties and powers.

Cite as [A.S.C.A. 11.3006.1]

(a) The Finance Committee shall determine by resolution the amount, date or dates, terms, conditions, covenants, denominations, interest rate or rates(which may be fixed or variable), maturity or maturities, redemption rights, manner of execution and authentication, manner and price of sale and the form of all bonds, notes or other evidences of indebtedness.

(b) Such bonds, notes or other evidences of indebtedness may be payable either to the bearer or to the registered owner. The authorizing resolution may provide for the deposit in trust with any public depository of all or any part of the proceeds of the bonds, notes or other evidences of indebtedness or money set aside for the payment thereof.

(c) The Finance Committee may issue bonds, notes or other evidences of indebtedness to refund at or prior to maturity any outstanding bonds, notes or other evidences of indebtedness or obligation of American Samoa Government, or any agency thereof. Refunding bonds may be secured in the same manner as the obligations being refunded, or in any other manner not precluded by law.

(d) The Finance Committee may obtain bond insurance, letters of credit or other credit support instruments for the purpose of guaranteeing the payment or enhancing the marketability, or both, of any Territorial bonds, notes or other evidences of indebtedness, may contract for the services of trustees, paying agents, underwriters, financial advisors and bond counsel and may authorize the execution and delivery of agreements, promissory notes, and other related instruments.

History: 2000, PL 26-24.