28.0108 Economic development fund.

Cite as [A.S.C.A. § 28.0108]

(a) For the purpose of providing a source of capital to assist the bank in meeting its purpose of promoting private enterprise, developing the economy, and benefiting the public, there is created an Economic Development Fund (the “Fund”) in the amount of $10,000,000. The Fund shall be utilized for the purposes set forth in section 28.0105 and investments made from the Fund shall be made in compliance with the management procedures and standards set forth in said section.

(b) Upon satisfying the reserve amount required for the Income Reserve Account under Section 11.0407, the Treasurer of American Samoa shall deposit into the Economic Development Fund the proceeds from twenty-five percent (25%) of all corporate income taxes until the Economic Development Fund is fully funded. Such funds shall be remitted to the Development Bank of American Samoa at the end of each calendar quarter each year. All income from investments from the Fund shall be credited to the account of the Fund and shall be available for re-investment.

History: 2008, PL 30-27.