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Chapter 07 - Advisory Budget Commission

Chapter 07 - Advisory Budget Commission

10.0701 Economic Stabilization and Emergency Fund - Creation - Purpose.


The American Samoa Economic Stabilization and Emergency Fund is established to anticipate a revenue shortfall due to adverse economic conditions such as the 1973 oil embargo or the 1974 drought in the Territory as well as providing temporary relief for major disasters, federal grant reductions, or other major events not foreseen during the regular budget process which would affect significantly the economic welfare of the Territory.

10.0702 Appropriation - Funding.


Authorization is granted to earmark $200,000 of excess local revenues from the previous fiscal year 1982 to be deposited into the Economic Stabilization and Emergency Fund. These deposits continue each fiscal year until it reaches a ceiling of $10,000,000 at which time the deposits will be required only for the balance necessary to reach the ceiling. Funds for deposit are requested through the regular appropriation process. This provision is effective at the beginning of fiscal year 1983.

10.0703 Advisory budget commission - Creation.


An advisory budget commission consisting of the chairmen of the Senate and House appropriations committees, Director of Program Planning and Budget Development, Director of Development Planning and 2 members of the public at large to be appointed by the Governor, is created and responsible to the Governor and the Legislature for the administration of the Economic Stabilization and Emergency Fund. The Chairman of the commission is the Director of Program Planning and Budget Development. Rules for the administration of the fund are established by the commission with the concurrence of the Governor and the Legislature and under the Administrative Procedure Act, 4.1001 A.S.C.A., et seq.