ASEDA Presents Report on Projects and Spending Thus Far

aseda-press

A report provided by the American Samoa Economic Development Authority Board shows that $45.2 million raised from the three bond series has been spent.

A total of $78.9 million was raised from the bond sale.

The largest allocation of bond money, $13.5 million, is for Territorial Bank of American Samoa.

The October 1st ASEDA report shows $3.5 million of that amount has been spent.

The Office of Financial Institutions is to get $1.5 million and the amount spent is $88,628.

The renewable energy projects for Manu’a, which is aimed at making the eastern group of islands fully powered by solar gets $8.1 million.

As of October 1st, $6.5 million had been spent on the Manu’a green projects.

The customs scanners budgeted for $6 million has used $3.7 million.

Of the $5 million allocated for the Manu’a vessel,  $1.5 million has been expended.

The balance of the $13 million cost of the Manu’a boat, which is to arrive next month, is covered by CIP money.

Other projects funded with bond money include: road improvements for which $3 million is allocated and $2.7 has been used; all of the $2.9 million for LBJ equipment has been spent;  $2.7 million was allocated for the upgrade of ASG’s financial system and $1.6 million has been spent;  all of the $280,000 for energy saving  features for the Pago Youth center has been spent; $2 million is allocated for legal settlements and as of October 1st $1.6 million  had been expended.

Some of the approved projects have not used any money.

For example the shipyard railway improvements budgeted for $1 million,  a design for a new Fono building for which $1.5 million is reserved,  and $250,000 each for upgrades of the customs data system and immigration system.

The ASEDA report shows that money budgeted for fees and costs of the bond issuance, which would include the consultants’  fees, comes to $5.7 million.

At the time of the report there just over $1 million had not been paid.

The ASEDA bond money also paid $16.3 million for the two ASG loans with the Retirement Fund and the court judgment for the Laufou fire.

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