Senator Utu Sila Poasa has introduced a bill that would require the American Samoa Economic Development Authority (ASEDA) to present all projects to be paid with bond proceeds to the Fono for approval prior to the issuance of new bonds.
At present, the law does not require Fono approval for projects funded with ASEDA bonds.
However, Senator Utu’s bill states that ASEDA must present all of the projects to be funded with bond proceeds for Fono approval. In addition, the Fono must approve the repayment plan before new bonds are issued.
According to the bill, the Legislature maintains its constitutional authority to appropriate and provide final approval in the majority of government spending obligations, and this should include the execution of ASEDA bonds.
