A press conference was called by the Board of Directors of the American Samoa Economic Development Authority Saturday morning to clear what the chairman Treasurer Ueligitone Tonumaipea said was “misinformation about the bonds.”
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Accompanying Tonumaipea were board members Governor’s Legal Counsel – Steve Watson, Attorney General – Talauega Eleasalo Ale, Director of Commerce – Keniseli Lafaele, and Governor’s Executive Assistant-Iulogologo Joseph Pereira.
Also present were Cody Deeter from ASEDA’s financial advisors, the Utah firm of Lewis Young Robertson and Burningham and the bond trustee, Matt Dugdale of the firm George K. Baum and Company.
Cody Deeter started the discussion with an explanation of how bonds are used to fund long term assets of governments and to provide services that the private sector can’t deliver. 
Both he and Dugdale explained that the financial industry is heavily regulated and professionals like themselves and their firms have to obtain licenses to perform their duties.
Deeter is the financial advisor for ASEDA while Dugdale is the broker or go between the bond issuer, in this case ASEDA, and the investors or buyers of the bond, which Dugdale said was basically a loan.
Here ‘s an excerpt from Deeter on the genesis of the ASEDA bond issue which has raised $79 million for identified projects.
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The ASEDA board press conference included a status report on the projects financed with proceeds of the bond issue. More to come on the ASEDA conference.
