LAWMAKERS PASS $5 MILLION CREDIT LINE WITH BANK OF HAWAI‘I FOR AMERICAN

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SAMOA GOVERNMENT

By Fili Sagapolutele

PAGO PAGO, American Samoa (April 1, 2001 - PIDP/CPIS)--American Samoa lawmakers passed legislation Friday that would allow the territorial government to negotiate a $5 million credit line with the Bank of Hawai‘i.

The measure that originated with Governor Tauese Sunia is expected to be signed into law next week.

The legislation would authorize the territorial Treasurer to borrow up to $5 million from the Bank of Hawai‘i to meet appropriated obligations of the local government.

"This credit line is necessary to protect against fluctuating and inconsistent revenue streams," said Governor Tauese.

"While over the course of the fiscal year, the total of projected revenues may be received, the funds do not come in at consistent levels, but are subject to 'peaks' and 'valleys'," he continued.

The bill is considered urgent because the government is once again having serious trouble coming up with the cash necessary to cover its payroll every two weeks.

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