SEC. 4. ESTABLISHMENT OF TRUST.
(a) IN GENERAL.—The Government of American
Samoa shall establish a trust into which the amounts ap-
propriated pursuant to section 3 are placed.
(b) TRUSTEE.—
(1) IN GENERAL.—A trustee to administer the
trust established by this section shall be nominated
by the Governor of American Samoa and passed by
both Houses of the Legislature of American Samoa
pursuant to local law and shall be a nongovern-
mental entity, bonded in an amount no less than
110 percent of the maximum amount of funds which
will be held in trust during any given fiscal year
(hereafter in this Act referred to as the ‘‘trustee’’).
The trustee shall not be the independent auditor re-
quired by section 7.
(2) REPLACEMENT.—The trustee may be termi-
nated only by mutual agreement, or at the end of its
contract for services as trustee, or for good cause.
Termination of a trustee for good cause must be rec-
ommended by the Governor of American Samoa and
approved by both Houses of the Legislature of
American Samoa.
(3) OTHER
TERMS
AND
CONDITIONS.—The
trustee shall be subject to such other conditions as
the Government of American Samoa may provide
under local law.
(c) TRUST FUNDS.—
(1) DEPOSIT; INVESTMENT.—The trust funds
shall be deposited in an account or accounts of a fi-
nancial institution insured by the Federal Deposit
Insurance Corporation, and may be invested by the
Government of American Samoa, or the trustee if so
designated, in only federally insured accounts or is-
sues of bonds, notes or other redeemable instru-
ments of the Government of the United States.
(2) USE OF INTEREST AND DIVIDENDS.—Inter-
est or dividends earned from investment of trust
funds under paragraph (1) may be used for projects
contained on the approved master plan of capital
needs developed under section 5, or for the costs of
managing the trust.
(3) AVAILABILITY
AND
USE
OF
FEDERAL
FUNDS.—Federal funds made available for the pur-
poses described in section 3(a)(1) may be used only
on projects from the approved master plan of capital
needs.
(d) REPORTS.—Within 90 days after the end of each
fiscal year, the trustee shall submit an annual report to
the chairmen and ranking minority members of the Com-
mittee on Energy and Natural Resources and the Commit-
tee on Appropriations of the United States Senate, the
Committee on Resources and the Committee on Appro-
priations of the United States House of Representatives,
and the Government of American Samoa. The report shall
include at a minimum the financial statements of the ac-
count or accounts in which it holds trust funds pursuant
to this Act.
SEC. 5. USES OF TRUST FUNDS.
(a) CAPITAL NEEDS.—
(1) MASTER PLAN OF CAPITAL NEEDS.—For
fiscal year 1997 and all following years, no funds
appropriated pursuant to this Act shall be released
by the trustee for construction of capital assets with-
out the submission by the Government of American
Samoa to the trustee of a master plan of capital
needs that ranks projects in order of priority for at
least five years. The master plan shall be approved
by the Governor and passed by both Houses of the
Legislature of American Samoa pursuant to such
laws as the Government of American Samoa may
enact. The master plan of capital needs may be
amended at any time, but all amendments must be
approved by the Governor and passed by both
Houses of the Legislature of American Samoa. The