Committee: Rules Committee Sponsor: 'Leary/Frailey/Yargee/Cowan/Anglen/Garvin
Date: 10/17/05 Committee Date: 10/27/05 Author: Callie Catcher
An Act
LEGISLATIVE ACT 36-05
AN ACT AMENDING LA#96-16, THE GENERAL 'CORPORATION ACT, AS
AMENDED BY LA#02-03 AND LA#04-04; INCREASING DIVIDENDS TO THE
CHEROKEE NATION; AND DECLARING AN EMERGENCY
BE IT ENACTED BY THE CHEROKEE NATION: SECTION 1. TITLE AND CODIFICATION
This act shall be known as the "Cherokee Nation Dividend Act of 2005" and codified as (Title) (Section) of the Cherokee Nation Code Annotated.
SECTION 2. PURPOSE
To amend LA 96-16, as amended by LA 02-03 and LA 04-04 to change the percentage of dividends issued to the Nation by those corporations in which the Cherokee Nation is the sole or majority shareholder. It is deemed in the best interest of the Cherokee Nation to increase the present dividend level to provide for sustainable jobs, economic development, health, community services, education, housing, language and culture, infrastructure and other initiatives according to strategic priorities. In so doing, the Nation advances its long-term vision of responsible economic development, self- sufficiency for the government and its citizens, and a strong, tribal government.
The Nation has a known, finite amount of time that certain gaming activities are authorized, and from which revenues will be generated. A substantial amount of these resources should be used for investment in diversified business, when the gaming compacts expire and revenues are much less certain. This will ensure that the Nation not only expends a substantial portion of current revenues in its General Fund, but that profit- generating investments are made for future generations of Cherokee citizens.
SECTION 3. LEGISLATIVE HISTORY
LA 2-03 was passed January 13, 2003, and LA 04-04 was passed February 17, 2004 amending the Cherokee Nation Corporation Act, LA 96-16. A Gaming Compact has been entered into between the Cherokee N...
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