Title
A RESOLUTION AUTHORIZING CERTAIN LENDING TRANSACTIONS INVOLVING CHEROKEE NATION BUSINESSES, A CHEROKEE NATION TRIBAL LIMITED LIABILITY COMPANY AND AUTHORIZING A LIMITED WAIVER OF SOVEREIGN IMMUNITY
Body
WHEREAS, the Cherokee Nation since time immemorial has exercised the sovereign rights of self-government on behalf of the Cherokee people;
WHEREAS, the Cherokee Nation is a federally recognized Indian tribe with a historic and continual government to government relationship with the United States of America, and, as such, the Cherokee Nation enjoys sovereign immunity from suit under federal law;
WHEREAS, Cherokee Nation Businesses, LLC ("CNB") (when referenced herein the term includes all entities in which CNB owns an interest) is a for-profit limited liability company organized under the laws of the Cherokee Nation, which is wholly owned by the Cherokee Nation; which company enjoys sovereign immunity from suit under federal law;
WHEREAS, pledges or loans of credit and indebtedness of Cherokee Nation-owned entities, including CNB, require approval by the Tribal Council in accordance with Legislative Act 2-03.
BE IT RESOLVED BY THE CHEROKEE NATION, that the Cherokee Nation has determined it is both appropriate and necessary that Resolution 13-07 be amended such that CNB is substituted for CNE as the borrower and for any other purposes and that the limit be increased to $125,000,000. The Chief Executive Officer of CNB is hereby authorized to take any action that the CNE CEO was previously authorized to take pursuant to Resolution 13-07.