Committee: Rules Author: Callie Catcher
Date: 12-03-04 Committee Date: 12-18-04 Sponsor:
An Act
Legislative Act 04-05
Title
AN ACT AMENDING LEGISLATIVE ACT 28-04, THE FISCAL POLICY AND
RESPONSIBILITY ACT AMENDMENTS OF 2004 AND DECLARING AN
EMERGENCY
Body
BE IT ENACTED BY THE CHEROKEE NATION:
Section 1. Title and Codification
This act shall be known as the "Fiscal Policy and Responsibility Act Amendments of 2004," and codified as (Title) (Section) of the Cherokee Nation Code Annotated.
Section 2. Purpose
The purpose of this Act is to amend the Fiscal Policy and Responsibility Act Amendments of 2004," which authorized a line of credit to be utilized in satisfying the permanent Cash Reserve required by Legislative Act 5-02, and to permanently provide for operating cash needs of the Nation. This amendment is necessary to eliminate Section 6.1.F of the Act, stating that a waiver of sovereign immunity is not associated with the line of credit. The authorized financial institution requires a limited waiver of sovereign immunity to execute the line of credit.
Section 3. Legislative History
A The Constitution and laws of the Cherokee Nation, including Title 62 of the Cherokee
Nation Code Annotated (CNCA) provides the requirements for appropriations, review and authorization for the use of all funds.
Section 7 of Article X of the Cherokee Constitution, and 62 CNCA ? 61 contain the specific requirements for pledges of credit of the Cherokee Nation.
C. Legislative Act 5-02, dated January 29, 2002, the "Fiscal Policy and Responsibility Act
of 2002" provides in part for a permanent Cash Reserve to be maintained at 1.75% of total authorized appropriations in the annual comprehensive budget each year.
D. Legislative Act 28-04, dated July 12, 2004, the "Fiscal Policy and Responsibility
Amendments of 2004" amended LA 5-02, authorized the Principal Chief or his/her designee to negotiate and execute documents to secure a line of credit not to exceed $5,000,000, and contain...
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