Council of the Cherokee Nation - File #: 07-025

• File #: 07-025
• Version: 1
• Name: N/A
• Type: Resolution
• Status: Passed
• File created: 1/17/2007
• In control: EXECUTIVE AND FINANCE COMMITTEE
• Final action: 2/12/2007
• Enactment date: 2/12/2007
• Enactment #: R-13-07
• Title: A RESOLUTION AUTHORIZING CERTAIN LENDING TRANSACTIONS INVOLVING CHEROKEE NATION ENTERPRISES, A CHEROKEE NATION LIMITED LIABILITY COMPANY AND AUTHORIZING A LIMITED WAIVER OF SOVEREIGN IMMUNITY
• Sponsors: Bill John Baker
• Indexes: Cherokee Nation Enterprises, Waiver of Sovereign Immunity
• Code sections: N/A - Not Applicable

Date	Ver.	Action By	Action	Result
2/19/2007	1	OFFICE OF THE CHIEF	Signed
2/12/2007	1	TRIBAL COUNCIL	Approved	Pass
1/25/2007	1	EXECUTIVE AND FINANCE COMMITTEE	Approved and Forwarded to Council	Pass

Title
A RESOLUTION AUTHORIZING CERTAIN LENDING TRANSACTIONS INVOLVING CHEROKEE NATION ENTERPRISES, A CHEROKEE NATION LIMITED LIABILITY COMPANY AND AUTHORIZING A LIMITED WAIVER OF SOVEREIGN IMMUNITY
Body
WHEREAS, the Cherokee Nation (the “Cherokee Nation”) since time immemorial has exercised its sovereign power 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 Enterprises, LLC (“CNE”) is a for-profit limited liability company organized under the laws of the Cherokee Nation, which is wholly owned by Cherokee Nation Businesses, LLC, a for-profit limited liability company organized under the laws of the Cherokee Nation, which is wholly owned by the Cherokee Nation; which companies enjoy sovereign immunity from suit under federal law;

WHEREAS, pledges or loans of credit and indebtedness of Cherokee Nation-owned entities, including CNE, require approval by the Tribal Council in accordance with Legislative Act 2-03;

WHEREAS, the Cherokee Nation has determined it is both appropriate and necessary that CNE be permitted to enter into and perform under certain proposed loan or financing transactions with Bank of America, N.A., a National Banking Institution (“Bank of America”), to be used for one or more of the following purposes: (i) refinance existing senior credit facilities with Bank of America; (ii) finance CNE capital projects; (iii) pay transaction and closing costs related to the loan or financing transactions; (iv) for general business purposes of CNE; and (v) for working capital for CNE, its majority owned subsidiaries, and its affiliates that are majority-owned by the Cherokee Nation, including Cherokee Nation Industries, Inc.;

WHEREAS, the Cherokee Nation has determine...