Committee: Executive & Finance Author: Callie Catcher
Date: 6-18-04 Committee Date: 7-01-04 Sponsor:
An Act
Legislative Act 28-04
Title
AN ACT AMENDING LEGISLATIVE ACT 5-02, THE FISCAL POLICY AND
RESPONSIBILITY ACT; AUTHORIZING A LINE OF CREDIT; AND, DECLARING
AN EMERGENCY
Body
BE IT ENACTED BY THE CHEROKEE NATION:
Section 1. Title and Codification
This act shall be known as the "Cherokee Nation Environmental Quality Code Amendments Act 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 of 2002 to authorize a line of credit to be utilized in satisfying the permanent Cash Reserve required by the Act, and to permanently provide for operating cash needs of the Nation.
The total annual authorized budget and expenditures of the Nation have grown to such an extent to make it no longer practical or prudent for the Nation to rely only upon cash balances to satisfy the requirements of both the Cash Reserve required by the Act, as well as to provide for day- to-day cash flow needs for operations. A line of credit, authorized by this Act, will provide alternative and supplemental means of addressing cash flow and Cash Reserve requirements of governmental operations.
Section 3. Legislative History
A. The Constitution and laws of the Cherokee Nation, including Title 62 of the Cherokee Nation Code Annotated (CNCA) provide the requirements for appropriations, review and authorization for the use of all funds.
B. 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. All other applicable resolut...
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