Committee: Executive & Finance Author: M. Gower/C. Catcher
Date: 9-22-05 Committee Date: 9-29-05 Sponsor: L. O'Leary
Pcnne,acligd,
COUNCIL OF THE CHEROKEE NATION
Pes
34-06
Resolution No: 99-05
A RESOLUTION AUTHORIZING THE INCURRING OF INDEBTEDNESS IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED $30,000,000.00 AND THE ISSUANCE OF THE CHEROKEE NATION REVENUE BONDS (HEALTH CARE PROJECTS) (THE "BONDS"); PROVIDING FOR THE PURPOSE FOR WHICH THE BONDS MAY BE ISSUED; AUTHORIZING THE SALE AND DELIVERY OF THE BONDS; AUTHORIZING A BOND INDENTURE AND OTHER DOCUMENTS AS MAY BE NECESSARY OR REQUIRED; AUTHORIZING THE LIMITED WAIVER OF SOVEREIGN IMMUNITY OF THE CHEROKEE NATION IN CONNECTION WITH THE BONDS; PROVIDING FOR THE COMPLIANCE WITH APPLICABLE FEDERAL LAW RELATING TO THE EXCLUSION FROM GROSS INCOME FOR FEDERAL INCOME TAXATION PURPOSES OF INTEREST ON THE BONDS; CONTAINING OTHER PROVISIONS RELATING THERETO; AND DECLARING AN EMERGENCY
WHEREAS, the Cherokee Nation (the "Cherokee Nation") since time immemorial has exercised the sovereign rights of self-government on behalf of the Cherokee people; and
WHEREAS, the Cherokee Nation is a federally recognized Indian Nation with an historic and continual government to government relationship with the United States of America; and
WHEREAS, the Cherokee Nation has through inherent sovereign authority and by constitution and tribal law, the authority to incur indebtedness and to issue obligations to evidence such indebtedness, to secure such indebtedness by a pledge of the full faith and credit of the Cherokee Nation, and to enter into contractual agreements for such purposes; and
WHEREAS, pledges of credit for any loans require approval by the Council in accordance with Article X of the Constitution and Title 62, Section 61 and Section 62 of the Cherokee Nation Code (62 CNCA Sections 61-62); and
WHEREAS, the Cherokee Nation? has determined that it would be most advantageous at this time for the Cherokee Nation to provide funds in ...
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