Title
aN ACT AMENDING LEGISLATIVE ACT 04-05, tHE FISCAL POLICY AND RESPONSIBILITY ACT AMENDMENTS OF 2005 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 2007,” 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 change Section 2 (D) of the Act, to exclude budgeted transfers between funds.
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. 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 contained other provisions related to same.
E. Legislative Act 04-05 eliminated Section G.I.F. stating that a waiver of sovereign immunity is not associated with a line of credit.
F. All other applicable resolutions, statutes and Court...
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