Council of the Cherokee Nation - File #: 15-059

• File #: 15-059
• Version: 2
• Name: FINANCIAL SECURITY AND STABILITY ACT OF 2015
• Type: Legislative Act
• Status: Passed
• File created: 7/15/2015
• In control: TRIBAL COUNCIL
• On agenda: 7/30/2015
• Final action: 9/16/2015
• Enactment date: 9/14/2015
• Enactment #: LA-14-15
• Title: AN ACT RELATING TO DEPOSIT AND INVESTMENT OF FUNDS, AMENDING LA-13-85, CHAPTERS 2 AND 5; AND DECLARING AN EMERGENCY
• Sponsors: Janees Taylor
• Indexes: Funds, Treasurer
• Code sections: Title 62 - Public Finance
• Related files: CNCA-62, LA-13-85, 21-051

Date	Ver.	Action By	Action	Result
9/16/2015	2	OFFICE OF THE CHIEF	Signed
9/14/2015	2	TRIBAL COUNCIL	Approved	Pass
8/17/2015	2	RULES COMMITTEE	Approved and Forwarded to Council	Pass
7/30/2015	1	RULES COMMITTEE	Withdrawn

Title
AN ACT RELATING TO DEPOSIT AND INVESTMENT OF FUNDS, AMENDING LA-13-85, CHAPTERS 2 AND 5; AND DECLARING AN EMERGENCY
Body
BE IT ENACTED BY THE CHEROKEE NATION:

Section 1. Title and Codification

This act shall be known as the "Financial Security and Stability Act of 2015”. This shall be codified as Title 62, Chapter 2.

Section 2. Purpose

The purpose of this act is to amend LA#13-85, specifically chapters 2 and 5, relating to the deposit and investment of funds, in accordance with Article X of the Cherokee Nation Constitution.

Section 3. Legislative History

Legislative Act #13-85, which repealed LA 1-80, LA 3-81, LA 1-82, LA 1-83, and LA 1-84, and replaced LA 3-76, LA 7-76, and LA 1-77.

Section 4. The following section shall be added to Title 62, Chapter 2

Chapter 2. Deposit Investing of Funds.

Section 201a. Definitions.

A. Cherokee Nation shall mean the government, including all commissions, boards, and committees.

B. Donations shall be any monies, assets, property, contributions, gifts, bequests, endowments and/or other donations made to or given to the Cherokee Nation, upon acceptance by the Treasurer.

C. Financial Institution shall be an entity or depository whose primary business and function focuses on dealing with financial services and transactions, such as investments, loans and deposits. A financial institution shall include Federal Deposit Insurance Corporation (FDIC) insured banks, National Credit Union Association (NCUA) insured credit unions and other financial institutions whose activities are controlled or regulated by federal law and/or federal regulations or regulators, including but not limited to the U.S. Securities and Exchange Commission.
D. Financial Instrument shall be any negotiable asset or instrument with monetary value. Allowable financial instruments shall include, but not be limited to, Demand Deposits, Certificates of Deposit, Certificates of Deposit Account Registry (CDARS), Insured Cash Sweeps (ICS), Sav...