Title
A RESOLUTION AUTHORIZING THE CHEROKEE NATION TO INCUR INDEBTEDNESS AND AUTHORIZING THE APPROVAL OF A LOAN AGREEMENT AND LIMITED WAIVER OF SOVEREIGN IMMUNITY AS PART OF THE UNITED STATES INDIAN HEALTH SERVICE JOINT VENTURE EXPANSION OF THE CHEROKEE NATION TAHLEQUAH OUTPATIENT FACILITY; AND DECLARING AN EMERGENCY
Body
WHEREAS, the Cherokee Nation since time immemorial has exercised the sovereign right of self-government on behalf of the Cherokee people; and
WHEREAS, the Cherokee Nation is a federally recognized Indian Nation with a historic and continuing government-to-government relationship with the United States of America; and
WHEREAS, the Cherokee Nation has entered into a Joint Venture Agreement with the United States Indian Health Service for construction of a healthcare facility in Tahlequah, Oklahoma (the “Cherokee Nation Tahlequah Outpatient Facility”); and
WHEREAS, the Cherokee Nation has inherent sovereign authority under the Constitution and tribal law to incur indebtedness, to issue obligations evidencing 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 Section 7 of the Constitution and Title 62, Section 61 and Section 62 of the Cherokee Nation Code (62 CNCA §§ 61-62); and
WHEREAS, the Cherokee Nation has determined that it would be most advantageous at this time for the Cherokee Nation to accept and execute a general obligation credit facility loan agreement (the “Loan Agreement”) with a group of lenders (the “Lenders”) to be arranged by BOKF, NA dba Bank of Oklahoma (“BOK”) and approved by the Cherokee Nation in a principal amount of $170,000,000.00, and according to the term structure and amortization schedule identified in the Loan Agreement, to finance construction of the Cherokee Nation Tahlequah Outpatient Faci...
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