Title
A RESOLUTION AUTHORIZING THE CHEROKEE NATION TO ASSUME INDEBTEDNESS; AUTHORIZING THE ASSIGNMENT OF A LOAN AGREEMENT FROM CHEROKEE NATION WASTE MANAGEMENT, LLC., AND GRANTING A LIMITED CONSENT TO BE SUED; AND DECLARING AN EMERGENCY
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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 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, Sections 61 and 62 of the Cherokee Nation Code (62 CNCA §§ 61-62); and
WHEREAS, Cherokee Nation Waste Management, L.L.C. (“CNWM”) is a for profit limited liability company organized under the laws of the Cherokee Nation, is wholly owned by the Cherokee Nation, and has a primary purpose of operating a sanitary landfill in Adair County, Oklahoma (“Landfill”); and
WHEREAS, CNWM has previously entered into an Equipment Lease Purchase Agreement (“Loan Agreement”) with Welch State Bank in the amount of $1,515,651.97 to procure heavy equipment for use in Landfill operations; and
WHEREAS, the Cherokee Nation has previously executed a limited waiver of sovereign immunity on behalf of CNWM, as part of the Loan Agreement with Welch State Bank; and
WHEREAS, the Cherokee Nation intends to restructure CNWM to facilitate a long-term operations strategy and regulatory compliance plan under the supervision of the Cherokee Nation tribal government; and
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