Title
A LEGISLATIVE ACT AMENDING TITLE 62 OF THE CHEROKEE NATION CODE AND ESTABLISHING THE CHEROKEE NATION SOVEREIGN WEALTH FUND
Body
BE IT ENACTED BY THE CHEROKEE NATION:
Section 1. Title and Codification
This Act shall be known and cited as the “Cherokee Nation Sovereign Wealth Fund Act” (“Act”) and codified under Title 62, Public Finance, Chapter 13.
Section 2. Purpose
As a result of the growth of the Cherokee Nation, and in recognition that funding sources may change over time, it is the intent of this Act to establish a fund to ensure the continuation of tribal operations and the general welfare of tribal citizens for future generations.
Section 3. Legislative History
LA-08-00 (Feb. 14, 2000);
LA-16-96 (Jul. 15, 1996), as amended by LA-02-03 (Jan. 20, 2003), as amended by LA-04-04 (Feb. 17, 2004), as amended by LA-36-05 (Nov. 17, 2005), as amended by LA-25-11 (Nov. 17, 2011), as codified at Title 18, Article 3, Section 18 of the Cherokee Nation Code.
Section 4. Fund Established
This Act hereby establishes the Cherokee Nation Sovereign Wealth Fund (“Fund”), which shall be held by the Treasurer in accordance with the Act. Assets of the Fund shall be maintained in an interest bearing account or otherwise invested by the Treasurer to promote growth of the Fund’s assets.
Section 5. Composition and Funding
A. There shall be established within the Fund an Emergency Reserve Fund (“Reserve Fund”), which shall receive a direct and continuing appropriation from the following sources:
1. Those for-profit corporations in which Cherokee Nation is the sole or majority shareholder and that are incorporated under the laws of the Cherokee Nation, shall issue a monthly cash dividend in the amount of two percent (2%) of the net income of such corporations, which shall be in addition to any other dividend required to be paid by such corporation under the laws of the Cherokee Nation, including any dividend provided for under Title 18, Article 3, Section 18...
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