Title
A RESOLUTION AUTHORIZING THE CHEROKEE NATION TO INCUR INDEBTEDNESS AND AUTHORIZING THE APPROVAL OF A LEASE-PURCHASE AGREEMENT AND LIMITED WAIVER OF SOVEREIGN IMMUNITY TO OKLAHOMA STATE BANK
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 enjoys sovereign immunity from suit under federal, state, and tribal law; 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, the Cherokee Nation operates a sanitary landfill (the “Landfill”) in Adair County, Oklahoma and has negotiated essential terms of a Lease-Purchase Agreement the (“Agreement) as evidenced in the attached quote summary dated October 11, 2019 (the “Term Sheet”) with Oklahoma State Bank in an amount not to exceed of $1,900,000.00, which includes a limited waiver of sovereign immunity, to procure heavy equipment for use in Landfill operations; and
WHEREAS, the Cherokee Nation has determined that the proceeds of the Agreement shall be used for essential governmental functions of the Cherokee Nation and that the operations of the Landfill constitutes a need of the Cherokee Nation and is an essential governmental function; and
WHEREAS, in connection with the securing of credit from the Lender, it is neces...
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