Council of the Cherokee Nation - File #: 21-051

• File #: 21-051
• Version: 2
• Name: CN PUBLIC FUNDS DEPOSIT AND INVESTMENT ACT OF 2021
• Type: Legislative Act
• Status: Passed
• File created: 5/13/2021
• In control: TRIBAL COUNCIL
• On agenda: 5/27/2021
• Final action: 6/18/2021
• Enactment date: 6/14/2021
• Enactment #: LA-32-21
• Title: A LEGISLATIVE ACT AMENDING TITLE 62 OF THE CHEROKEE NATION CODE ANNOTATED - PUBLIC FINANCE; AND DECLARING AN EMERGENCY
• Sponsors: Janees Taylor, Rex Jordan, Mike Shambaugh, Victoria Vazquez, Joe Deere
• Indexes: Public Finance
• Code sections: Title 62 - Public Finance
• Related files: LA-13-85, 15-059, CNCA-62

Date	Ver.	Action By	Action	Result
6/18/2021	2	OFFICE OF THE CHIEF	Signed
6/14/2021	2	TRIBAL COUNCIL	Approved	Pass
5/27/2021	2	RULES COMMITTEE	Approved and Forwarded to Council	Pass

Title
A LEGISLATIVE ACT AMENDING TITLE 62 OF THE CHEROKEE NATION CODE ANNOTATED - PUBLIC FINANCE; AND DECLARING AN EMERGENCY
Body
BE IT ENACTED BY THE CHEROKEE NATION:

SECTION 1. TITLE AND CODIFICATION
This legislative act shall be known as the "Cherokee Nation Public Funds Deposit and Investment Act of 2021" ("Act") and codified under Title 62, Chapter 3 of the Cherokee Nation Code Annotated.

SECTION 2. PURPOSE
The purpose of this Act is to repeal and replace Chapter 3 of Title 62 of the Cherokee Nation Code Annotated.

SECTION 3. LEGISLATIVE HISTORY
LA-13-85 (Aug. 10, 1985)
LA-14-15 (Sep. 15, 2015)

SECTION 4. SUBSTANTIVE LAW
Title 62, Chapter 3 of the Cherokee Nation Code Annotated shall be amended as follows:


DEPOSIT AND INVESTMENT OF PUBLIC FUNDS

?20. Definitions
A. "Capital or Principal" means the initial balance of Public Funds that will be Deposited and/or Invested.
B. "Cash on Hand" means, as of any date, all petty cash, vault cash, teller cash, etc. needed for day-to-day operations of the government.
C. "Cherokee Nation" means the tribal government of the Cherokee Nation, including all commissions, boards, and committees; however, for purposes of this Chapter, component units of the Cherokee Nation tribal government are not included in the definition of Cherokee Nation.
D. "Collateralization" means pledging appropriate securities or other Financial Instruments, such as surety bonds or letters of credit, by depositories (i.e. Financial Institutions) to depositors (i.e. Cherokee Nation) to safeguard deposits of Public Funds that may exceed the federal deposit insurance maximums.
E. "Deposit or Deposited" means to place Public Funds, typically cash, in an account held by a Financial Institution on behalf of the Cherokee Nation for the primary purpose of safekeeping.
F. "Financial Institution" means a bank, credit union, savings and loan asso...