Title
AN ACT AMENDING LA 35-17, "CHEROKEE NATION SOVERIEGN WEALTH FUND" 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 Sovereign Wealth Fund Improvement Act of 2021" ("Act") and codified under Title 62, Public Finance; Chapter 13, Sovereign Wealth Fund.
Section 2. Purpose
The purpose of this Act is to amend the Cherokee Nation Sovereign Wealth Fund Act to clarify the former legislation.
Section 3. Legislative History
LA-35-17 (Dec. 14, 2017)
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 in accordance with Title 62 CNCA Chapter 3, Deposit and Investment of Public Funds (as amended from time to time) 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 governmental revenue entities in which Cherokee Nation is the sole or majority shareholder and that are formed 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 entities, which shall be in addition to any other dividend required to be paid by such entity under the laws of the Cherokee Nation, including any dividend provided for under Title 18, Article 3, Section 18, of the Cherokee Nation Code; provided however:
i. Any dividend payment required by this Section shall be conditioned upon such entity remaining in compliance with any financial covenant or guaranty and not otherwise in default of any credit agreement; and
ii. The entities described in this Section shall have a...
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