Council of the Cherokee Nation - File #: 10-051

• File #: 10-051
• Version: 3
• Name: N/A
• Type: Resolution
• Status: Passed
• File created: 4/14/2010
• In control: TRIBAL COUNCIL
• On agenda: 5/10/2010
• Final action: 5/9/2010
• Enactment date: 5/9/2010
• Enactment #: R-48-10
• Title: A RESOLUTION AUTHORIZING THE INCURRING OF INDEBTEDNESS IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED $24,000,000.00 AND AUTHORIZING A GENERAL OBLIGATION CREDIT FACILITY AND OTHER DOCUMENTS AS MAY BE NECESSARY OR REQUIRED; AUTHORIZING THE LIMITED WAIVER OF SOVEREIGN IMMUNITY OF THE CHEROKEE NATION IN CONNECTION WITH THE CREDIT FACILITY; PROVIDING FOR THE COMPLIANCE WITH APPLICABLE FEDERAL LAW RELATING TO THE EXCLUSION FROM GROSS INCOME FOR FEDERAL INCOME TAXATION PURPOSES OF INTEREST ON THE FACILITY; CONTAINING OTHER PROVISIONS RELATING THERETO; AND DECLARING AN EMERGENCY
• Sponsors: Chuck Hoskin Jr. , Jodie Fishinghawk
• Indexes: Joint Venture, Vinita Clinic
• Code sections: N/A - Not Applicable
• Related files: 10-090

Date	Ver.	Action By	Action	Result
5/14/2010	3	OFFICE OF THE CHIEF	Signed
5/10/2010	3	TRIBAL COUNCIL	Approved	Pass
4/29/2010	1	EXECUTIVE AND FINANCE COMMITTEE	Approved and Forwarded to Council	Pass
4/29/2010	1	RULES COMMITTEE	Approved and Referred	Pass

Title
A RESOLUTION AUTHORIZING THE INCURRING OF INDEBTEDNESS IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED $24,000,000.00 AND AUTHORIZING A GENERAL OBLIGATION CREDIT FACILITY AND OTHER DOCUMENTS AS MAY BE NECESSARY OR REQUIRED; AUTHORIZING THE LIMITED WAIVER OF SOVEREIGN IMMUNITY OF THE CHEROKEE NATION IN CONNECTION WITH THE CREDIT FACILITY; PROVIDING FOR THE COMPLIANCE WITH APPLICABLE FEDERAL LAW RELATING TO THE EXCLUSION FROM GROSS INCOME FOR FEDERAL INCOME TAXATION PURPOSES OF INTEREST ON THE FACILITY; CONTAINING OTHER PROVISIONS RELATING THERETO; AND DECLARING AN EMERGENCY
Body
WHEREAS, the Cherokee Nation since time immemorial has exercised the sovereign rights of self-government in behalf of the Cherokee people; and

WHEREAS, the Cherokee nation is a federally recognized Indian Nation with a historic and continual government to government relationship with the United States of America; and

WHEREAS, the Cherokee Nation has through inherent sovereign authority and by constitution and tribal law, the authority to incur indebtedness and to issue obligations to evidence such 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, Section 61 and Section 62 of the Cherokee Nation Code (62 CNCA Sections 61-62); and

WHEREAS, the Cherokee Nation has determined that it would be most advantageous at this time for the Cherokee Nation to secure a loan in an amount not to exceed $24,000,000.00, through the issuance of a 15 year term loan, to finance a health facility at Vinita, Oklahoma (the "Project"); and

WHEREAS, the Cherokee Nation has determined that the proceeds of the credit facility shall be used for essential governmental functions of the Cherokee Nation and that the Project constitutes a need of the Cherok...