Title
A LEGISLATIVE ACT RELATING TO AMENDING THE CHEROKEE NATION SOVEREIGN IMMUNITY ACT, LA#23-04
Body
BE IT ENACTED BY THE CHEROKEE NATION:
Section 1. Title and Codification
This Act shall be known as the 2011 Amendment to the Sovereign Immunity Act, LA 23-04, and codified as _____________ (Title) ___________ (Section) ______________ of the Cherokee Nation Code Annotated.
Section 2. Purpose
To amend the Sovereign Immunity Act to authorize the Principal Chief to execute limited waivers of sovereign immunity for business entities to enable them to participate in New Markets Tax Credit transactions.
Section 3. Legislative History
LA 23-04 was enacted June 14, 2004 and amended by LA 16-05 on April 11, 2005, and by LA 12-08 on July 14, 2008.
Section 4. Substantive Provisions
LA 23-04 is hereby amended by amending and restating Section 8 as follows:
Section 8. Delegation of Authority as to Cherokee Nation Business Entities
The Principal Chief is authorized to grant a waiver of the sovereign immunity of Cherokee Nation Businesses or a business entity in which Cherokee Nation Businesses owns an interest, (i) to a bonding company, surety, or other guarantor for the purpose of securing a contract, in which case such waiver will be, in the case of Cherokee Nation Businesses, limited to its cash or cash equivalent assets, or (ii) to a company in connection with a New Markets Tax Credit transaction. Such waiver will be, in the case of a business entity in which Cherokee Nation Businesses owns an interest, limited to the assets of that entity. Waivers under this section will not be subject to the limitations of Section 6. This section does not allow the Principal Chief to grant a waiver as to the Cherokee Nation or otherwise allow recovery against the Cherokee Nation, its assets, or any elected officials, officers or employees of the Cherokee Nation.
Section 5. Provisions as cumulative
The provisions of this Act shall be cumulative to existing law.
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