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Legislation Details

Legislation Number
0425-16
Legislation Title
An Action Relating To Resources And Development, Budget And Finance, Naabik'iyati' Committees And The Navajo Nation Council; Approving And Authorizing The Navajo Transitional Energy Company To Pledge 100% Of The Ownership Interest Of The Navajo Nation In The Navajo Transitional Energy Company For Securing Credit Or Financing, Consenting To The United States Bureau Of Indian Affairs' Approval Of The Mortgage As Allowed By Applicable Federal Regulations, 25 C.F.R Parts 162, For The Mine Plant Lease And 211 For The Mine Lease And Navajo Transitional Energy Company's Right-Of-Ways, And Waiver Of Sovereign Immunity
Legislation Description
This resolution, if approved, will approve and authorize the Navajo Transitional Energy Company to enter into Pledge of Agreement, Credit Agreement and a Leasehold Mortgage that will pledge 100% of the ownership interest in the Company to secure credit or financing from Key Bank and several additional lenders. A waiver of sovereign immunity is required in the transaction and a 2/3rd vote of the full membership of the Council is required for a waiver.
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Sponsor
Seth Damon
Co-Sponsor(s)
N/A
Status
Withdraw
Executive Branch (164/SAS No.)
N/A
Vote Requirements
Navajo Nation Council - Two-Thirds Vote of Council
Legislation Entered By
MNez ADMIN
Approved Committees
  1. Resources & Development Committee
  2. Budget & Finance Committee
  3. Naa'bik'iyati' Committee
  4. Navajo Nation Council
OLC Number
16-774-01
Date Uploaded By Document Title
12/28/2016, 09:11 am MNez ADMIN 0425-16.pdf