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Absentee-Shawnee Tribe of Indians of Oklahoma

 

Absentee Shawnee Tribe of Indians of Oklahoma Tribal Code
Economic Development Authority
Chapter Four. Obligations



Section 401. Authority to Issue Obligations

The Authority may issue obligations from time to time in its discretion for any of its purposes and may also issue refunding obligations for the purposes of paying or retiring obligations previously issued by it, provided that the Authority shall file notice of intent to issue such obligations in the Offices of the Tribal Secretary at least thirty (30) days prior to the first issuance of any particular obligation or series of obligations. The Authority may issue such types of obligations as it may determine, including obligations on which the principal and interest are payable.

(a) Exclusively from the income and revenues for the project financed with the proceeds of such obligations, or with such income and revenues together with a grant from the federal government, in an allowable costs, in aid of the project.

(b) Exclusively from the income and revenues of certain designed projects whether or not they are financed in whole or in part with the proceeds of such obligations, or

(c) From its revenues generally, any of such obligations may be additionally secured by a pledge of any revenues of any project or other project or other property of the Authority.

All such obligations shall be subject to the jurisdiction of the Tribal court for enforcement of their provisions wherever they may be physically located.

Absentee Shawnee Economic Development Act Section 401, AST ECON DEV Act Section 401



Section 402. No Personal Liability on Obligations

No person executing the obligations shall be personally liable on the obligations by reason of issuance thereof.

Absentee Shawnee Economic Development Act Section 402, AST ECON DEV Act Section 402



Section 403. No Tribal Liability on Obligations

The notes and other obligations of the Authority shall not be a debt of the Tribe only of the Authority, and the obligations shall so state on their face.

Absentee Shawnee Economic Development Act Section 403, AST ECON DEV Act Section 403



Section 404. Obligations are Tax Exempt

Obligations of the Authority are declared to be issued for an essential public and governmental purpose, and to be public instrumentalities and, together with interest thereon and income therefrom, shall be exempt from taxes imposed by the Tribe. The tax exemption provisions of this Title shall be considered part of the security for the repayment of obligations, and shall constitute, by virtue of this Title and without necessity of being restated in the obligations, a contract between (a) the Authority and the Tribe, and (b) the holders of obligations and each of them, including all transferees of the obligations from time to time.

Absentee Shawnee Economic Development Act Section 404, AST ECON DEV Act Section 404



Section 405. Manner of Issuance and Sales

Obligations shall be issued and sold in the following manner:

(a) Obligations of the Authority shall be authorized by a resolution adopted by the vote of a majority of the full Board and may be issued in one or more series.

(b) The obligations shall bear such dates, mature at such time, bear interest at such rates, be in such denominations, be in such form, either coupon or registered, carry such conversion or registration privileges, have such rank or priority, be executed in such manner, be payable in such medium of payment and at such places, and be subject to such terms of redemption, with or without premium, as such resolution may provide.

(c) The obligations may be sold at public or private sale at not less than par value.

(d) In case any of the members of the Economic Development Authority whose signatures appear on any obligation cease to be members before the delivery of such obligations, the signatures shall, nevertheless, be valid and sufficient for all purposes, the same as if the members had remained in office until delivery.

(e) Whenever necessary, the Authority shall comply in the issuance of its obligations with the Securities laws of the federal government.

Absentee Shawnee Economic Development Act Section 405, AST ECON DEV Act Section 405



Section 406. Obligations are Negotiable

Obligations of the Authority shall be fully negotiable unless otherwise stated on their face. In any suit, action or proceeding involving the validity or enforceability of any obligation of the Authority or the security therefore, any such obligations by the Authority to aid in financing a project pursuant to this Title shall be conclusively deemed to have been issued for such purpose in the absence of fraud by the holder or with the knowledge of the holder thereof in the procurement of the obligations, and the project for which just obligation was issued shall be conclusively deemed to have been planned, located and carried out in accordance with the purposes and provisions of this Title in the absence of fraud in the procurement of such obligation or security.

Absentee Shawnee Economic Development Act Section 406, AST ECON DEV Act Section 406



Section 407. Security for Obligations

In connection with the issuance of obligations or incurring of obligations under leases and to secure the payment of such obligations, the Authority, subject to the limitations in this Title, may:

(a) Pledge all or part of its gross or net rents, fees, or revenues to which its right then exists or may thereafter come into existence.

(b) Provide for the powers and duties of obligees, and limit their liabilities; and provide the terms and conditions on which such obligees may enforce and covenant or their rights securing or relating to the obligations.

(c) Covenant against pledging all or any part of its rents, fees and revenues or personal property to which its title or right then exists or may thereafter come into existence or permitting or suffering any lien on such revenues or property.

(d) Covenant with respect to limitations on its right to sell, lease, or otherwise dispose of any project or any partner thereof.

(e) Covenant as to the obligations to be issued and as to the issuance of such obligations in escrow or otherwise, and as to the use and dispositions of the proceeds thereof.

(f) Provide for the replacement of lost, destroyed, or mutilated obligations.

(g) Covenant against extending the time for the payment of its obligations or interest thereon.

(h) Redeem the obligations and covenant for their redemption and provide the terms and conditions thereof.

(i) Covenant concerning the rents and fees to be charged in the operation of a project or projects, the amount to be raised each year or other period of time by rents, fees and other revenues, and as to the use and disposition to be made thereof.

(j) Create or authorize the creation of special funds for monies held for construction or operating costs, debt service, reserves or other purposes, and covenant as to the use and disposition of the monies held in such funds.

(k) Prescribe the procedure, if any, by which the terms of any contract with holders of obligations may be amended or abrogated, the proportion of outstanding obligations the holders of which must consent thereto, and the manner in which such consent may be given.

(l) Covenant as to the use, maintenance, and replacement of its real or personal property, the insurance to be carried thereon, the use and disposition of insurance monies.

(m) Covenant as to the rights, liabilities, powers, and duties arising upon the breach by it of any covenant, condition or obligation.

(n) Covenant and prescribe as to events of default and terms and conditions upon which any or all of its obligations may become or may be declared due before maturity, and as to the terms and conditions upon which such declaration and its consequences may be waived.

(o) Vest in any obligees or any proportion of them the right to enforce the payment of the obligations or any covenants, security or relating to the obligations.

(p) Exercise all or any part of combination of the powers granted in this Section.

(q) Make covenants other than, and in addition to the covenants expressly authorized in this section, or of like or different character.

(r) Make any covenants and do any acts and things necessary or convenient or desirable in order to secure its obligations, or, in the absolute discretion of the Authority, tending to make the obligations more marketable although the covenants, acts, or things are not enumerated in this section.

Absentee Shawnee Economic Development Act Section 407, AST ECON DEV Act Section 407



Section 408. Actions to be Filed for Record

The minutes and record of all action of the Authority with respect to obligations issued by it shall be filed for record in the Office of the Tribal Secretary.

Absentee Shawnee Economic Development Act Section 408, AST ECON DEV Act Section 408

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