We have 15 delegates on the floor and so we have a quorum. You have received revised Naabik’iyati’ Committee report. (It is now 5:25 pm)
DELEGATE LORENZO BATES
just a little history on how we got here today and addresses Mr. Tsosie’s concerns. I wanted to push for Navajo law and that was first instruction to Bond Financing consultants in Bond Financing because we were the first Indian Nation to reach such a level. But when they returned they told us that they would never accept tribal courts. And it was difficult for me to make amendments. But coming to decision, look back and see that Navajo Nation has no economic development. OUr hand are tied to use Permanent Trust Fund. We relay on general fund but we do not want to use to service any debt. So as result of that, I talked with Delegate Katherine Benally, about my position and Budget & Finance Committee position. But at end of day, my concern was the revenue generating portion of Bond. And the revenues generated amount only exists in perfect world. We don’t know how many of those businesses funded by Bond will be able to pay back Bond. It’s a risk. Will Navajo Nation take that risk. Navajo Tribal Utility Authority and Division of Public Safety will carry their debt.
DELEGATE WALTER PHELPS
I would ask for executive session to discuss very frank answers to my questions.
VOTING ON EXECUTIVE SESSION AT 5:33 PM: 10 IN FAVOR, 6 OPPOSED