THE NAVAJO COUNCIL’S NAA’BIKI’YATI’ COMMITTEE STILL DEBATING PROPOSED $220 MILLION BOND/LOAN at 5:52 pm
DELEGATE RUSSELL BEGAYE/amendment 3
I want to amend Delegate LoRenzo Bates’ amendment regarding Section 7 by including list of Navajo assets that cannot be used as collateral. The list was included in Bates’ amendment regarding Section 8.
Where says “without limitations…legally available assets to pay” and include Permanent Trust Fund, real property, fiduciary trust fund and any assets identified in writing by the Navajo Nation.
DELEGATE LEONARD TSOSIE
Good work of Delegate Begaye makes me point out that if do for whole legislation is definition of “available assets” should be separate section of legislation.
If go with what Delegate Bates did in SEction 7, to proceed against assets legally available and then modifies his amendment to Section 8 by specifically identifying Navajo assets.
When we were in court against Navajo Generating Station over Navajo preference in employment, the federal defined what we meant and so we need a separate section for definitions so there is no ambiguity.
It’s going to federal court in New York because investors/banks/financial institutions know New York court. They probably go to dinner with them. They know how that court operates. “They’re not more competent than us.”
And why I keep saying to return with complete legislation. Now Delegate Bates is saying that the language “full faith and credit” can be added during the Council session. But if don’t do correctly then Navajo people will pay, not us.
Now in three different places, we have changed language regarding available assets and non-available assets.
With Delegate Begaye’s amendment, he’s making sure that Permanent Trust Fund, land and other assets are not available. But we are using different terminology.
DELEGATE ROSCOE SMITH/RESOURCES & DEVELOPMENT COMMITTEE VICE CHAIRPERSON
regarding debate on amendments and clarification of language, the issue now is that in moving forward that perhaps a new section 9 be included to address Delegate Tsosie’s concern for definition.
ORRICK LAW FIRM ATTORNEY DOUGLAS E. GOE
There is a lot at stake for Navajo Nation and that doing right is important. And we must say that this is a legal obligation and this is something that is serious and to get it right.
So suggest to Naabi to include Section 9 and that amendments involving Section 7 & 8 to legally define “available assets” be in Section 9. I would insert “for all purposes” that assets mean. Section 9 is for clarification and in Bond Financing Act, when says general obligation bond that it is full faith and credit and all legaly available assets so we recommend Section 9 where available assets be defined and to upper case available assets in Section 7, 8, and 9 would know that that is intent.
VOTE AT 6:15 PM ON DELEGATE RUSSELL BEGAYE’S AMENDMENT TO SECTION 7
14 in favor, 0 opposed