COUNCIL RECESSED FOR LUNCH AND THEY ARE BACK ON COUNCIL FLOOR AND TAKING UP:
Legislation No.: 0490-17
Legislation Title: An Action Relating to Resources And Development, Budget And Finance, Naa’bik’iyati’ Committees And The Navajo Nation Council; Approving And Authorizing The Navajo Transitional Energy Company To Pledge 100% Of The Equity 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. Part 162, For The Mine Plant Lease And Part 211 For The Mine Lease And Navajo Transitional Energy Company’s Rights-Of-Way; And Rescinding CS-55-17
DELEGATE SETH DAMON this bill regarding NTEC came before Council once before and there is still need
STEVE GREY, NTEC, AND TO RIGHT JIM DAILY, CHIEF OPERATING OFFICER this is equity pleadge bank required when secured loan and package required us to pleadge equiuty. and we came up w language that thot feasible and working with tribal justice dept and banks. and tribal justice concurred with us. the loan that NTEC took out is at 80 percent paid. Important for NTEC to get cuz part of original package when got loan to get all documents that lender required. Like credit rating and these documents in legislation will maintain NTEC good credit rating.
DELEGATE DAMON there is amendment needed, ask for passage of amendment and then Council vote.
DELEGATE DWIGHT WITHERSPOON motion for amendment. NTEC and tribal justice has been working on this and needed to move forward with this. Page 3 of 4, add :not withstanding Council resolution, Navajo agrees to equity interest pledge.” SECONDED by Delegate Ben Bennett
COUNCIL VOITNG ON AMENDMENT, IT IS NOW 1:445 PM, 18-0
DELEGATE LEONARD TSOSIE if u lok at package, we need to figure out a way to communicate a package of this size and complexity to a summary, more of a honest report. This says pledge 100 percent of Navajo government interest and rescind Navajo Council resolution, but what does that mean. What I mean is we are beginning to be engaged in complex issue so we need to communicate in better way and the pros and cons of this. I say this cuz what happened with NGS which was prolonging the matter while they built natural gas plants in Phx and they wanted extension just for that purpose. And those NGS packages were this size and our advisors didn’t look at reality out there of what NGS and partners doing. When we commit enterprises on behalf of themselves, we need to be very careful. Thank Ms Warren for bringing this up at Budget and Finance Committee and some delegates give her mean looks when she brings up. But we need to know. NTEC management needs to also help. With first package, I was concerned about waiving sovereign immunity of Navajo. NTEC getting better and it is Navajo government owned so need to support. NTEC CEO doing good even while fighting environmentalist. We thought saving from double taxation would get on feet but in business world these financial arrangements made so urge Council to support.
COUNCIL PREPARING VOTE ON LEGISLATION 0490-17, IT IS NOW, 1:54 PM, 18-0