Navajo Council Resources & Development Committee continues debating $4.1 million and now the debate includes work session which would require Tabling $4.1 million.
RDC MEMBER LEONARD TSOSIE
We don’t operate with gun to head.
I thought we were on same page. I don’t know where he is going to change. This is big investment and so should we have work session. I understand there is timeline but that is not our fault. It’s your fault.
We were waiting for ACC and that is finished.
If there are any concerns, we can address at work session and have President there so we are not all talking over the hill.
And if work session then table and done before.
Recommendation, one of things talked about was Energy Policy and the opportunities surrounding it, all the way up to federal level. I don’t know about those opportunities but ask RDC have work session before Naa’biki’yati Committee on how Energy Policy benefit tribe and NTEC and that would outline tribe’s position on NTEC with Energy Policy.
I’m not aware of what is in Energy Policy.
Madam Chair can send invitation to President so we all get on same page.
RDC CHAIRPERSON KATHERINE BENALLY
I got concerned over $36 million to invest. Wud this take away the revenue generating Bond Financing that we are trying to do and Capital Improvement Projects for communities? How would this work? Am i basically moving all legislation to benefit mine only and not communities?
All separate. Let’s presume that Investment Committee recommends that tribe finance NTEC. It would be treated similarly as Gaming. We loan them x-dollars at negotiated interest rate and Gaming pays quarterly. And those payments would go into designated funds.
Your Bond Finance is going out and asking outside financial entities to loan us dollars, $155 million. With NTUa involvement, they wud pay portion. Any any revenues received from those businesses get Bond financing would also go to paying debt.
Right now only refinancing and that is why sent letters to all Committee chairperson and vice chairpersons.
Your CIPs: Are we to borrow dollars or finance ourselves? And that was one of intents of 2014 budget where it talks to taking percent of Permaent Trust Fund setaside for debt service. Wud it be half or all? Budget & Finance Committee working on that. B&F identify what portion of 12 percent set aside.
Put no burder on general fund.
Second intent of provision is as we go forward and go to financial institution A that we wud prevent possiblity of them coming back to Councoil and say that tribe put up Permanent Trust Fund as collateral. $60 million loan for public safety/court facilities had no collaral cuz used PUblic Safety Trust Fund.
RDC VICE CHAIRPERSON ROSCOE SMITH
Looking at coal mine, the resource is coal and tribe brought in outside entity, BHP, to develop resource and tribe benefited from economic stimulus and quality of life of participants of tribe’s decision. BHP represents assets. Does tribe want to assume responsiblity over coal development.
I understand how important decision is to tribe and Council. But part of idea is how to make use of investments already there and one way is to turn into assets. As tribe takes control of our resources and turns investmentinto assets then broadens tribe’s opportunity to use coal other ways instead of just selling to Four Corners Power Plant.
So what are options on how to pay for this. As presented by Bates, there are options available as moves forward and how tribe minimize and take advantage of NTEC. See great benefit ot tribe.
I appreciate the issue before Council, major issue.