INDIGENOUS NATIONS FEDERAL CREDIT
PROGRAM TRIBAL RESERVE ACT
Section 1. CITATION AND SPECIAL DEFINITIONS
This Title may be cited as the INDIGENOUS NATIONS FEDERAL CREDIT PROGRAM TRIBAL RESERVE ACT (T.R.A). As used in this Indigenous Nations Federal Credit Program Tribal Reserve Act Title, the term "reservation" means all Indian Country subject to the jurisdiction of the subscribing Tribe(s) wherever located; "reservation area" means the original reservation area and the term "Indian Country" as defined in 18 U.S.C.A. § 1151, and the term "Tribe" means Tribe(s) which are subscribers to the share of Indigenous Nations Federal Credit Association Tribal Reserve stock.
The Tribe finds:
1. That the power and authority to establish the Indigenous Nations Federal Credit Program Tribal Reserve Act (TRA) and Indigenous Nations Federal Charter Association (INFCA) Tribal Reserve proceed from:
A. The inherent and aboriginal sovereignty of the Tribe(s) and
B. The U.S. Constitution and Federal Charter of the Tribe(s) and the Tribe’s Constitution(s), U.N. Charter and U.N. Declaration of Human Rights.
C. The Oklahoma Indian Welfare Act, 25 U.S.C.A. 503-509 (1936).
D. The Indian Reorganization Act, 25 U.S.C.A. 461-466, 470-476, 478-479 (1936).
E. The Indian Financing Act of 1974, 25 U.S.C.A. 1451-1453, 1461-1469, 1481-1498, 1511, 1512, 1521-1524, 1541-1543 (1974).
F. Indian Tribal Governments Treated as States for Certain Purposes, Requirements for Tax-Exempt Bonds, Section 7871 Subsection C Internal Revenue Code of 1986, 26 U.S.C.A 7871.
2. That reference within this Act to any government or other promulgation of law, other than that of the Tribe(s), shall not operate as a limitation on the power and authority of the Tribe(s), the Supreme Governing Body of the Tribe, the INFCA Tribal Reserve Board or INFCA Board of Governors.
§101. Indigenous Nations Federal Charter Association (INFCA) Tribal Reserve
This Act establishes the Indigenous Nations Federal Charter Association (INFCA) Tribal Reserve as the sovereign financial entity of the subscribing Tribe(s). The INFCA Tribal Reserve shall operate as a bond-based financial entity in which financial transactions shall be underwritten through the purchase, sale or redemption of bills, notes, bonds or other instruments of indenture of the Tribe(s) or the Tribes’ political subdivisions.
1. Establishment and General Purposes.
A. It being determined by the Supreme Governing Body of the Tribe(s) to be the public interest, and essential to Tribal self-determination, the general welfare, and the provision of essential government functions to all persons within the jurisdiction of the Tribe(s), the Tribe(s) shall engage in the business of a federal credit program under Native American law, and for that purpose shall maintain a system of Tribal Reserve Credit Programs and Tribal Reservation Branch Credit Programs owned, controlled, and operated by it in conjunction with other member tribes or federally recognized native corporations, under the name of the Indigenous Nations Federal Charter Association (INFCA) Tribal Reserve, which shall be a body corporate and political, and an essential governmental agency, of the Tribe(s). This INFCA Tribal Reserve shall serve as the Tribal Federal Credit Program as contemplated in the United States sponsors’ Corporate Charters of the, subscribing Tribe(s), and the entity may use the terms "Federal Charter"; "Tribal Loan Fund;" "Federal Credit Program" in any of its business transactions. No other person or entity shall engage in the business of a Federal Credit Program upon lands owned by the Tribe(s) or their agencies or members without the consent of the Supreme Governing Body of the Tribe and the INCFA Tribal Reserve Board.
B. The public need for such INFCA Tribal Reserve loan fund program and credit program are hereby declared as a matter of legislative determination, and such tribal loan fund and credit program are declared to exercise essential governmental functions of the Tribe(s) through its activities, encouraging the creation of a tribal tax base, the earning of income which can be used to support essential functions of the Tribal Governments, and the provision of credit through which economic activity can be encouraged, and the effect such activity is intended to have upon the health, welfare, and economic security of the Tribes, their members, and other residents of the tribal jurisdictions.
Section 3. Principle Functions and Specified Purposes.
1. Principle Functions
A. A principal function of INFCA Tribal Reserve is as a financial intermediary institution for Indian Country which promotes social and economic development for Indian Nations by providing or facilitating the provision of long-term investment capital and capital credit for the development of tribal economies. INFCA Tribal Reserve will serve as a principal purchaser of tribal tax-exempt public and private activity bonds, providing Tribes with a ready market for their debt instruments.
B. INFCA Tribal Reserve will provide the means for the efficient development of viable reservation economies, which will afford Indian people the maximum opportunity for choice of both their style and standard of living, and which will move them towards self-sufficiency as individuals and as Tribes.
C. INFCA Tribal Reserve is legislatively mandated, with the nonpolitical purpose of providing and facilitating capital access opportunities for Indian Nations and Native Corporations, either through loans, loan guarantees, credits, grants, or other appropriate devices.
D. INFCA Tribal Reserve is granted the authority for the provision of technical and managerial assistance to tribal participants, at every level of the Tribal Reserve Credit Program, promotional efforts are designed to inform and involve the private sector in Indian Country opportunities.
E. INFCA Tribal Reserve will provide development opportunities, and the identification and coordination of private sector investment opportunities and applicable government financial and technical assistance programs to the subscriber Tribe(s).
F. INFCA Tribal Reserve further, has authority and is committed to serve as a financier, investor, lender, loan coordinator, guarantor, and broker for Indian Country economic and social development, to support and facilitate the widest variety of tribally desired private and joint venture development activities, as well as provide or secure financing of traditional public capital infrastructure. INFCA Tribal Reserve has additional institutional authority to issue, sale and purchase tribal tax-exempt and taxable debt obligations, provide Tribes with a ready and accessible market for their debt instruments, achieve economies of scale in terms of regulating INFCA Tribal Reserve and tribal participants, as well as, investigating the credit-worthiness of an issuing Tribe or a business seeking Tribal business.
G. INFCA Tribal Reserve has the further purpose and the related authority to pool these tribal bonds and to issue interest bearing securities or bonds to investors upon this pool, backed by the assets represented by the tribal bonds. Such securities or bonds may be modeled upon the modified pass-through type of instruments issued by the Government National Mortgage Association (GNMA).
H. INFCA Tribal Reserve, as financial intermediary vehicle, will perform a similar function as GNMA with respect to tribal debt obligations, pooling a large number of tribal bonds and issuing federally guaranteed securities in the money markets; the bonds representing the assets backing the securities. The principal and interest on these securities may be guaranteed by the federal government, through the Guaranteed Loan Program. This will permit the INFCA Tribal Reserve to attract additional secondary sources of investment capital for tribal bonds and also permits INFCA Tribal Reserve to expand its own primary purchasing activities.
2. Specified Purposes.
In addition to the general purposes and principal functions expressed in Subsection (A) of this Section, the INFCA Tribal Reserve is intended to be an agency, and body corporate and political, of the Tribe(s) and, through its activities, to further, in addition to the general purposes expressed, as well as the following specific Tribal and Federal purposes:
A. The purpose of encouraging and promoting agriculture, commerce, and industry, for creating a fund to be known as the real estate bond payment and purchase fund to be used for the acquisition of real property for economic development and other purposes including the purposes of providing land and homes to enrolled members of the Tribe and other eligible persons, for the provision of income and the creation of a sound economic and industrial tax base for the support of the Government of the Tribe(s) as guaranteed to the Tribe(s) in the various treaties between the United States and the Native American people, the Constitution of the Tribe(s), and the rights of self-government and social advancement recognized and provided for by the laws of the United States and the United Nations Charter and Declaration of Human Rights.
B. The purposes of providing land, borrowing money, and issuing loans for the acquisition of land for the Tribe, other Native American Tribes, and individual Native Americans or groups of Native Americans pursuant to Section 5 of the Act of June 18, 1934, 49 Sat. 985 (25 U.S.C. 465), to Section 1 and 2 of the Act of June 26, 1936, 49 Stat. 1967 (25 U.S.C. 501, 50Z), the insurance of loans for such acquisitions pursuant to the Act of April 11, 1970 (25 U.S.C. 488 et. seq.) and individuals and Native American Tribes, and the providing of federal insurance for loans made to Native American Tribes, individuals, or others;
C. The purpose of furthering Native American industry, labor, and economic development within the Indian Country as provided in the Act of June 25, 1910, 36 Stat. 861 (25 U.S.C. 47), Section 1 of the Act of May 9, 1938, 52 Stat. 302 (25 U.S.C.. 306) and other Federal laws supporting the economic development of Indian Country;
D. The purpose of furthering the investment of Native American tribal and individual funds as provided in the Act of June 24, 1938, 25 Stat. 1037 (25 U.S.C. 162a);
E. The purpose of furthering any necessary irrigation projects within the Reservation areas needed to make agricultural and forest land productive to complement the provisions of Chapter 11 of Title 25 of the United States Code;
F. The purpose of providing income and a taxable economic and industrial base in order for the Tribe(s) to operate a Judicial and Law and Order system sufficient to met the requirements of Title 11 of the Act of April 11, 1968, 182 Stat. 77 (25 U.S.C. 1301 et. Seq.);
G. The purpose of providing income and a taxable economic and industrial base in order for the Tribe(s) to further the purpose of Congress expressed in Section 2 of the Act of April 12, 1974, 88 Stat. 77 (25 U.S.C. 1451), and the balance of said Act. (Indian Financing Act);
H. The purpose of providing income and a taxable economic and industrial base in order for the Tribe(s) to further the purpose of Congress expressed in Section 3 of the Act of September 30, 1976, 90 Stat. 1401 (25 U.S.C. 1602) and the balance of said Act. (Health Care);
I. the purpose of providing income and a taxable economic and industrial base in order for the Tribe(s) to further the purpose of Congress expressed in Section 101 of the Act of October 17, 1978, 92 Stat. 1 32 5 (25 U.S.C. 1802) and the balance of said Act. (Higher Education);
J. The purpose of providing income and taxable economic and industrial base in order for the Tribe(s) to further the policy of Congress expressed in Section 3 of the Act of November 8, 1978, 92 Stat. 306 (27 U.S.C. 1902) and the balance of said Act.(Child and Family Service Programs);
K. The purpose of providing funds for the further Tribal development of Indian-owned mineral resources pursuant to the Act of December 22, 1982, 96 Stat. 1938 (25 U.S.C. 2101 et. Seq.);
L. The purpose of providing funds for Indian Land Consolidation pursuant to the Act of January 12, 1983, 96 Stat. 2517 (25 U.SC. 2201 et. seq.);
M. The purpose of providing income and a taxable economic and industrial base in order for the Tribe(s) to further the policy of Congress expressed in the Act of January 4, 1975, 88 Stat. 2206 (25 U.SC. 450 et. seq.) and particularly in Section 102 of Title 1 of that Act (25 U.S.C. 450f) (Indian Self Determination) and the Act of November 2, 1921, 42 Stat. 208 (25 U.S.C. 13) (25 U.S.C. 13)Snyder Act) and the exercise of each and every essential governmental function reasonably necessary or proper to further such purposes and policies.
N. For the purpose of providing income and an economic base for the Tribe(s) to conduct any activity which is considered beneficial to the Tribe(s).
Section 4. INDIGENOUS NATIONS FEDERAL CHARTER ASSOCIATION (INFCA) TRIBAL RESERVE BOARD OF DIRECTIORS
INFCA Tribal Reserve Board may enforce orders, rules, regulations, and by-laws. Without in any way limiting or qualifying the functions of said INFCA Tribal Reserve Board as defined in this Title, the business of INFCA Tribal Reserve, in addition to other matters specified in this Title, may include, subject to the rules and regulations of the INFCA Tribal Reserve Board, the power:
1. to continue perpetually as a body corporate and political and governmental agency of the Tribe(s),
2. to make contracts in its own name,
3. to bring suit in any court under the title of a subscribing Tribe(s), or in INFCA Tribal Reserve’s own name, and agree to not invoke the sovereign immunity of the Tribal Credit Program from suit to the extent not inconsistent with this Title.
4. to have a corporate seal which may incorporate the official logo(s) of the Tribe(s),
5. to adopt and operate reasonable bonus, profit-sharing, and pension plans for officers, agents, and employees,
6. to act as escrow agent,
7. to exercise all such incidental powers as shall be necessary to carry on the depository, loan fund and credit program business; by buying, discounting and negotiating promissory notes, bonds, drafts, bills of exchange, foreign and domestic, and other evidence of debt; by receiving deposits of money upon which interest may or may not be paid; by buying and selling coin and bullion; by buying and selling exchange, foreign and domestic; issuing letters of credit; by borrowing money; to purchase puts and calls; and by processing and issuing credit cards and loan money on personal security or real estate as provided in this Title,
8. to lease, hold, purchase, acquire in any manner, and convey any and all real estate, or any interest therein, to the same extent and in the same manner that a business corporation organized pursuant to the Tribe(s). Corporation Act may deal in real property, or as provided by this Title,
9. to issue preferred stock in return for actual value received equal to no less than the par value thereof to the same extent that a business corporation organized pursuant to the Tribe’s Business Corporation Act may issue preferred stock in order to provide necessary capital for INFCA Tribal Reserve purposes, provided, that such stock shall not be convertible to capital stock, nor shall the INFCA Tribal Reserve issue any capital or common stock in excess of the capital or capitol stock specifically authorized and sold pursuant to Section 12 of this act,
10. to exercise, on behalf of the Tribe and INFCA Tribal Reserve, the power of eminent domain,
11. to invest depositor’s funds in any manner in which the capital and surplus of the INFCA Tribal Reserve may be invested pursuant to this Act, and in any publicly traded securities
12. to secure the benefit of deposit Tribal Reserve insurance or to establish its own insurance entity,
13. to establish other entities, trusts, associations, partnerships, or corporations in other tribal jurisdictions and foreign jurisdictions to carry on its business in related or unrelated activities, for example, a Tribal Reserve Fund and a Buffalo Reserve Fund may be established, which will be controlled by the INFCA Tribal Reserve Board, a Transnational Branch Credit Program may also conduct business internationally.
Section 5 INDIAN NATIONS FEDERAL CHARTER ASSOCIATION TRIBAL RESERVE BOARD CREATED
1. There is hereby established the INFCA Tribal Reserve Board consisting of nine (9) directors. Four (4) directors shall be appointed by the stock subscribing Tribes through their Supreme Governing Bodies. Four (4) Directors shall be appointed by the investors of INFCA Tribal Reserve (who shall have cumulative voting rights according to the shares they hold) or who have contributed capital to INFCA Tribal Reserve in return for capital stock. The final director shall be appointed by Native Founders Trust. All directors shall serve for five (5) year staggered terms of office, and until their successors shall be appointed and take office. At least one-third of the Board shall be enrolled members of the Tribes, and the Tribal Presidents and Treasurers of the respective Tribal Governments shall sit as ex-officio officers of the INFCA Tribal Reserve Board. The Board shall designate a Chairman, Vice-Chairman, and Secretary-Treasurer for the Board and establish the compensation and benefits payable to the members of the INFCA Tribal Reserve Board.
2. The INFCA Tribal Reserve Board shall have authority to establish all regulations useful for its internal procedures, and to implement this Title. All such regulations shall have the force of law, and violation thereof shall be punishable by civil penalty not to exceed Five Thousand Dollars for any one violation; provided, that no civil penalty may be attached for simple failure to repay any loan made by the INFCA Tribal Reserve Board or its delegatees.
Section 6 MEMBERSHIP IN FEDERAL RESERVE SYSTEM
1. As used in this Section:
A. "Federal Reserve Act" means the Act of the Congress of the United States approved December 23, 1913 (38 Stat. 251) as amended,
B. "Federal Reserve Bond Act" means the Board of Governors of the Federal Reserve System created and described in the Federal Reserve Act, as amended,
C. "Federal Reserve Bank" means the Federal Reserve Banks created and organized under authority of the Federal Reserve Act,
D. "Member Bank" means any bank, which becomes a member of the Federal Reserve system.
2. Upon determination by the INFCA Tribal Reserve Board that such action will be useful for the purposes for which the INFCA Tribal Reserve is established and with approval of the SUPREME GOVERNING BODY of the affected Native American Tribe(s) that Tribe(s) may subscribe to the capital stock and become a member(s) of the Federal Reserve System, such an action shall mot be construed as extending Federal Reserve jurisdiction over INFCA Tribal Reserve or its other subscribing Tribe(s).
3. If INFCA Tribal Reserve is authorized by the Tribe to become a member of the Federal Reserve System, it shall thereafter be vested with all powers conferred upon member banks of the Federal Reserve System by the terms of the Federal Reserve Act, as fully and completely as if such powers were specifically enumerated and described in this Title. All such powers shall be exercised subject to all restrictions and limitations imposed by the Federal Reserve Act, or by regulations of the Federal Reserve Board made pursuant thereto, and any specific restrictions and limitations imposed upon the INFCA Tribal Reserve by this title. This title shall take precedent over any other act, law rule or regulation, and any inconsistency and or vagueness on any law, rule or regulation shall be subordinate to this title.
4. Upon becoming a member of the Federal Reserve System, compliance with the reserve requirements of the Federal Reserve Act shall be deemed to be full compliance with the provisions of this Title requiring cash balances in the vaults of INFCA Tribal Reserve or with other banks.
5. Upon becoming a member of the Federal Reserve System, the INFCA Tribal Reserve shall continue to be subject to the supervision of the INFCA Tribal Reserve Board and examination as provided in this Title, except that the Board of Governors of the Federal Reserve System shall then have the right, if it deems necessary, to make examinations.
Section 7. FEDERAL DEPOSIT INSURANCE CORPORATION ACT
INFCA Tribal Reserve may do and perform any act or thing necessary or required under the terms of the Federal Deposit Insurance Corporation Act, and any amendments thereto or any acts substituted therefore, to secure the benefits of the deposit insurance and other advantages provided by such act, and any amendments thereto or any act substituted therefore applicable to non-federally chartered banks. Until the INFCA Tribal Reserve becomes insured pursuant to the Federal Deposit Insurance Corporation Act, it shall not accept any demand deposits in an amount less than One Hundred Thousand Dollars, and shall require all depositors to acknowledge in writing that they understand that INFCA Tribal Reserve is not insured by the Federal Deposit Insurance Corporation INFCA Tribal Reserve may obtain available commercially deposit insurance.
Section. 8. PLEDGE OF ASSETS GENERALLY
INFCA Tribal Reserve Board may pledge INFCA Tribal Reserve Trust Fund assets to:
1. enable it to act as agent for the sale of obligations of the United States,
2. secure borrowed funds, of the member Tribe(s) in an amount up to one-half of the assets held in the subscribing members Tribe’s Tribal Reserve Trust Fund Account
3. secure deposits when the depositor is required to obtain such security by the laws of the United States, by the terms of this or any other intergovernmental cooperative agreement or compact, by the laws of any state or Indian Tribe, or by order of a court of competent jurisdiction, or with the consent of the Tribe(s) Supreme Governing Bodies.
4. otherwise comply with the provisions of this Title.
Section 9. INDEMNIFICATION FOR DEFENDING SUITS
It is the intention of the Tribe(s) that the members of the INFCA Tribal Reserve Board, the officers, board of directors, members and employees of the INFCA Tribal Reserve, and INFCA Branch offices, contractors, employees, and agents of the INFCA Tribal Reserve shall be immune from suit in their official or personal capacities for their activities within the scope of their authority pursuant to this Title. The Tribal Loan Fund rules and regulations of the INFCA Tribal Reserve Board, or the bylaws enacted by it for the governance of the INFCA Tribal Reserve may provide that the INFCA Tribal Reserve shall indemnify every member of the INFCA Tribal Reserve Board, every member of the INFCA Board of Governors, every officer, director, and employee of the INFCA Tribal Reserve, his heirs, executors, and administrators, against judgments resulting from and the expenses reasonably incurred by him in connection with any action to which he may be made a party by reason of his being a member of the INFCA Board of Governors, a member of the INFCA Tribal Reserve Advisory Board, an officer, director, agent, or employee of the INFCA Tribal Reserve Board, including any action based upon any alleged act or omission on his part, except that, in the event of a settlement out of court, indemnification shall be provided only in connection with such matters covered by the settlement as to which the INFCA Tribal Reserve is advised by its counsel. That the person to be indemnified was not liable for such willful misconduct outside the scope of his authority in the professional opinion of counsel for the INFCA Tribal Reserve. The foregoing rights of indemnification shall not be exclusive of other rights to which such officers, directors, and employees may be entitled.
Section 10. PROPERTY ACQUISITION
1. To accomplish the purpose of this Title, the INFCA Tribal Reserve shall have the authority to acquire by purchase, gift, lease, or otherwise by any lawful means all requisite real and personal property and property rights, provided, that the INFCA Tribal Reserve shall have the authority to request, and shall request that the United States accept any real property to be acquired by it within the reservation boundaries of the Tribe is in trust pursuant to 25 U.S.C. 465 or other applicable federal law in the name of the Tribe(s). Such real property within the Reservation area, when acquired in trust status or otherwise, shall, by force of this Section, be considered as assigned to the sole use and benefit of the INFCA Tribal Reserve under the appropriate laws of the Tribe(s), and the president and Secretary of the Tribal Supreme Governing Body shall issue an original general assignment patent for such property endorsed to the INFCA Tribal Reserve. The INFCA Tribal Reserve shall have the authority to acquire by eminent domain the full title under tribal law to any land owned by the Tribe and assigned to any person, other than an agency of the Tribe, and any other lands or property within the territorial jurisdiction of the Tribe upon paying the owner of the use thereof the full value of his assignment as determined by settlement between the parties or by the Courts of the Tribe(s).
2. Further, the INFCA Tribal Reserve may construct, remodel, and repair buildings necessary for the purposes of this Title. It may invest in furniture, fixtures, lands and buildings for office purposes in accordance with legislative appropriation of the Tribe, or as may be provided for in any grant or contract from a non-tribal funding source approved by the INFCA Tribal Reserve when the grant or contract contains an allocation for such purposes, or out of the earned unobligated profits of the INFCA Tribal Reserve.
Section 11. ENGAGEMENT OF OFFICERS AND EMPLOYEES
The INFCA Tribal Reserve Board of Directors shall obtain such assistance as in its judgment may be necessary for the establishment, maintenance, and operations of the INFCA Tribal Reserve. To that end, it may appoint a chief executive (CEO) officer, a president, or presidents and may appoint subordinate officers and employees as it may judge expedient. It may constitute such chief executive officer or president its general agent in respect to the functions of said INFCA Tribal Reserve, but subject nevertheless, in such agency, to the supervision, limitation, and control of the Board of Directors. It shall employ such contractors, architects, builders, attorneys, cashiers, tellers, clerks, accountants, and other experts, agents, and servants as in the judgment of the Board the interest of the INFCA Tribal Reserve requires, and shall define the duties, designate the titles, and fix the compensation, within legislative appropriation and available unobligated profits, and the bonds of all such person so engaged. The total compensation of such appointees and employees, together with other expenditures for the operation and maintenance of the INFCA Tribal Reserve, shall remain within the appropriation lawfully available in each year for such purpose, and the unobligated profits of the Bank. All officers and employees of the INFCA Tribal Reserve engaged in handling cash or securities, before entering upon their duties, shall furnish respectively good and sufficient bonds to the INFCA Tribal Reserve and the Tribe(s) in such amount and upon such conditions as the Board may require.
Section 12. REMOVAL AND DISCHARGE OF APPOINTEES
The INFCA Tribal Reserve Board may remove and discharge any and all persons appointed in the exercise of their powers granted by this Title, whether by the Board or by the CEO of INFCA Tribal Reserve, and any such removal may be made whenever in the judgment of the Board or INFCA Tribal Reserve CEO and the public interests require it, and no contract of employment may vary the terms of this section. All appointments and removals contemplated by this Title shall be made as the INFCA Tribal Reserve Board shall deem fit to promote the efficiency of the public service.
Section 13. CAPITAL OF INDIGENOUS NATIONS FEDERAL CHARTER ASSOCIATION (INFCA) TRIBAL RESERVE
1. INFCA Tribal Reserve can be opened and shall proceed to transact business after passage of this Act and the appropriation of such sum as the Board shall approve as the initial capital of the INFCA Tribal Reserve.
2. The INFCA Tribal Reserve Board shall, from its available profits, set aside a Tribal Reserve Trust Fund which shall be added to the capital of INFCA Tribal Reserve in such amount as the INFCA Tribal Reserve Board shall deem beneficial for the financial integrity of INFCA Tribal Reserve, consistent with this Act and with the INFCA Board of Governors approval.
Section 14. TRIBAL FUNDS MAY BE DEPOSITED IN INFCA TRIBAL RESERVE ACCOUNTS.
All Tribal funds, and all funds of tribal agencies and departments to be invested at interest and not maintained in the Treasury of the United States may be deposited in INFCA Tribal Reserve by the person having control of such funds or shall be deposited in accordance with constitutional and statutory provisions. In such event, INFCA Tribal Reserve shall assign to the Tribe sufficient securities guaranteed as to principal and interest by the government of the United States to guarantee the repayment of the funds so deposited along with applicable interest.
Section 15. NON-LIABILITY OF OFFICERS AND SURETIES AFTER DEPOSIT
Whenever any of the public funds shall be deposited in the INFCA Tribal Reserve, as hereinbefore provided, the official having control thereof and the sureties on the bond of every such official shall be exempt from all liability by reason of loss of any such funds while so deposited.
Section 16. DEPOSITS MAY BE RECEIVED FROM ANY ENTITIES
INFCA Tribal Reserve may receive deposits from any source, including the United States government, and any foreign or domestic individual, corporation, association, municipality, federal credit program, tribal loan fund act, or government.
Section 17. DEPOSITS TO CREDIT OF OTHER BANKS
Funds may be deposited in the INFCA Tribal Reserve to the credit of INFCA Tribal Reserve, to the credit of any INFCA Branch credit program, tribal loan fund, financial institution, agency, or other legal entity.
Section 18. GUARANTY OF DEPOSITS - EXEMPTION FROM TAXATION
All deposits in the INFCA Tribal Reserve are guaranteed by the Tribe(s) to the extent of all property, real, personal, or mixed, owned by the INFCA Tribal Reserve, except such properties as are held on behalf of others, whether on deposit, in trust, or otherwise, and subject to any pledge or assignment granted by the INFCA Tribal Reserve. Such deposits shall be exempt from taxes of the Tribe(s) of any and all kinds.. No debt of INFCA Tribal Reserve shall be construed as a debt of the Tribe(s), and no assets of the Tribe(s) shall be available to pay any debt of INFCA Tribal Reserve.
Funds deposited by tribal financial entities incorporated pursuant to the laws of the Tribe(s) INFCA Tribal Reserve Act shall be deemed "available funds" within the meaning of that term as used in Tribal Credit Program/Loan Fund Act law. For tribal financial entities that make INFCA Tribal Reserve a reserve depository, it may perform the functions and render the services of a clearinghouse, including all facilities for providing domestic and foreign exchange, and may rediscount paper, on such terms as the INFCA Tribal Reserve Board shall provide.
Section 20. INTEREST RATES - TIME DEPOSITS - LIMITATIONS - CHARGES
The INFCA Tribal Reserve Board, unless otherwise limited by law, from time to time shall fix the rates of interest allowed and received in transactions of INFCA Tribal Reserve and its Branch members. Such rates shall be as nearly uniform and constant as practicable, and shall not be fixed or changed to work any discrimination against or in favor of any person, corporation, or other depositor or borrower. In respect to time deposits received by INFCA Tribal Reserve, transactions may be reasonably classified as to the amounts and the duration of time involved, and a reasonable differentiation of interest rates based on such classification may be allowed. When interest is allowed on any deposits the interest rate thereon shall not be more than the amounts allowed by any restriction contained in Tribal finance law. The INFCA Tribal Reserve Board also shall fix reasonable charges, without unjust discrimination, for any and all services rendered by INFCA Tribal Reserve.
Section 21. DEPOSITS MAY BE MADE IN ANY (NATIONAL BANK) FINANCIAL INSTITUTIONS
The INFCA Tribal Reserve may deposit funds in any Native American Indian Federal Credit Program Loan Fund Act entity or investment association, national bank or with any licensed investment dealer in securities within or without the tribal jurisdiction upon such terms and conditions and in such name as the INFCA Tribal Reserve Board shall determine.
1. INFCA Tribal Reserve may make loans to, and purchase securities and bonds issued by instrumentalities of the Tribe(s), and such loans shall be repaid with interest to the INFCA Tribal Reserve. The INFCA Tribal Reserve may make loans to tribal, state, or national banks and economic development agencies, and may participate with tribal, state or national banks, savings and loan associations, and credit unions, and other financial institutions or economic development agencies in loans being made by them, on such terms and under such rules and regulations as the INFCA Tribal Reserve Board may determine. INFCA Tribal Reserve may buy and sell federal funds, or excess reserves, bankers’ acceptances, participation loans, and all securities issued by the United States government or its instrumentalities. INFCA Tribal Reserve shall invest twenty-five percent of Tribal Reserve Trust Fund assets in U.S. Treasury Bonds, U.S. government negotiables or other instruments, precious metals or in a low-risk portfolio, or bonds, notes, or debentures of any corporation considered a "blue chip" stock, incorporated under the laws of any state of the United States or any Indian Tribe within the United States, or other legal entity, provide that such investments, of Capital and surplus, shall not be made to exceed for any one corporation, ten percent of the combined capital and surplus of INFCA Tribal Reserve Trust Fund This limitation shall not be applicable to investments in monetary funds composed in turn of stocks, bonds, and governmental securities.
2. INFCA Tribal Reserve may make loans to holders of INFCA Tribal Reserve certificates of deposit and savings accounts, or letters-of-credit or similar papers issued by acceptable financial institutions approved by the INFCA Tribal Reserve Board, up to 2% of the value of the certificates, savings accounts, or 80% to be issued by others, offered as security. The INFCA Tribal Reserve shall not otherwise make loans or give its credit to any individual, association, or private corporation, except as otherwise authorized in this Title, and except that it may make uninsured loans to actual farmers and businesses who conduct a bona-fide business when for the expansion of such business in an amount not to exceed ninety percent of the value of the security, if such loans are secured by recorded mortgages giving the INFCA Tribal Reserve, a lien on the title or use of real property, and except that loans insured and guaranteed by the United States as to principle and interest as specifically authorized by law may be made in an amount on which the uninsured principal and interest unpaid on said loan does not exceed fifteen percent of the total unpaid principal and interest of said loan.
3. The limitations imposed by Subsections (a) and (b) of this Section may be waived in writing by the INFCA Tribal Reserve Board on behalf of INFCA Tribal Reserve if, and only if, the loan or investment which would require waiver of any of the stated limitations, is fully guaranteed or insured as to both principal and interest by the United States or a reputable insurance company or similar lender or surety company rated "A" or better by Best Insurance Rating System or similar nationally recognized rating System or other Banks the Board deems acceptable.
4. Buffalo Reserve Trust Fund Created
Section 23 TRIBAL TREASURY: INFCA RESERVATION BRANCH/BOARD SHORT TITLE
This Sub Title shall be known as the - INFCA Reservation Credit Program Branch Board Act
Findings
The Tribe finds:
1. That the power and authority to establish a INFCA Reservation Branch Credit Program of the Tribe proceeds from:
A. The inherent, aboriginal sovereignty of the Tribe; and
B. The Constitution of the Tribe, and the U.S. Constitution, U.S. Treaties, Indian Reorganization Act, Indian Finance Act,
C. Oklahoma Indian Welfare Act 25 U.S.C.A. 503
2. That the power and authority to issue bonds of the Tribe proceeds from:
A. The inherent, aboriginal sovereignty of the Tribe and
B. The Constitution of the Tribe and
C. The Indian Tribal Government Tax Status Act of 1982, 26 U.S.C.A. 7871.
3. That references within this Act to any government or other promulgation of law, than that of the Tribe, shall not operate as a limitation on the power and authority of the Tribe, the Supreme Governing Body of the Tribe, the INFCA Reservation Branch Credit Program, The Department of Treasury of the Tribe, or the Treasury Secretary of INFCA Reservation Branch Credit Program Board of the Tribe
Section 24. TRIBAL DEPARTMENT OF THE TREASURY/INFCA RESERVATION BRANCH
There shall be an INFCA Reservation Branch of the Tribe(s) Credit Program. The Department of the Treasury shall be an executive department, subject to the power and authority of the Governing Body of the Tribe, the INFCA Board of Governors and the INFCA Tribal Reserve Board and said Department will operate the INFCA Reservation Branch of the Tribal federal credit program
Section 25. INFCA RESERVATION BRANCH BOARD CHAIRMAN
There shall be an office of the Tribal Department of the Treasury. The Tribe’s highest elected official and the INFCA Tribal Reserve Board shall appoint, by and with the consent of the Tribal Governing Body, the Treasury Secretary of the Department of the Treasury, who will serve as the Chairperson of the INFCA Reservation Branch Board and as a delegate to the INFCA Board of Governors. The INFCA Tribal Reserve Board shall determine the compensation, and the term of office of the Secretary shall be for two years, subject to the provisions of this Act and available funds and the approval of INFCA Board of Governors and INFCA Tribal Reserve Board.
1. The Treasury Secretary shall have the power to authorize and to issue bills, notes, bonds and other instruments of indenture of the Tribe subject to be approved by the Supreme Governing Body or other authorized political agency of the Tribe.
2. The Treasury Secretary shall have power to delegate to any lawful designee of the Tribe the authority to issue bills, notes, bonds and other instruments of indenture of the Tribe subject to the approval of the subject Tribes’ Supreme Governing Body and the INFCA Tribal Reserve Board.
3. The Treasury Secretary, subject to the INFCA Reservation Branch Board and Tribe’s Supreme Governing Body shall have power to promulgate rules and regulations, not inconsistent with the regulatory authority and the rules and regulations of the INFCA Tribal Reserve Board with which to found and establish banks and other financial institutions within the Tribal lands and subject to the jurisdiction of the Tribe and appropriate United States agencies.
Section 27. RESTRICTIONS ON THE TREASURY SECRETARY
1. The Tribal Treasury Secretary, as INFCA Reservation Branch Board Chairman, or any person or entity under the direct or indirect control of the Secretary or the Department of the Treasury/ INFCA Reservation Branch Credit Program, shall be without power and authority to promulgate rules, regulations or other laws inconsistent with the regulatory power and authority of the INFCA Tribal Reserve Board or with the rules and regulations thereof, or the laws of the United States relevant thereto.
2. The Tribal Treasury Secretary of INFCA Reservation Branch, or any person or entity under the direct or indirect control of the Tribal Treasury Secretary or the Department of the Treasury, shall be without power to promulgate rules, regulations or other laws which will or which may impede or otherwise interfere with the regulatory power and authority of the INFCA Tribal Reserve Board or of the members thereof.
Section 28. RATE OF RETURN UPON BONDS
The Tribe(s) Treasury bonds shall provide a reasonable rate of return; said rate of return shall be set by the INFCA Tribal Reserve Board and the issuance will be subject to INFCA Tribal Reserve in coordinating with the issuing entity.
The Tribe(s) hereby declare, expressly and unequivocally, the sovereign immunity of the Tribe(s), of the Department of the Treasury of the Tribe, of the Secretary of the Department of the Treasury of the Tribe(s) and of the INFCA Reservation Branch Board and Credit Program. Further, the Tribe(s) hereby declare, expressly and unequivocally, that nothing in this Act shall operate as a waiver or shall be constructed to operate as a waiver of the sovereign immunity of the Tribe(s), the Department of the Treasury of the Tribe(s) or of the Secretary of the Department of the Treasury of the Tribe(s) and of the INFCA Reservation Branch Board and Credit Program. And, further, no act or omission of any agent representative or employee of the Tribe(s), the Department of the Treasury of the Tribe(s) or of the Secretary of the Department of the Treasury of the Tribe(s) or the INFCA Reservation Branch and Board Credit Program shall operate as a waiver or shall be construed to operate as a waiver of the sovereign immunity of the Tribe(s), the Department of the Treasury of the Tribe(s), or the Secretary of the Department of Treasury of the Tribe(s) and or the INFCA Reservation Branch Board.
1. General Purpose: The need for a Tribal Department of the Treasury and an INFCA Reservation Branch Credit Program is hereby declared as matter of the public interest, the general health and welfare, and essential to the self-determination of the Tribe(s). Further, the INFCA Reservation Branch Credit Program is hereby declared an exercise of essential governmental functions of the Tribe(s) and essential for the furtherance of the health, welfare, and economic security of the Tribe(s).
2. Specific Purposes: In addition to the general purposes expressed in subsection (A) of this section, the Tribal Department of the Treasury of the Tribe(s) and its INFCA Reservation Branch Credit Program is a department and body politic, of the Tribe(s) and, through its activities, is intended to further the general purposes, as expressed above, and the below enumerated specific Tribal and Federal purposes:
A. The purpose of encouraging and promoting agriculture, commerce, and industry, for creating a fund for economic development and other purposes including the purposes of providing land and homes to enrolled member of the Tribe(s) and other eligible persons, for the provision of income and the creation of a sound economic and industrial tax base for the support of the Government of the Tribe(s) as guaranteed to the Tribe(s) the various treaties between the United States and the people of the Tribe(s), the Constitution, and the rights of self-government and social advancement recognized and provided for the laws of the United States; and the United Nations
B. The purposes of providing land, borrowing money, and issuing loans for the acquisition of land for the Tribe(s), other Native American Tribes, and individual Native Americans or groups of Native Americans pursuant to Section 56 of the Act of June 18, 1934, 49 Sat. 985 (25 U.S.C. 465), to Section 1 and 2 of the Act of June 26, 1936, 49 Stat. 1967 (27 U.S.C. 501,502), the insurance of loans for such acquisitions pursuant to the Act of April 11, 1970 (25 U.S.C. 488 et. Seq.) and individuals and Tribes, and the providing of federal insurance for loans made to Tribes, individuals, or other;
C. The purpose of furthering Native American industry, labor, and Economic development within the Indian Country as provided in the act of June 25, 1910, 36 Stat. 861 (25 U.S.C. 47), Section 1 of the Act of May 9, 1938, 52 Stat. 302 (25 U.S.C. 306) and other Federal laws supporting the economic development of Indian Country;
D. The purposes of furthering the investment of Native American tribal and individual funds provided in the Act of June 24, 1938, 25 Stat. 1037 (27 U.S.C. 162a);
Section 31. RESTRICTIONS ON THE TREASURY SECRETARY AND INFCA RESERVATION BRANCH BOARD
The Treasury Secretary, or any person or entity under the direct or indirect control of the Secretary or the Department of the Treasury, shall be without power and authority to promulgate rules, regulations or other laws inconsistent with the regulatory power and authority of the Tribe and the INFCA Tribal Reserve Board.
Section 32. RATE OF RETURN UPON BONDS
The Tribe(s) Treasury Bonds shall provide a reasonable rate of return; said rate of return shall be set by the INFCA Tribal Reserve Board.
The Tribe hereby declares, expressly and unequivocally the sovereign immunity of the Tribe, the Department of the Treasury of the Tribe, and of the Secretary of the Department of the Treasury of the Tribe. Further, the Tribe hereby declares, expressly and unequivocally, that nothing in this Act shall operates as a waiver or shall be constructed to operate as a waiver of the sovereign immunity of the Construed Tribe, the Department of the Treasury of the Tribe, or of the Secretary of the Department of Treasury of the Tribe and INFCA Reservation Branch Credit Program and Board.
Section 34. LOANS TO TREASURY ACCOUNT AUTHORIZED
Upon application by the Tribal Treasurer and the Director of the Tribal Accounting Department, INFCA Tribal Reserve may make loans in amounts at any one time not exceeding the total sum of One Hundred Thousand Dollars to the Tribal treasury account, for periods of time not exceeding nine months in duration, at such rates of interest as the INFCA Tribal Reserve Board may prescribe, for the purpose of making money available to meet legislative appropriations from the treasury accounts during periods of seasonally low tax collections, periods in which high withdrawals or expenditures occur, or as may be necessary to provide for appropriations to maintain any grant or contract received from the federal government pending draw down of awarded and available grant or contract funds.
Section 35. INVESTMENTS IN GOVERNMENT SPONSORED STOCK
The INFCA TRIBAL RESERVE may invest in stock of United States Government or Tribal government sponsored corporations, whether publicly or privately held, but such investments shall not exceed ten percent of INFCA Tribal Reserve combined capital and surplus in any one entity.
Section 36. FUND TRANSFERS TO TRIBAL DEPARTMENT- HOW CREDITED
All funds transferred to other agencies, political subdivisions, departments, institutions, utilities, industries, enterprises, or projects of the Tribe shall be placed to the credit of such agencies, political subdivisions, departments, institutions, utilities, industries, enterprises, or projects by the Treasurer and the Tribal Accounting Office subject to their respective orders within the scope of their approved budgets.
Section 37. WARRANTS AGAINST TRANSFERRED FUNDS
The accounting department shall prepare and issue warrants signed by the Tribal accountant against money transferred by INFCA Tribal Reserve to other agencies, political subdivisions, departments, institutions, utilities,
Section 38. LEASE OF LANDS ACQUIRED THROUGH FORECLOSURE - OIL & GAS
1. The elected head of the Supreme Governing Body, as trustee, in an instrument which shall be attested by the Secretary of the Tribe, through the INFCA, Tribal Reserve acting as his agent for the negotiation of such contracts, and with the written approval of the INFCA Tribal Reserve Board, may make a valid lease of any portion of the lands to which title is acquired by foreclosure of mortgages taken by the INFCA Tribal Reserve and certified to him as suitable for leasing under this title. Such leases shall be for such time and upon such terms as the INFCA Tribal Reserve Board shall direct, provided that the terms of all leases which are to be made pursuant to any federal law shall not exceed the terms allowed by such federal law, and provided, that leases which are to be made pursuant to any Tribal law shall not exceed the terms allowed by such Tribal law.
2. The elected head of the Supreme Governing Body, as trustee, in an instrument which shall be attested by the Secretary of the Tribe, through the INFCA Tribal Reserve Board or its delegates, acting as his agent for the negotiation of such contracts, and with the written approval of the INFCA Tribal Reserve Board, shall have the power, as such trustee, and when so directed, to make separate leases thereof covering mineral or oil and gas rights on such land, subject to the provisions of the Tribal Mineral Leasing act as now or hereafter amended, and any federal law allowing mineral or oil and gas leasing of Indian tribal lands.
3. Any sale of, or tribal assignment of patents issued with respect to, such lands thereafter made shall be made subject to any leases so granted. Unless otherwise provided by federal or Tribal law, as may be applicable to any particular case, surface leases and leases for the subsurface storage of minerals, including oil and gas and related hydrocarbon substances shall not exceed ten years, unless significant improvements are to be made as determined by the INFCA Tribal Reserve Board in which case the term shall not exceed thirty years, and mineral or oil and gas mining leases shall not exceed the maximum term of leases of Tribal lands as provided in the Tribal Mineral Leasing Act, as now or hereafter amended, and the provisions of any federal law relative thereto not in excess of the terms allowed by the Tribal Mineral Leasing Act.
4. The net proceeds of rentals and royalties accruing from such leases shall accrue to the real estate bond payment and purchase fund and shall be used exclusively for the purchase of real property to be held in trust by the United States of America for the use and benefit of the Tribe, or to be held by the Tribe subject to a restriction upon alienation imposed by some law of the United States.
Section 39. ASSIGNMENT PATENT AND SALES OF LAND ACQUIRED THROUGH FORECLOSURE
1. All lands acquired by the INFCA Tribal Reserve through a foreclosure of mortgages taken by the financial institution shall be either;
A. with the consent of the Secretary of the Interior, or his authorized agents or representatives, taken in trust by the United States of America for the use and benefit of the Tribe pursuant to 27 U.S.C. 465, and shall thereafter be patented to the INFCA Tribal Reserve pursuant to the Tribal law relating to assignment patents, or, if declared by the INFCA Tribal Reserve Board to be excess to the needs of the financial institution’s obligations, such patent may be withheld and sold as provided in the laws relative to such assignment patents, or
B. lands which the Secretary of the Interior refuses to accept in trust for the Tribe, if within the exterior boundaries of the reservation, shall be taken in the name of the Tribe subject to the restriction contained in 25 U.S.C. 177, and shall thereafter be patented to INFCA Tribal Reserve pursuant to the Tribal law relating to assignment patents, or, if declared by the Board to be excess to the needs of INFCA Tribal Reserve due regard being made for the payment of the INFCA Tribal Reserve obligations, such patents may be withheld and sold as provided in the laws relative to such assignment patents, or
C. lands which the Secretary of the Interior refuses to accept in trust for the Tribe, if without the exterior boundaries of the Reservation area, shall either (i) be taken in the name of the Tribe and shall thereafter be patented to INFCA Tribal Reserve pursuant to the Tribal law relating to assignment patents, or, if declared by INFCA Tribal Reserve with the approval of the Tribe’s Supreme Governing Body to be excess to the needs of INFCA Tribal Reserve, due regard being made for the payment of the INFCA Tribal Reserve obligations, such patent may be withheld and sold as provided in the laws relative to such assignment patents, or (ii) in lieu of issuance of an assignment patent or upon acquisition of the use rights to said property conveyed by Tribal law to the patentee, his heirs, or assigns, the land may be sold pursuant to the terms and conditions of the Indian Land Consolidation Act as now or hereafter amended codified at 25 U.S.C. 2201, et. Seq. for the purpose of consolidating Tribal land holdings within the Tribal reservation area.
2. All sales of lands to be made pursuant to subparagraph (3) of sub section (a) of this section shall be explicitly authorized by appropriate action of the INFCA Tribal Reserve Board or its delegates.
3. The net proceeds of the sale of assignment patents as herein provided shall accrue to the real estate bond payment and purchase fund and shall be used exclusively for the purchase of real property to be held in trust by the United States of America for the use and benefit of the Tribe(s), or to be held by the Tribe(s) subject to a restriction upon alienation imposed by the laws of the United States.
4. The net proceeds of the sale of lands made pursuant to the Indian Land Consolidation Act shall be held by the Secretary of the Interior in the special account mentioned in that act and shall be used exclusively for the purchase of real property to be held in trust by the United States of America for the use and benefit of the Tribe(s), or to be held by the Tribe(s) subject to a restriction upon alienation imposed by some law of the United States.
Section 40. NAME IN WHICH BUSINESS CONDUCTED - EXECUTION OF INSTRUMENTS
1. All business of the Credit Program except as otherwise provided in this Title shall be conduced under the name of the Indigenous Nations Federal Charter Association Tribal Reserve which shall be designated on all documents produced by INFCA Tribal Reserve as a body corporate and politic of the Tribe(s). Title to property pertaining to the operation of INFCA Tribal Reserve shall be obtained and conveyed in the name of INFCA Tribal Reserve, except the title to real property to be used in the operation of INFCA Tribal Reserve, with the consent of the Secretary of Interior, shall be taken in trust by the United States pursuant to 25 U.S.C. 465, otherwise to be taken in the name of the Tribe(s), and thereafter patented by the Tribe(s) to INFCA TRIBAL RESERVE.
2. Written instruments of the INFCA Tribal Reserve shall be executed in the name of the INFCA Tribal Reserve by two members of the INFCA Tribal Reserve Board, or by the CEO or his designate within the scope of his authority so to do, including specific authority to delegate such responsibility to lesser officials, as defined by the written rules, regulations and policies of the INFCA Tribal Reserve Board.
Section 41. CIVIL ACTIONS AGAINST INFCA TRIBAL RESERVE
Civil Actions may be brought against the INFCA Tribal Reserve on account of causes of action claimed to have arisen out of transactions connected with the operation of the INFCA Tribal Reserve, upon condition that the provisions of this section are strictly complied with, and the INFCA Tribal Reserve and its officers, directors, agents, and employees shall otherwise be immune from any civil suit whether arising in law or in equity. The Tribe, INFCA Tribal Reserve Board, the INFCA Tribal Reserve Advisory Board, and the individual board members, officers, and agents of the INFCA Tribal Reserve shall not be named as parties in such actions. Services of process in such actions shall be made upon the Chairman of the Board personally, and a true copy of all process including all pleadings and other papers filed therein shall be mailed by certified mail, return receipt requested, to (1) the President or highest elected official of the Business Council or Supreme Governing Body of the Tribe whose address is available at the Bureau of Indian Affairs, Department of the Interior. Such action shall be brought, however, exclusively in the Courts of the Tribe as now or hereafter constituted, with the right to appeal as in other civil actions. At the time of the institution such action, the plaintiff shall file a bond, subject to approval by the Court, in a sum of not less than Five Thousand Dollars ($5,000.00) to guarantee payments of the INFCA Tribal Reserve’s attorney fees and costs of the action in the event that the Plaintiff is not substantially successful in the action. No action shall be maintainable against the INFCA Tribal Reserve for failure to approve any loan or credit facility to any person.
Section 42. SURETY NOT REQUIRED FOR INFCA TRIBAL RESERVE IN CIVIL ACTIONS
All provisions of law requiring that a surety or sureties be given on undertakings in action on appeal, attachment, claim and delivery, executions and stays thereof, and other cases in which an undertaking or surety is required, shall not be applicable to the INFCA Tribal Reserve as the party seeking any such relief. The INFCA Tribal Reserve shall be required and shall give its own undertaking without surety and to reimburse the adverse party when required by law.
Section 43. NO EXECUTION ON INFCA TRIBAL RESERVE PROPERTY
All property of the INFCA Tribal Reserve shall be exempt from levy and sale by virtue of any execution, and no execution or other judicial process shall issue against the same nor shall any judgment against the INFCA Tribal Reserve be a charge or lien upon its property; provided that nothing contained in this Section shall apply to or limit the rights of the holder of any bonds, notes, contracts, or deposits to pursue any remedy for the enforcement of any pledge or lien specifically given by the INFCA Tribal Reserve in writing on its revenues or other moneys. Real property and personal property, other than unobligated cash on hand and future revenues, may be pledged or a lien allowed thereon only with the specific prior written consent of the Business Council or Tribe’s Supreme Governing Body upon the request of the Board. Such consent will not be granted except in the most extraordinary of circumstances in the sole discretion of the Business Council/Supreme Governing Body
Section 44. AUDIT OF INFCA TRIBAL RESERVE ACCOUNTS AND RECORDS
The INFCA Tribal Reserve Board shall be responsible for contracting with a nongovernmental certified public accounting firm to annually audit INFCA Tribal Reserve in accordance with generally accepted auditing standards, which shall include inspection and verification of the assets in its possession and under its control with sufficient thoroughness to ascertain with reasonable certainty whether the valuations are carried correctly on its books. The auditor so hired shall audit INFCA Tribal Reserve’s methods of operation and accounting, shall report the results to the Board as soon as practicable, and shall furnish one certified copy thereof to the subscribing Tribe’s Supreme Governing Bodies and one certified copy thereof to the Treasurer(s) for the use of the Tribe(s) and the official Tribal records. The costs of such audit shall be paid by INFCA Tribal Reserve. The Tribal accounting department shall be responsible for an annual examination of the INFCA Reservation Branch Credit Program and for any investigation of the fiscal affairs of the INFCA Reservation Branch Credit Program which may be necessary. The results of this examination, and any necessary investigations shall be reported to the INFCA Tribal Reserve Board and the Tribal Supreme Governing Body. If such examination or investigation has indicated that criminal wrongdoing may have occurred, the report thereof shall also be delivered to the Tribal Attorney General and the Tribal Attorney. Fees for such examinations shall be charged by the accounting department with the consent of the Tribal Supreme Governing Body upon consultation with the INFCA Tribal Reserve Board. Such fees shall be charged to the INFCA Reservation Branch for the time used by the Tribal accountant or other person designated by him in supervising, filing, and corresponding in connection with such report or investigation and for the time used by each deputy examiner, or other person or persons in making and otherwise preparing and typing the reports of examinations or investigations herein provided for.
Section 45. ELECTRONIC FUND TRANSFER SYSTEM
The INFCA Tribal Reserve may establish, under such rules and regulations as may be adopted by the INFCA Tribal Reserve Board, a system to provide fund transfer services to its customers and to the customers of Tribal, and federal chartered credit programs located within the exterior boundaries of the reservation, and to other financial institutions otherwise authorized to utilize the services of electronic fund transfer systems, to acquire such equipment as is necessary to establish electronic fund transfer systems, and to make such reasonable charges for services rendered to other banks and customers as may be established by the INFCA Tribal Reserve Board, including serving as a clearinghouse for credit card accounts on credit cards issued by banks and other financial institutions regardless of locations.
Section 46. INFCA TRIBAL RESERVE RECOGNIZED AS INDIAN FINANCING ACT RELENDING ORGANIZATION
1. The INFCA Tribal Reserve and Reservation Branch Credit Program and the Tribal Bond Credit Program established by this Title, are hereby recognized as "Organization(s)" as defined in Section 3(f) of the Indian Financing Act of 1974, as amended, Act of April 12, 1974, P.L. 93-262, 88 Stat. 77, 25 U.S.C. 1452(f), and Part 80,91 and 93 of Title 25 Code of Federal Regulations (1981) as amended, superseded, or redesignated, and are declared by the Tribe to be authorized agencies of the Tribe for the purpose of the Act and regulations promulgated thereunder, and are hereby authorized by the Tribe to borrow money from the Indian Revolving Loan Fund, to re-lend or otherwise invest said borrowed funds pursuant to Section 102 of said, 25 U.S.C. 1462, to obtain insurance and interest subsidies on loans of Tribal funds and/or INFCA Tribal Reserve funds made pursuant to this Title, to obtain business grants, and to request and receive management and technical assistance all as provided by the Indian Financing Act.
2. The INFCA Tribal Reserve and the Tribal Bond Program are likewise official agencies of the Tribe(s), and are authorized to borrow and re-lend or invest money from any other loan or grant funds for economic development purposes administered by the Federal government when the Tribe would be eligible to borrow or receive such funds.
3. No member of the INFCA Tribal Reserve Board, the INFCA Tribal Reserve Advisory Board, INFCA Board of Governors, or officer, employee, agent, or employee of the INFCA Tribal Reserve shall be personally liable for any debt, obligation, contract, or tort of the INFCA Tribal Reserve in any Court or before any Agency.
Section 47. PROFIT DISTRIBUTIONS
1. At the end of each fiscal year, the INFCA Tribal Reserve Board shall determine the portion of its profits as, in the judgment of the Board, are excess to the needs of the credit program, due consideration being given to the financial integrity of the credit program, its obligations then due and to become due within the next fiscal year, the operational needs of the INFCA Tribal Reserve including capital expenditures to be needed, the needs of the various loan and guarantee funds and other funds administrated by the INFCA Tribal Reserve, and business contingencies, and report the amount so determined to be excess to the Tribal Supreme Governing Bodies and the holders of the INFCA Tribal Reserve capital stock.
2. Forty-Four Percent (44%) of the excess profits of the INFCA Tribal Reserve shall be paid, pro rata, to the holders of the capital stock of the INFCA Tribal Reserve according to the number of shares held.
3. Forty-Four Percent (44%) of the excess profits of the credit program shall be paid to the subscribing Indian Tribes or to designated issued treasury shares for the benefit of the Tribal Reserve Trust Fund and the Buffalo Reserve Trust Fund.
4. Twelve Percent (12%) of the excess profits of the credit programs shall be paid to the Native Founders Trust, enrolled Indian stockholders.
5. The monies paid to the Tribe pursuant to subsection (c) of this Section shall be deposited in an account separate from other Tribal accounts, and shall be appropriated from the treasury of the Tribe(s) only by appropriate resolution of the Tribal Supreme Governing Body for the governmental purposes of the Tribe and other persons within the jurisdiction of the Tribe.
Section 48. INDIGENOUS NATIONS FEDERAL CREDIT PROGRAM SECRECY ACT
Short Title
This Title shall be known as the Indigenous Nations Federal Credit Program Secrecy Act, or Secrecy Act.
Sub-Section 101. Indigenous Nations Federal Credit Program Secrecy Act.
This Act establishes the Indigenous Nations Federal Credit Programs Secrecy Act.
Sub-Section 102. INFCAP Secrecy Act Review Committee
There will be established a three (3) person panel known as the ‘Review Committee,’ which shall include one (1) representative from the INFCA Tribal Reserve Board, one (1) representative from the INFCA Board of Governors, and one (1) person to be selected by the representative of the Tribal Reserve Board and the representative of the INFCA Board of Governors, to review any and all lawful process which a government or a government entity, agency, or organization may serve upon the Indigenous Nations Federal Charter Association, subject to subsection 103 of this Act, said panel is charged with the responsibility to investigate and to ascertain whether funds of an account holder of the INFCA Tribal Reserve or its branch offices were derived from or are being used to further illegal activities.
Sub-Section 103. Requirement of Lawful Process
Any and all lawful process served upon the INFCA Tribal Reserve or its Branch offices shall set forth, with particularity, the specific allegations of the illegal activities as set out in subsection 102 of this Act, the factual basis of the same, and a verification that the process is true and correct. Failure to state with particularity either the specific allegations of criminal activity or the factual basis of the same shall not invoke the review powers of the Review Committee. Failure to provide an executed verification of the same shall not invoke the review powers of the Review Committee. The Review Committee shall not have any authority whatsoever to accept lawful process on behalf of the Tribe, the INFCA Tribal Reserve Board, the INFCA Board of Governors, the Supreme Governing Body, the Tribal Treasury, INFCA Branch or any other body or entity of the Tribe - these entities have absolutely maintained sovereign immunity.
Sub-Section 104 Opinion of Secrecy Act Review Committee
The Secrecy Act Review Committee shall issue an opinion to the INFCA Tribal Reserve Board, setting forth the Review Committee’s recommendation on the disclosure of an account, said recommendation shall include findings of fact, to include any and all evidence in support thereof, and what, if any, violations of law which the Review Committee reasonably believes the account holder committed.
Sub-Section 105 INFCA Tribal Reserve Anti-Money Laundering Provision
1. The Tribe(s) subscribing to INFCA Tribal Reserve shares integrate herein Title 18 U.S.C. § 1956, 1957. Laundering of Monetary Instruments, and the Banking Security Act, Title 31 U.S.C. § 5324 and all implementing regulations to the extent not inconsistent with this Title. (31 U.S.C. 5311 et seq., CFR 103, 12 CFR 21.21)
2. Tribe(s) through INFCA Tribal Reserve will join with the United States and its Agencies to prevent INFCA Tribal Reserve and its branches from being used as intermediaries for the movement of criminally derived funds, i.e. money laundering, and to protect the soundness and solvency of the United States Treasury assets, and United States and international financial systems.
3. The Tribe(s) through INFCA Tribal Reserve Board will establish and maintain procedures reasonably designed to ensure and monitor compliance with the Banking Secrecy Act of both the Tribe(s) and the United States subject to INFCA Board of Governor’s approval and will compact with the United States, in the context of government to government relations, the coordination of INFCA Tribal Reserve Branch activities.
4. United States Bank Secrecy Act (BSA) Compliance Program:
A. BSA policies and procedures.
B. Bank Secrecy Act Review Committee designated compliance officer(s).
C. BSA compliance in-house training of employees and periodic audits by Review Committee and concerned United States Agency, INFCA Tribal Reserve Board and INFCA Board of Governors.
5. Know your customer (KYC) and suspicious activity report (SAR) programs to be a compacted with United States Agencies. 12 CFR 21.11 subject to approval of INFCA Tribal Reserve Board and INFCA Tribal Reserve Board of Governors.
Sub-Section 106 Crime and Punishment
Any person, individual, entity or organization, as these terms are broadly defined, who discloses any information, whatsoever, about an account or an account holder with the INFCA Tribal Reserve or its branch officers shall be guilty of a misdemeanor and shall be punished with a fine of up to Five Hundred Dollars and No Cents ($500.00), a jail term of not greater than six (6) months, or both.
Sub-Section 107 Exceptions
The following actions do not constitute a violation of subsection 105 of this Act.
1. Where an account holder directs, expressly and in writing, the INFCA Tribal Reserve or its branch offices to disclose information about an account or an account holder.
2. Where an account holder agrees to disclosure and, then, only under such terms and conditions as set out in a written agreement between the account holder and the INFCA Tribal Reserve or its Branch office(s).
3. Where upon the examination of the Review Committee’s findings, the Board deems it necessary to disclose information about an account or an account holder of the INFCA Tribal Reserve or its Brach office. In all instances the INFCA Tribal Reserve Board has final and absolute discretion of whether to disclose any information.
CHAPTER ONE
UTILIZATION OF INDIGENOUS NATIONS FEDERAL CHARTER ASSOCIATION (INFCA) TRIBAL RESERVE IN INDUSTRIAL DEVELOPMENT
Section 101. DECLARATION AND FINDING OF PUBLIC PURPOSE
The Governing Bodies of the Tribe(s) hereby declare(s) and adopt(s) a policy of enlisting the help of private enterprises to create more employment, production, and purchasing power for its members and all persons within the Tribal jurisdictions, and an enlarged tax base in order to promote the public health and welfare and Tribal Governments as expressed in this Title, and find(s) that it is and has been its purpose in authorizing and adopting the provisions of this Title, and particularly this Chapter, to sanction and authorize the expansion of the activities of the INFCA Tribal Reserve Board, INFCA Board of Governors, the INFCA Reservation Branch Credit Program and to encourage active use of the purposes for which INFCA Tribal Reserve is created.
Section 102. INDIAN NATIONS FEDERAL CHARTER ASSOCIATION (INFCA) TRIBAL RESERVE ADVISORY BOARD
The INFCA Tribal Reserve Board, with the advice and consent of the INFCA Board of Governors of the Tribe(s), may appoint an advisory board to the INFCA Tribal Reserve Board, which shall be known as the "INFCA Advisory Board". The INFCA Advisory Board shall be composed of not more than ten persons knowledgeable in economics, banking, business, and finance and in motivating the expansion of industry within and without the jurisdiction of the Tribe(s). The INFCA Tribal Reserve Board shall appoint a chairman, vice-chairman, and secretary of such INFCA Advisory Board and shall define their duties. Terms of such appointment shall be for a stated period from one to four years. The INFCA Tribal Reserve Board shall fix compensation for the INFCA Advisory Board on a daily or monthly basis, and may reimburse their expenses. The INFCA Advisory Board shall assist and advise the INFCA Board of Governors and the INFCA Reservation Branch Boards.
Section 103. AUTHORITY OF BOARD - CAPITAL POOL CREATED
The INFCA Advisory Board shall formulate recommendations to the INFCA Tribal Reserve Board and INFCA Board of Governors, relative to INFCA Tribal Reserve’s ongoing operations and the establishment of additional objectives for the operation of INFCA Tribal Reserve, including the sponsoring, coordination, and provision of assistance to the activities of public officials and private individuals and persons in creating a long-term first mortgage industrial development capital pool or revolving fund of one hundred million dollars or more; and such advisory board shall act on behalf of INFCA Tribal Reserve and shall be administer the INFCA Tribal Reserve Development Trust and in such other capacity as may be approved by the INFCA Tribal Reserve Board.
Section 104. MINIMUM STANDARDS FOR LOANS FROM CAPITAL POOL
INFCA Tribal Reserve is hereby authorized to sponsor, in cooperation where possible with private or public lenders, a reservation-wide program for the expansion or creation of additional enterprises engaged in, or to be engaged in, the assembling, fabricating, and manufacturing, mixing, or processing of any forestry, agricultural, mineral, aquatic, or manufactured product or any combination thereof through the granting of first mortgage loans to companies or sponsoring parent corporations or other legal associations who have been in business for at least five years and who can furnish balance sheets and profit and loss statements showing an operating profit for at least three consecutive years prior to the date of the loan application, or to members of the Tribe. Loan application will be to the INFCA Reservation Branch Credit Program Board coordinated by the Tribal Treasury Secretary with the Tribal Reserve Officer and the INFCA Tribal Reserve Board. Any loan approval will be based upon standards established and enforced by the INFCA Tribal Reserve Board.
Section 105. INFCA TRIBAL RESERVE DEVELOPMENT TRUST MORTGAGE PROGRAM ADMINISTRATION
INFCA Tribal Reserve shall administer an industrial building and agricultural development mortgage program as provided in this Chapter for the benefit of Tribes through the INFCA Reservation Branch Credit Program Board.
It is declared that a reservation-wide need exists for agricultural development; and for industrial and office buildings and expansion of existing industrial and office buildings and complexes, including service or recreation oriented industries. It is also declared that it is in the interest of the public welfare and purpose to promote the expansion and diversification of agriculture and industry, to increase employment, and to provide a larger taxable base for the economy of the Tribe(s). Therefore, the industrial building and agricultural development mortgage program is created to encourage the making of mortgage loans for the purpose of furthering industrial expansion and agricultural development within the reservation and the surrounding communities, and thus improve the welfare of the public and, by the stimulation of a larger flow of private investment funds from banks, building and loan associations, credit unions, savings and loan associations, insurance companies, and other financial institutions, including pension, retirement, and profit sharing funds, so as to meet the needs of agricultural development and industrial development and expansion.
As used in this chapter, the following words and terms shall have the following meanings unless the context shall indicate another meaning or intent:
1. INFCA shall mean Indigenous Nations Federal Charter Association Tribal Reserve
2. "Cost of project" shall mean the cost or fair market value of construction, excavation, lands, equipment, property rights, easements, financing charges, interest, engineering and legal services, plans, specifications, surveys, cost estimates, studies, and other expenses as may be necessary or incident to the development, construction, equipping, financing, and placing in operation of an industrial or agricultural development project.
3. "Federal agency" shall mean and include the United States of America, the President of the United States of America, any department of, or corporation, agency, or instrumentality heretofore or hereafter created, designated, or established by the United States of America.
4. "Industrial project shall mean any building," whether or not INFCA has already insured mortgage payments under a mortgage on any such building in accordance with this chapter, or other real estate improvement within the reservation of the Tribe or within a county adjacent to the reservation, or without said area upon approval of the project by the Tribal Supreme Governing Body, and, if a part thereof, the land upon which such building or other real estate improvement may be located, provided that such building or other real estate improvement is to be used:
A. By any industry for the manufacturing, processing, or assembling of raw materials or manufactured products; or
B. By any industry for the provision of services to the public or other industry, or for the wholesale or retail sale of personal property; or
C. For the providing of research or warehousing facilities for the benefit of any such industry;
D. and provided further, that INFCA has determined that such building or other real estate improvement will tend to provide gainful employment for the people of the reservation of the Tribe(s) and surrounding communities, increase the tax base of the Tribe(s), and diversify and expand industry so that periods of large scale unemployment and distressed times may be avoided, as well as, the project must be ecologically sound and sustainable.
5. "Agricultural development project" shall mean any irrigation construction or irrigation equipment purchase, agricultural building construction, including homes for bona-fide farmers or ranchers, purchase of agricultural equipment, or other improvements to agricultural real estate, whether or not INFCA has already insured mortgage payments under a mortgage on any land, building, or equipment referred to above, provided that the construction, purchases, or improvements referred to above are for the purpose of growing, raising, processing, or furthering the growth, raising, or processing of livestock, poultry, or agricultural crops. Great emphasis shall be placed upon the use of natural and organic methods of farming in keeping with the ecologically sensitive nature of Native American Tribes’ environmental policies.
6. "Maturity date" shall mean the date upon which the mortgage indebtedness would be extinguished if paid in accordance with periodic payment provided for in the mortgage.
7. "Mortgage" shall mean a first mortgage or security agreement on an industrial or agricultural development project, or part thereof, together with the credit instruments thereby secured and creating and constituting a first lien of record; provided however, a "first mortgage" shall include a second or subsequent mortgage or security agreement on an industrial or agricultural development project if;
A. INFCA can be holder of a first mortgage or security agreement on the industrial or agricultural development project and there is no intervening mortgage or security interest held by any person or entity other than INFCA, except a holder as described in subparagraph 2 of this subsection.
B. The holder of such second or subsequent mortgage or security agreement is also the holder of a prior mortgage or security agreement on the industrial or agricultural development project under which prior mortgage or security agreement INFCA is already insuring mortgage payments.
C. No other person or legal entity holds an intervening mortgage, security interest, or lien on such industrial or agricultural development project prior to such second or subsequent mortgage or security interest.
8. "Mortgagee" shall mean the original lender approved by INFCA under a mortgage, and it successors and assigns, and may include all insurance companies, trust companies, banks, buildings and loan associations, credit unions, savings and loan associations, investment companies, savings banks, individuals, executors, administrators, guardians, conservators, trustees, and other fiduciaries, including pension, retirement, and profit sharing funds.
9. "Mortgagor" shall mean an individual, corporation, or other legal entity which obtains a loan under the provisions of this chapter and which pledges property as security for such loan as provided in this chapter.
10. "Mortgage payments" shall mean periodic payments by the mortgagor to the mortgagee required by the mortgage or loan agreement secured by the mortgage, and may include interest, installments of principal, taxes and assessments, land lease rentals, mortgage insurance premiums, and hazard insurance premiums, or any of them in any combination as INFCA may prescribe.
In carrying out the provisions of this chapter, INFCA is authorized and empowered:
1. To insure the payment of mortgage loans secured by industrial buildings, or agricultural buildings, lands, equipment, or improvements consistent with the terms and limitations expressed in this chapter.
2. To accept from a federal agency, loans or grants for use in carrying out its purposes, and to enter into agreements with such agency respecting any such loans or grants.
3. In its discretion in connection with the insuring of payments of any industrial project mortgage, to request for its guidance a finding of the planning board of the subject, or if there is no planning board, a finding of the Tribal officers of the Tribe in which the industrial project is proposed to be located, or of the regional planning board of which such Tribe is a member, as to the expediency and advisability of such project.
4. To enter into agreements with prospective mortgages and mortgagors for the purpose of planning, designing, construction, acquiring, altering, and financing industrial and agricultural development projects.
5. To acquire, purchase, manage and operate, and hold and dispose of, real and personal property, to take assignments of rentals and leases, and make and enter into all contracts, leases, agreements, mortgages, security agreements, and other arrangements necessary or incidental to the performance of its duties.
6. When in the opinion of INFCA it is necessary or advisable, in order to further the purposes of this chapter, or to safeguard the mortgage insurance fund or other INFCA assets, to purchase, acquire, attach, seize, accept or take title to, any industrial or agricultural project when an insured mortgage or mortgage held by the INFCA on such property is clearly in default, by foreclosure in a Court of competent jurisdiction, and to sell, lease, or rent an industrial or agricultural project as otherwise provided in this Title.
Section 109. DEFAULT BY MORTGAGORS
When a mortgagor does not meet mortgage payments insured or held by INFCA by reason of its industrial or agricultural development project, INFCA for the purpose of maintaining income from industrial or agricultural development projects on which mortgage loans have been insured or made by the INFCA, and for the purpose of safeguarding the mortgage insurance fund or other INFCA assets, may grant the mortgagor permission to lease or rent the property to a tenant for a use other than that specified in this Chapter as an eligible use for such projects, such lease or rental to be temporary in nature and subject to such conditions as INFCA may prescribe.
Section 110. MORTGAGE INSURANCE FUND
There is hereby created an industrial building and agricultural development mortgage insurance fund, hereinafter in this chapter referred to as the "fund" which shall be used by INFCA as a non-lapsing, revolving fund for carrying out the provisions of this chapter. To this fund shall be charged any and all expenses of INFCA for this purpose, including mortgage payment required by loans defaults, and to the fund shall be credited all mortgage insurance premiums and proceeds from the sale, disposal, lease, or rental of real or personal property which INFCA may hold as a result of insuring the mortgage upon such property, and any amounts of the otherwise unobligated INFCA surplus which the INFCA Tribal Reserve Board directs to be credited to such account to maintain the account in sound fiscal condition.
Section 111. INSURANCE OF MORTGAGES
INFCA as the administrator of the fund created in this chapter, is authorized, upon application of the proposed mortgage, to insure mortgage payments required by a mortgage on any industrial or agricultural development project or mortgaged part thereof, upon such terms and conditions as INFCA may prescribe, and subject to the limitations of this chapter provided the aggregate amount of all mortgages so insured outstanding at any one time shall not exceed fifty million dollars. To be eligible for insurance under the provision of this chapter, a mortgage shall:
1. Be one, which is made to and held by a mortgage approved by INFCA.
2. Involve a principal obligation, including initial service charges and appraisal, inspection, and other fees approved by INFCA, not to exceed 80% of the cost of any project.
3. Have a maturity date satisfactory to INFCA but in no case late than thirty years from the date of the mortgage for any project.
4. Contain complete amortization provisions satisfactory to INFCA requiring periodic payments, costs of tribal or other locally applicable property taxes and assessments, land lease rentals, if any, and hazard insurance on the property and such mortgage insurance premiums as are required under the next succeeding section, all as INFCA may prescribe.
Section 112. MORTGAGE INSURANCE PREMIUMS
INFCA is authorized to fix mortgage insurance premiums for the insurance of mortgage payments under the provisions of this chapter, such premiums to be computed as a percentage, which shall not exceed five percent per annum, of the principal; obligation of the mortgage in such manner in each case as INFCA shall determine on the basis of all pertinent available data. Such premiums shall be payable by the mortgagors or the mortgagees in such manner as shall be prescribed by INFCA.
INFCA may expend out of the fund such moneys as may be necessary for any expenses of INFCA. In carrying out the provisions of this chapter, including administrative, legal, actuarial, and other service.
Section 114. MORTGAGES ELIGIBLE FOR INVESTMENT
Mortgages insured by INFCA under this chapter and participation therein are hereby made legal investments for all insurance companies, trust companies, banks, investment companies’ savings banks, building and loan associations, credit unions, savings and loan associations, executors, administrators, guardians, conservators, trustees and other fiduciaries, pension, profit sharing, and retirement fund.
Section 115. LIMITATION - CREDIT OF INFCA AND TRIBE NOT PLEDGED
Nothing in this chapter shall be construed to authorize or permit any INFCA Tribal Reserve officer to create any indebtedness of the Tribe, or to incur any obligation of any kind or nature. Nothing herein shall be construed to require the appropriations of any funds of the Tribe for the mortgage insurance fund.
CHAPTER TWO
IRRIGATION AND AGRICULTURAL DEVELOPMENT DEBENTURES
Section 201. DECLARATION OF INTENT AND FINDINGS
It is declared that reservation wide need exists for a program of irrigation and agricultural development within the Tribal reservations. It is also declared that it is in the public interest to promote the expansion and diversification of agriculture, to increase employment, and to provide a larger taxable base for the Tribe(s) economy. The Tribal Legislative Body, further finds that there is a need to provide additional capital sources for farmers, ranchers, and small operators of farms, aquaculture facilities, ranches, greenhouse and forestry production which activities would otherwise be unable to obtain sufficient credit through usual commercial channels.
Section 202. DEBENTURES MAY BE ISSUED
INFCA may issue debentures to provide capital for loans to enable enrolled tribal members, or other persons owning an interest in lands within the reservation area, to purchase and finance irrigation distribution systems and agricultural facilities and enterprises to be used exclusively within the reservation area. Such loans shall, where possible, be made on a participating basis with other banks and lending agencies. The INFCA Tribal Reserve Board shall prescribe procedures for the preparations, issuance, delivery, and liquidation of debentures issued pursuant to the provisions of this Chapter. Such debentures shall be secured solely by, and any recourse shall be limited to, the real and personal property of the INFCA Reservation Branch and shall not be an obligation of the Tribes.
Section 203. DEBENTURES EXEMPT FROM TAXATION, EXCEPTION
Debentures issued pursuant to this Chapter, and the income there from, shall be exempt from any taxes imposed by the Tribes except inheritance, estate, and transfer taxes.
Section 204. AGRICULTURAL LOANS AUTHORIZED
CHAPTER THREE
INDIGENOUS NATIONS FEDERAL CHARTER ASSOCIATION TRIBAL RESERVE BOND ACT
This chapter shall be known as the Indigenous Nations Federal Charter Association Tribal Reserve Bond Act. Cite as: INFCA Bond Program Act.
Section 302. LEGISLATIVE POLICY
It is declared to be the policy of the Tribe(s) subscribing to INFCA Tribal Reserve stock, to foster and promote the provision of adequate capital markets and facilities for borrowing money by the Tribe(s) subscribing to INFCA and the political subdivisions thereof authorized so to do, as well as other Native American Tribes, municipalities and States upon approval by the Governing Bodies for the financing of their respective public improvements. It is in the public interest to encourage such political entities to continue their independent undertakings of public improvements and financing thereof by, making funds available at reduced interests cost, especially during periods of restricted credit or money supply. Current credit and municipal bond market conditions require the exercise of the powers of the INFCA Tribal Reserve Tribe(s) subscribing to INFCA Tribal Reserve stock, to further and implement such policies by authorizing a pan-tribal instrumentality to be created to borrow money and to issue its bonds through political subdivisions, of such political entities in fully marketable form and by granting broad powers to accomplish and to carry out the policies of the Tribe(s) to accomplish the purposes of the U.S. agencies in relation to Tribal issue of bonds as set forth in 26 U.S.C. 1451.
1. " INFCA Bond" means the INFCA Tribal Reserve "INFCA Bond" created by this chapter.
2. "Bondholder" or "Holder" or any similar term when used with reference to a bond or note of the INFCA Tribal Reserve Bond Program means any person who shall be the bearer of any outstanding bond or note of the INFCA Tribal Reserve Bond Program.
3. "Bonds" or "Bond" means bonds, notes, or other evidence of indebtedness of the INFCA Tribal Reserve Bond Program issued pursuant to this Chapter.
4. "Fully marketable form" means a tribal security duly executed and accompanied by an approving legal opinion of bond counsel, whose opinions are generally accepted by purchasers of municipal or tribal bonds.
5. "Tribal Security" means a bond of evidence of debt issued by a political subdivision and payable from taxes or rents, charges, or assessments.
6. "Political Subdivision" or Political Entity" means the Native American Tribes federal charter operations organized and chartered pursuant to the laws of the Tribes and the United States, which are specifically authorized by Tribal legislation to issue bonds or debentures or evidences of indebtedness. INFCA Tribal Reserve is a political subdivision.
7. "Reserve Fund" means the INFCA Tribal Reserve Bond Program Reserve Fund created by the provisions of this Chapter.
8. "Revenues" means all fees, charges, moneys, dividends, profits, rents, payments of principal of, or interest on, municipal securities and other investments, appropriations, and all other income derived or to be derived by the INFCA Bond Credit Program under this Chapter.
Section 304. CREATION OF INFCA TRIBAL RESERVE BOND PROGRAM
An INFCA Tribal Reserve Bond Program is hereby established within the INFCA Tribal Reserve to be known as the "INFCA Tribal Reserve Bond Program". The INFCA Tribal Reserve Bond Program is constituted as an instrumentality of the Tribe(s) exercising public and governmental functions, and the exercise by the INFCA Tribal Reserve Bond Program of the powers conferred by this chapter shall be deemed and held to be an essential governmental function of the subscribing Tribe(s).
Section 305. PARTICIPATION VOLUNTARY
Participation by a political subdivision of a subscribing Native American Tribe member is entirely voluntary and no such political subdivision shall be required to sell its bond issues to the INFCA Tribal Reserve Bond Program.
Section 306. LENDING AND BORROWING POWERS GENERALLY
1. The INFCA Tribal Reserve Bond Program is authorized to lend money to political subdivisions through the purchase of municipal and tribal securities of political subdivisions in fully marketable form which, in the opinion of and in reliance on the opinion of bond counsel determines to be legally sufficient. The INFCA Tribal Reserve Bond Program may hold such bonds for any length of time it finds to be necessary. The INFCA Tribal Reserve Bond Program, for the purposes authorized by this Chapter, is authorized to issue its bonds payable solely from the funds available to the INFCA Tribal Reserve Bond Program which may be authorized or pledged for payment of INFCA Tribal Reserve Bond Program obligations, and to otherwise assist political subdivisions as provided in this Chapter.
2. Bonds of the INFCA Tribal Reserve Bond Program issued under this Chapter shall not be in any way a debt or liability of the INFCA Tribal Reserve and shall not constitute a loan of the credit of the INFCA Tribal Reserve, and/or the Tribe(s) to create any debt or debts, or liability or
3. To fix and revise from time to time and charge and collect fees and charges for the use of its services or facilities. To do and perform any acts and things authorized by this Chapter under, through, or by means of its officers, agents, or employees or by contracts with any person, firm, or corporation;
4. To make, enter into, and enforce all contracts or agreements necessary, convenient, or desirable for the purposes of the INFCA Tribal Reserve Bond Program or pertaining to any loan to a political subdivision or any purchase or sale of municipal securities or other investments or to the performance of its duties and execution or carrying out of any of its powers under this Chapter;
5. To purchase and hold municipal securities of political subdivisions at such prices and in such manner as the INFCA Tribal Reserve Bond Program shall deem advisable, and to sell municipal securities acquired or held by it at such prices without relation to cost and in such manner as the Bond shall deem advisable.
6. To invest any funds or moneys of the INFCA Tribal Reserve Bond Program not then required for loans to political subdivisions and for the purchase of municipal securities in the same manner as permitted for investment of funds belonging to the INFCA.
7. To fix and prescribe any form of application or procedure to be required of a political subdivision for the purpose of any loan, or the purchase of its municipal securities, and to fix the terms and conditions of such loan or purchase and to enter into agreements with political subdivisions with respect to any such loan or purchase.
8. To consider the need, desirability, or eligibility of such loan, the ability of such political subdivision to secure borrowed money from other sources and the costs thereof, and the tribal securities to be purchased by the INFCA Tribal Reserve Bond Program;
9. To impose and collect charges from a political subdivision for its costs and services in review or consideration of any proposed loan to a political subdivision or purchase of tribal securities of such political subdivision or purchase of tribal securities of such political subdivision, and to impose and collect charges therefore whether or not such loan shall have been made or such municipal securities shall have been purchased;
10. To fix and establish any and all terms and provisions with respect to any purchase of tribal securities by the INFCA Tribal Reserve Bond Program, including dates and maturities of such bonds, provisions as to redemption or payment prior to maturity, and any and all other matters which in connection therewith are necessary, desirable, or advisable in the judgment of the INFCA Tribal Reserve Bond Program;
11. To procure insurance against any losses in connection with its property, operations, or assets in such amounts and from such insurers as it deems desirable, and to pay the premiums of such insurance;
12. To the extent permitted under its contracts with the holders of bonds of the INFCA Tribal Reserve Bond Program, to consent to any modification with respect to rates of interest, time, and payment of any installment of principal or interest, security, or any other term of bond, contract, or agreement of any kind to which the INFCA Tribal Reserve Bond Program is a party; and
13. To do all acts and things necessary, convenient, or desirable to carry out the powers expressly granted or necessarily implied in this Chapter.
The INFCA Tribal Reserve Bond Program shall have the following powers:
1. To sue in its own name, and, in the Tribal Court only, to be sued in its own name upon the same notice and conditions as the INFCA Tribal Reserve may be sued;
2. To make and enforce bylaws, rules and regulations for the conduct of its affairs and business and for use of its services;
3. To acquire, hold, use, and dispose of its income, revenue, funds and moneys in accordance with law, this Chapter, or legislative appropriations;
4. To acquire, rent, lease, hold, use and dispose of other personal property for its purposes;
5. To borrow money and to issue its negotiable bonds or notes and to provide for and secure the payment thereof and to provide for the rights of the holders thereof, and to purchase, hold, and dispose of any of its bonds;
6. To fix and revise from time to time and charge and collect fees and charges for the use of its services or facilities;
7. To do and perform any acts and things authorized by this Chapter under, through, or by means of its officers, agents, or employees or by contracts with any person, firm, or corporation;
8. To make, enter into, and enforce all contracts or agreements necessary, convenient, or desirable for the purposes of the Bond Program or pertaining to any loan to a political subdivision or any purchase or sale of tribal securities or other investments or to the performance of its duties and execution or carrying out of any of its powers under this chapter;
9. To purchase and hold tribal securities of political subdivisions at such prices and in such manner as the Bond Program shall deem advisable, and to sell tribal securities acquired or held by it at such prices without relation to cost and in such manner as the Bond Program shall deem advisable.
10. To invest any funds or moneys of the Bond Program not then required for loan to political subdivision and for the purchase of tribal securities in the same manner as permitted for investment of funds belonging to the Tribes;
11. To fix and prescribe any form of application or procedure to be required of a political subdivision for the purpose of any loan or the purchase of its tribal securities, and to fix the terms and conditions of such loan or purchase and to enter into agreements with political subdivisions with respect to any such loan or purchase;
12. To consider the need, desirability, or eligibility of such loan, the ability of such political subdivision to secure borrowed money from other sources and the costs thereof, and the tribal securities to be purchased by the Bond Program;
13. To impose and collect charges from a political subdivision for its costs and services in review or consideration of any proposed loan to a political subdivision or purchase of tribal securities of such political subdivision, and to impose and collect charges therefore whether or not such loan shall have been made or such tribal securities shall have been purchased;
14. To fix and establish any and all terms and provisions with respect to any purchase of tribal securities by the Bond Program, including dates and maturities of such bonds, provisions as to redemption or payment prior to maturity, and any and all other matters which in connection therewith are necessary, desirable, or advisable in the judgment of the Bond Program;
15. To procure insurance against any losses in connection with its property, operations, or assets in such amounts and from such insurers as it deems desirable, and to pay the premiums of such insurance;
16. To the extent permitted under its contracts with the holders of bonds of the Bond Program, to consent to any modification with respect to rates of interests, time, and payment of any installment of principal or interest, security, or any other term of bond, contract, or agreement of any kind to which the Bond Program is a party; and
17. To do all acts and things necessary, convenient, or desirable to carry out the powers expressly granted or necessarily implied in this chapter.
Section 308. BONDS OF THE INFCA TRIBAL RESERVE BOND PROGRAM
Bonds of the INFCA Tribal Reserve Bond Program shall be authorized by resolution of the INFCA Tribal Reserve Board and may be issued in one or more series and shall bear such date or dates, mature at such time or times, bear denomination or 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 from such sources in such medium of payment at such place or places within or without the Tribal jurisdiction and be subject to such terms of redemption, with or without premium, as such resolution or resolutions may provide. Bonds of the INFCA Tribal Reserve Bond Program may be sold at public or private sale at such time or times and at such price or prices as the INFCA Tribal Reserve Board shall determine.
Section 309. PLEDGES TO SECURE BONDS
Any pledge of revenue or other moneys made by the INFCA Tribal Reserve Bond Program shall be valid and binding from time to time when the pledge is made. The INFCA Tribal Reserve Board may also pledge other assets of the INFCA Bond Program as security for its bonds. The revenues or other moneys so pledged and thereafter received by the Bond Program shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act, and the lien of any such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against the INFCA Tribal Reserve Bond Program, regardless of whether such parties have notice thereof. Neither the resolution nor any other instrument by which the pledge is created need be filed or recorded, except in the records of the Bond Program.
This Act establishes the Indigenous Nations Federal Charter Association Tribal Reserve as the sovereign financial entity of the Tribe(s). The INFCA Tribal Reserve Bond Program shall operate under supervision of the INFCA Tribal Reserve Board as a bond-based financial entity in which financial transactions shall be underwritten through the purchase, sale or redemption of bills, notes, bonds or other instruments of indenture of the Tribe(s) or INFCA Tribal Reserve.
The Tribe(s) hereby declares, expressly and unequivocally, the sovereign immunity of the Tribe(s), of the Tribal Department of the Treasury, INFCA Reservation Branch Credit Program and Board of the Tribe(s), and the INFCA Tribal Reserve. Further, the Tribe hereby declares, expressly and unequivocally, that nothing in this Act shall operate as a waiver or shall be construed to operate as a waiver of the sovereign immunity of the Tribe, the INFCA Board of Governors or the INFCA Tribal Reserve. And, further, no act or omission of any agent, representative or employee of the Tribe, the INFCA Board of Governors or the INFCA Tribal Reserve shall operate as a waiver or shall be construed to operate as a waiver of the sovereign immunity of the Tribe, the INFCA Board of Governors or the INFCA Tribal Reserve and/or its Branch offices.
Subsection 3. Purposes of the INFCA Tribal Reserve Bond Program Reserve Fund
1. General Purpose: The need for INFCA Tribal Reserve Bond Program Reserve Fund (Reserve Fund) is hereby declared a matter of the public interest, the general health and welfare, and essential to the self-determination of the Tribe(s). Further, the INFCA Reserve Fund is hereby declared an exercise of essential governmental functions of the Tribe(s) and essential for the furtherance of the health, welfare and economic security of the Tribe(s).
2. Specific Purposes: In addition to the general purposes expressed in subsection (A) of this section, the INFCA Tribal Reserve Board and its instrumentality, the INFCA Bond Program Reserve Fund, is a body politic of the Tribe and through its activities, is intended to further the general purposes, as expressed as above, and the below enumerated specific Tribal and Federal purposes.
A. The purpose of encouraging and promoting agriculture, commerce and industry, for creating a fund for economic development and other purposes including the purposes of providing land and homes to enrolled members of the Tribe and other eligible persons, for the provision of income and the creation of a sound economic and industrial tax base for the support of the Government of the Tribe as guaranteed to the Tribe in the various treaties between the United States and the people of the Tribe, the Constitution, and the rights of self-government and social advancement recognized and provided for the laws of the United States;
B. The purposes of providing land, borrowing money, and issuing loans for the acquisition of land for the Tribe, other Indian Tribes, and individual Indians or groups of Indians pursuant to Section 5 of the Act of June 18, 1934, 49 Stat. 985 (25 U.S.C. 465), to Section 1 and 2 of the Act of June 26, 1936, 49 Stat. 1967 (25 U.S.C. 501, 502), the insurance of loans for such acquisitions pursuant to the Act of April 11, 1970 (25 U.S.C. 488 et. Seq.) And individuals and Native American Tribes, and the providing of federal insurance for loans made to Native American Tribes, individuals, or other;
C. The purpose of furthering Native American industry, labor and economic development within the Indian Country as provided in the act of June 25, 1910, 36 Stat. 861 (25 U.S.C. 47), Section 1 of the Act of May 9, 1938, 52 Stat. 302 (25 U/S.C. 306) and other Federal laws supporting the economic development of Indian country.
D. The purposes of furthering the investment of Indian tribal and individual funds provided in the Act of June 24, 1938, 25 Stat. 1037 (25 U.S.C. 162a);
E. The purpose of furthering any necessary irrigation projects within the Tribal Reservation needed to make agricultural and forest land productive to complement the provisions of Chapter 11 of Title 25 of the United States Code;
F. The purpose of providing income and a taxable and industrial base in order for the Tribe to operate a judicial and Law and Order system sufficient to meet the requirements of Title II of the Act of April 11, 1968, 82 Stat. 77 (25 U.S.C. 1301 et. Seq.);
G. The purpose of providing income and a taxable economic and industrial base in order for the Tribe to further the purpose of Congress expressed in Section 2 of the Act of April 12, 1974, 88 Stat. 77 (25 U.S.C. 1451), and balance of said Act (Indian Financing Act);
H. The purpose of providing income and a taxable economic industrial base in order for the Tribe to further the purpose of Congress expressed in Section 3 of the Act of September 30, 1976, 90 Stat. 1401 (25 U.S.C. 1602), and the balance of said Act (Health Care);
I. The purpose of providing income and a taxable economic and industrial base in order for the Tribe to further the purpose of Congress expressed in Section 101 of the Act of October 17, 1978, 92 Stat. 1325 (25 U.S.C. 1802) and the balance of said Act (Higher Education);
J. The purpose of providing income and a taxable economic and industrial base in order for the Tribe to further the purpose of Congress expressed in Section 3, of the Act of November 8, 1978, 92 Stat. 8069 (25 U.S.C. 1902) and the balance of said Act (Child and Family service Programs);
K. The purpose of providing funds for the further Tribal development of Indian owned mineral resources pursuant to the Act of December 22, 1982, 96 Stat. 1938 (25 U.S.C. 2101 et. Seq.), and the balance of the said Act (Child and Family Services Programs);
L. The purpose of providing funds for Indian Land Consolidation pursuant to the Act of January 12, 1983, 96 Stat. 2517 (25 U.S.C. 2201 et. Seq.);
M. The purpose of providing income and a taxable economic and Industrial base in order for the Tribe to further the policy of Congress expressed in the Act of January 4, 1975, 88 Stat. 2206 (25 U.S.C. 450 et. Seq.) And particularly in Section 102 of Title 1 of that Act (25 U.S.C. 450f)(Indian Self-Determination) and the Act of November 2, 1921, 42 Stat. 208 (25 U.S.C. 13)(Snyder Act) and the exercise of each and every essential governmental function reasonably necessary or proper to further such purposes and policies.
Subsection 4. INFCA Bond Program Reserve Fund
1. INFCA Tribal Reserve Bond Program Reserve Fund shall establish and maintain a Bond Program Reserve Fund in which there shall be deposited all moneys available for the purpose of such fund, all proceeds of bonds required to be deposited therein by terms of any contract between the Bond Program and its bond holders or any resolution of the Bond Program with respect to such proceeds of bonds, and any other moneys or funds of INFCA Tribal Reserve Bond Program which it determines to deposit therein, and any other moneys made available to the Bond Program only for the purposes of such fund from any other source or sources. Moneys in the Bond Program Reserve Fund shall be held and applied solely to the payment of the interest on and the principal of bonds and sinking fund payments as the same shall become due and payable and for the retirement of bonds, including payment of any redemption premium required to be paid when any bonds are redeemed or retired prior to maturity. Moneys in the reserve funds shall not be withdrawn from there if such withdrawal would reduce the amount in the Bond Program Reserve Fund to an amount less than the required debt service reserve, except for payment of interest then due and payable on bonds and the principal of bonds then maturing and payable and sinking fund payments and for the retirement of bonds in accordance with the terms of any contract between the Bond Program and its bond holders and for the payments on account of which interest or principal or sinking fund payments or retirement of bonds, other moneys of INFCA Tribal Reserve are not then available in accordance with the terms of any such contract. Required debt service reserved shall be an aggregate amount equal to at least the largest amount of money required by the terms of all contracts between the Bond Program and its bond holders to be raised in the then current or any succeeding calendar year for the payment of interest on and maturing principal of outstanding bonds, and sinking fund payments required by the terms of any such contracts to sinking funds established for the payment or redemption of such bonds. In all events, no more than one-half of any Tribes holdings in the Tribal Reserve Trust assets may back tribal bonds.
2. Moneys in said Bond Program Reserve Fund at any time in excess of the required debt service or in excess of the amount permissible under section 103(d) of the Federal Internal Revenue Code, as amended, if applicable, may be withdrawn at any time by the INFCA Bond Program and transferred to any other fund or account of the INFCA Tribal Reserve Bond Program.
3. No bonds of a Tribe subscriber shall be issued by the INFCA Tribal Reserve Bond Program unless there is in that Tribe’s reserve fund trust account the required debt service reserve for all that Tribe’s bonds then issued and outstanding and the bonds to be issued. Nothing in this Chapter shall prevent or preclude the INFCA Tribal Reserve Bond Program from satisfying the foregoing requirement by depositing so much of the proceeds of the bond to be issued, upon their issuance, as is needed to achieve the required debt service reserve. The INFCA Tribal Reserve Bond Program may at any time issue its bonds or notes for the purpose of providing any amount necessary to increase the amount in the reserve fund to the required debt service reserve, or to meet such higher or additional reserve as may be fixed by the INFCA Tribal Reserve Board with respect to such fund.
4. In order to assure the maintenance of the required debt service reserve, there may be appropriated by the Governing Body in its discretion and paid to the Bond Program for deposit in said fund, such sum, if any, as shall be certified by the INFCA Tribal Reserve Board as necessary to restore said fund to an amount equal to the required debt service reserve.
Section 311. BUFFALO RESERVE TRUST
Whereas, many Indians suffer from dietary diseases, their traditional dietary sources having been destroyed.
That the purpose of this subsection is to bring Native American Bison back to the Native American Indian people and to restore a healthy diet and traditional food sources for Indians and to make a profit by reserving lands upon which Buffalo graze and prosper.
There is established as part of the Tribal Reserve Trust Fund, a Buffalo Reserve Trust. 25% of all Tribal Reserve Trust Fund, principal and interest will be invested in the Buffalo Reserve Trust, for the purpose of acquiring suitable land and quality buffalo for the establishment of self-sustaining buffalo, elk, moose, antelope and deer herds and related indigenous flora and fauna, and for the further purpose of providing food for Native American people from the harvest of bulls, barren heifers and disabled animals, which harvest will be