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Obligations of the Authority are declared to be issued for an essential public and government purpose and to be a public instrumentality of the Tribe. Obligations, with interest and income, shall be exempt from taxes imposed by the Tribe and by the State or federal governments to the extent authorized by law. The tax exemption provisions of this chapter shall be considered part of the security for the repayment of obligations and shall constitute, by virtue of this chapter and without necessity of being stated in the obligations, a contract between:

(a) The Authority and the Tribe, and

(b) The holders of obligations and each of them, including all transferees of the obligations from time to time. [Ord. 37A § 4304, adopted, 6/6/2014.]