34.01.110 Direct, Annual, Non-Repealable Tax or Assessment

The governing body of every Tribal entity issuing bonds under the authority of this Bond Code, before the delivery thereof, shall levy by recorded resolution or ordinance a direct, annual tax or bind an identifiable revenue stream over which it does or will exercise control, which, together with any other moneys provided by, or sources of revenue authorized by, the body, shall be sufficient in amount to pay, and for the express purpose of paying, the interest on such bonds as it falls due, and also to pay and discharge the principal thereof at maturity. The Governing Body shall be and continue to be without power to repeal such levy or assignments or to obstruct the col1ection of any such revenues until such payments have been made or provided for, except that if the governing body in any year makes an irrevocable appropriation to the sinking fund of moneys actually on hand, or if there is on hand in the sinking fund an excess amount, the governing body may cause its recording officer to certify the fact and amount to the Tribal Council with the direction that it should reduce by the amount so certified the amount otherwise to he included in the collection of the revenues for the next year thereafter. A copy of such resolution or ordinance must be certified to and filed with the Tribal Council. No further annual levy for that purpose is necessary. The governing body may, in its discretion and in anticipation of the sale of bonds, at any time after the issuance of bonds has been authorized by the electors or by resolution of the governing body where no election is required, levy and certify to the Tribal Council for collection a portion of the funds herein required, which must be credited against the amount otherwise required to be collected after the bonds have been sold. Any other tax or source of revenue authorized by the Tribal Council for such purposes and imposed or pledged by the Governing Body for those purposes is likewise irrepealable and subject to the same conditions and limitations as any taxes levied on property for the same purposes. When insufficient funds are available to pay the matured bonds, the Tribal Council thereupon may levy a direct tax pay said deficiency and interest thereon, or it may rely upon its other resources.

When such bonds are further sustained by revenue of a revenue-producing utility, industry, or enterprise, said resolution or ordinance may provide that the tax or assessment to be levied and assessed may be reduced by such amount and under such conditions as must be determined in said resolution or ordinance so long as adequate provision is always made for the payment of such bonds and interest thereon.