47.02.140 Bonds and Other Security for Taxes

(a) Except as set forth in Section 47.02.140(b), below, all working interest owners or operators paying taxes shall post with the Tribe a security in an amount equal to the highest tax liability having previously accrued to that working interest owner or operator during a two-month period. Such security may be in the form of a surety bond, a cash deposit to the treasury of the Tribe to be held in suspense, an assignment to the Tribe of a certificate of deposit, or an irrevocable letter of credit with any federally insured bank or savings and loan association. Any form of security shall be released after the taxpayer ceases to be subject to the requirements of this Code and after the Tax Commissioner determines that no tax penalty or interest liability exists.

(b) All working interest owners or operators who have paid severance tax to the Tribe for a consecutive period of no less than five (5) years and who have maintained a record of good standing and a history of tax compliance may be exempted from the requirement to post a security. Qualifying taxpayers shall submit a written application for such a waiver to the Tribal Council or its authorized representative setting f01th the grounds in support for said request. In reviewing said application, the Tribal Council or its authorized representative shall consider from the totality of the circumstances whether the granting of said request appears to be consistent with the best interests of the Tribe.