Resolution No. SI-R18-002: Authorizing a Contract Extension with Portfolio Monitoring, LLC, for Investment Fund Protection

At a duly called meeting of the Council of San Ildefonso Pueblo on the 13th day of February, 2018, the following Resolution was adopted:

WHEREAS, the Pueblo de San Ildefonso ("Pueblo') is a sovereign and self-governing Tribe, recognized as such by the United States of America; and

WHEREAS, the Council is authorized to make laws for the Pueblo de San Ildefonso pursuant to Section 5 of the Agreement; and

WHEREAS, the Pueblo maintains investment accounts with investment firms with such accounts containing significant funds for future needs of the Pueblo and to provide security for unforeseen circumstances; and

WHEREAS, the investment firms make important decisions regarding the management of the Pueblo's investment accounts and involving complicated securities transactions in a highly regulated environment; and

WHEREAS, the Council has identified the need to provide additional protections and monitoring of the Pueblo's investment accounts through regular, professional monitoring of the transactions involving the Pueblo's funds; and

WHEREAS, the Pueblo currently has a contract with Portfolio Monitoring, LLC, to assist in protection and monitoring of the investment accounts, with such contract term expiring in February 2018; and

WHEREAS, the Pueblo has determined the need to extend this contract for an additional 3 year period.

NOW THEREFOR BE IT RESOLVED, that the Council hereby enacts the attached law entitled "AUTHORIZING A CONTRACT EXTENSION WITH PORTFOLIO

MONITORING, LLC, FOR INVESTMENT FUND PROTECTION."

CERTIFICATION

The foregoing resolution was duly voted upon by the Council on February 13, 2018, at a meeting with a vote of in favor, opposed, abstaining, and _____absent (Governor presiding and not voting) pursuant to the authority vested in the Council by the Agreement of the Pueblo de San Ildefonso.

Irene Tse-Pe, Council Secretary

COUNCIL REPRESENTATIVE SPONSOR(S): Council Representative Irene Tse-Pe

DELIVERY OF THE RESOLUTION TO THE GOVERNOR:

Resolution No. SI-R18-002 was presented to the Governor of the Pueblo de San Ildefonso on the 13th day of February, 2018, pursuant to the Governing document of the Pueblo de San Ildefonso ("Agreement"), GOVERNOR, Sec. 4(c), and will become effective after signature by the Governor or veto override by the Council.

Irene Tse-Pe, Council Secretary

GOVERNOR'S ACTION:

{ } APPROVED

{ } VETO - RETURNED TO COUNCIL WITH EXPLANATION:

On this _________ day of _____________________, 2018.

Perry Martinez, Governor

Presented by the Governor to the Council on the _______ day of ________________, 2018.

COUNCIL'S ACTION:

Override of Governor's veto:

{ } YES

{ } NO

CERTIFICATION

The foregoing resolution was duly voted upon by the Council on _________________, 2018, at a meeting with a vote of ______ in favor, _____ opposed, _____ abstaining and _____ absent (Governor presiding and not voting) pursuant to the authority vested in the Council by the Agreement of the Pueblo de San Ildefonso.

Irene Tse-Pe, Council Secretary

AUTHORIZING A CONTRACT EXTENSION WITH PORTFOLIO MONITORING, LLC, FOR INVESTMENT FUND PROTECTION

Section 1.1. Short Title

This enactment shall be known as, "AUTHORIZING A CONTRACT EXTENSION WITH PORTFOLIO MONITORING, LLC, FOR INVESTMENT FUND PROTECTION."

Section 1.2. Purpose

The purpose of the Act is to provide the Pueblo with additional protection for the Pueblo's investment accounting by authorizing the Governor to extend the current contract with a highly qualified professional company, Portfolio Monitoring, LLC, to provide ongoing monitoring services of the Pueblo's investment accounts, and to report the findings directly to the Governor and Council.

Section 1.3. Findings

The Council hereby finds and declares that:

(a) The Pueblo maintains investment accounts with investment advisors containing significant funds for the future needs of the Pueblo and to provide security for unforeseen circumstances; and

(b) The investment advisors make important decisions regarding the management of the Pueblo's investment accounts and involving complicated securities transactions in a highly regulated environment; and

(c) The Council has identified the need to continue to provide additional protections and monitoring of the Pueblo's investment accounts through regular, professional monitoring of the transactions involving the Pueblo's funds; and

(d) The Council and Executive Branch officials have identified a highly qualified portfolio monitoring company, Portfolio Monitoring, LLC, that provides specialized and cost-effective services to protect the Pueblo's sizeable accounts maintained at the investment firms; and

(e) The Council has determined that the use of a fraction of the investment funds to provide additional protection to the Pueblo's sizeable investment fund is cost-effective and fulfills its fiduciary duty owed to the members of the Pueblo.

Section 1.4. Authorization for Portfolio Monitoring, LLC

(a) The Council hereby authorizes the Pueblo to implement a 3 year contract extension to continue services provided by Portfolio Monitoring, LLC, to provide professional monitoring services of the Pueblo's investment accounts, and to report their written findings to the Pueblo.; and

(b) The Council hereby authorizes the Governor to negotiate and execute a contract extension with Portfolio Monitoring, LLC, in substantially the same form as proposed and on a sole-source basis due to their highly specialized securities monitoring services and extensive experience; and

(c) The Council hereby authorizes the Governor to utilize funds from the investment accounts to obtain the portfolio monitoring services as an expense of maintaining the investment accounts; and

(d) Portfolio Monitoring, LLC, shall provide written reports on a least a quarterly basis of their findings and services directly to the Governor and Council.