Resolution No. SI-R22-011: Authorization of Investment Account Drawdown
At a duly called meeting of the Council of San Ildefonso Pueblo on the 2nd day of September, 2022, the following law was adopted:
WHEREAS, the Pueblo maintains an investment account to generate income that can be used to meet the needs of the Pueblo and the People; and,
WHEREAS, the Pueblo has hired a professional advisor to assist with oversight of the investment account to reduce the Pueblo's risks in investments while also earning a reasonable income from the investments; and,
WHEREAS, the Pueblo has realized significant gains over the last several years in the investment account, which has grown over time, even though the market and the investment account have recently decreased; and,
WHEREAS, the Pueblo has exercised restraint over the years by withdrawing funds from the investment account on a limited basis so that the account can grow over time; and,
WHEREAS, the Council, in consultation with the Governor, has identified the need to supplement the Pueblo's current operating budget due to a shortfall in revenue for unforeseen Pueblo Projects, and has determined that funds held in reserve in the investment account are needed to address the shortfall.
NOW THEREFORE BE IT RESOLVED that the Council hereby enacts the attached law entitled the "AUTHORIZATION OF INVESTMENT ACCOUNT DRAWDOWN."
AUTHORIZATION OF INVESTMENT ACCOUNT DRAWDOWN
Section 1.1. Short Title
This enactment shall be known as the "AUTHORIZATION OF INVESTMENT ACCOUNT DRAWDOWN."
Section 1.2. Purpose
The purpose of this Act is to authorize the Governor to drawdown funds from the Investment Account(s) maintained by the Pueblo to supplement shortfalls for Pueblo Projects.
Section 1.3. Findings
The Council hereby finds and declares that:
(a) the Pueblo maintains an investment account to generate income that can be used to meet the needs of the Pueblo and the People; and,
(b) the Pueblo has hired a professional advisor to assist with oversight of the investment account to reduce the Pueblo's risks in investments while also earning a reasonable income from the investments; and,
(c) the Pueblo has realized significant gains over the last several years in the investment account, which has grown over time, even though the market and the investment account have recently decreased; and,
(d) the Pueblo has exercised restraint over the years by withdrawing funds from the investment account on a limited basis so that the account can grow over time; and,
(e) the Council, in consultation with the Governor, has identified the need to supplement the
Pueblo's current operating budget due to a shortfall in revenue for unforeseen Pueblo Projects, and has determined that funds held in reserve in the investment account are needed to address the shortfall.
Section 1.4. Authorization
The Council hereby authorizes and directs the Governor to drawdown no more than one million five hundred thousand dollars ($1,500,000) from the Pueblo's short-term fixed income investment account(s) to supplement the current annual budget of the Pueblo; provided that the expenditure of these funds shall be subject to approval of a Budget Modification.
CERTIFICATION
The foregoing resolution was duly voted upon by the Council on September 2, 2022, at a meeting with a vote of 9 in favor, 0 opposed, 0 abstaining and 1 absent (Governor presiding and not voting) pursuant to the authority vested in the Council by the Agreement of the Pueblo de San Ildefonso.
M. Wayne Martinez, Council Secretary
COUNCIL REPRESENTATIVE SPONSOR(S): Council Representatives
| COUNCIL REPRESENTATIVE | YES | NO | ABSTAIN | ABSENT |
|---|---|---|---|---|
| Tom Garcia | X | |||
| Thomas Gonzales | X | |||
| M. Wayne Martinez, Jr. | X | |||
| Michael Martinez | X | |||
| Nichole S. Martinez | X | |||
| Raymond Martinez | X | |||
| Thomas Martinez | X | |||
| Denise Moquino | X | |||
| Nathan Sanchez | X | |||
| Irene Tse-Pe | X |
DELIVERY OF THE RESOLUTION TO THE GOVERNOR:
Resolution No. SI-R22-011 was presented to the Governor of the Pueblo de San Ildefonso on the 2nd day of September, 2022, 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.
M. Wayne Martinez, Council Secretary
{ X } APPROVED
{ } VETO - RETURNED TO COUNCIL WITH EXPLANATION:
On this 2nd day of September, 2022.
Christopher A. Moquino, Governor
Presented by the Governor to the Council on the _______ day of ________________, 2022.
Override of Governor's veto:
{ } YES
{ } NO
| COUNCIL REPRESENTATIVE | YES | NO | ABSTAIN | ABSENT |
|---|---|---|---|---|
| Tom Garcia | ||||
| Thomas Gonzales | ||||
| M. Wayne Martinez, Jr. | ||||
| Michael Martinez | ||||
| Nichole S. Martinez | ||||
| Raymond Martinez | ||||
| Thomas Martinez | ||||
| Denise Moquino | ||||
| Nathan Sanchez | ||||
| Irene Tse-Pe |
CERTIFICATION
The foregoing resolution was duly voted upon by the Council on _________________, 2022, 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.
M. Wayne Martinez, Council Secretary
AUTHORIZATION OF INVESTMENT ACCOUNT DRAWDOWN
Section 1.1. Short Title
This enactment shall be known as the "AUTHORIZATION OF INVESTMENT ACCOUNT DRAWDOWN."
Section 1.2. Purpose
The purpose of this Act is to authorize the Governor to drawdown funds from the Investment Account(s) maintained by the Pueblo to supplement shortfalls for Pueblo Projects.
Section 1.3. Findings
The Council hereby finds and declares that:
(a) the Pueblo maintains an investment account to generate income that can be used to meet the needs of the Pueblo and the People; and,
(b) the Pueblo has hired a professional advisor to assist with oversight of the investment account to reduce the Pueblo's risks in investments while also earning a reasonable income from the investments; and,
(c) the Pueblo has realized significant gains over the last several years in the investment account, which has grown over time, even though the market and the investment account have recently decreased; and,
(d) the Pueblo has exercised restraint over the years by withdrawing funds from the investment account on a limited basis so that the account can grow over time; and,
(e) the Council, in consultation with the Governor, has identified the need to supplement the
Pueblo's current operating budget due to a shortfall in revenue for unforeseen Pueblo Projects, and has determined that funds held in reserve in the investment account are needed to address the shortfall.
Section 1.4. Authorization
The Council hereby authorizes and directs the Governor to drawdown no more than one million five hundred thousand dollars ($1,500,000) from the Pueblo's short-term fixed income investment account(s) to supplement the current annual budget of the Pueblo; provided that the expenditure of these funds shall be subject to approval of a Budget Modification.
