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Subject to the limitations set forth in this chapter, the SMRF Authority shall have the power to borrow money and incur indebtedness by issuing its obligations, in its own name or in the name of and on behalf of the Las Vegas Paiute Tribe, for purposes of acquiring, constructing, maintaining, managing and improving any public recreational facilities within the territorial jurisdiction of the Tribe consistent with the purposes of the SMRF Authority. Such obligations shall be issued and sold in such manner and shall be in the amount and form and bear interest at the rate or rates set by the SMRF Authority. Each such obligation must be approved by the Tribal Council prior to its issuance.

Comment: Created in its entirety pursuant to Resolution No. 93-025, dated November 30, 1993, which adopted a three-point government plan providing for the creation of an instrumentality of the Tribe to finance, develop and operate the Snow Mountain Reservation golf course project.

[Res. 94-034, 1994; Res. 93-025, 1993. Prior Code § 16-40-10.]