The Navajo Nation Council last week rejected a call for a referendum to build jails and court facilities with money from a nearly $1 billion trust fund. The council defeated the proposal by Delegate Kee Allen Begay, 46 to 27, with 59 votes needed for passage. Begay wanted to give tribe members the chance to a vote on spending some of the principal in the tribe’s permanent fund on new criminal justice facilities on the sprawling reservation. The defeated measure would have appropriated $244,000 for a referendum asking voters whether $153 million from the principal of the fund should be spent to build additional jails and courts. Current tribal law limits the council to spending the interest on the fund, or about $17 million a year. The tribe has deposited 12% of annual revenues from taxes on energy, mineral, and timber production from Navajo lands into the fund since 1985.
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The new-issue calendar is led by Washington with $1.3 billion of GOs selling by competitive bid in three series.
February 6 -
A trio of current and former Alaska lawmakers presented views differing from the governor's on how to solve the state's budget red ink.
February 6 -
Kutak Rock warns tax attorneys about the Internal Revenue Service doing compliance checks as opposed to formal audits on certain multifamily bond issues as tax season is expected to add more stress to an understaffed agency.
February 6 -
The rating agency cited weak operating results and high leverage.
February 6 -
Piper Sandler will price $100 million of electric revenue bonds for Iowa public utility Muscatine Power and Water on Wednesday.
February 6 -
Longer-term bonds could ease financial pressure for Sound Transit's $54 billion long-range plans.
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