Navajo Nation Council approves use of funds for chapters, water

FOR IMMEDIATE RELEASE
January 27, 2016
MEDIA CONTACTS
Jared Touchin (928) 221-9253
Jolene Holgate (928) 380-4174
[email protected]
NavajoNationCouncilapprovesuseoffundsfor
chapters,waterlineprojects,andeconomicdevelopmentprojects
PHOTO:Displaysabreakdownofthefive-yearplanforthePermanentTrustFundincome.
WINDOWROCK–Duringtheseconddayofthe2016WinterCouncilSession,theNavajoNation
Councilbyavoteof21-1approvedLegislationNo.0314-15,afive-yearexpenditureplanforthe
earningsgeneratedfromtheprincipalbalanceoftheNavajoNation’sPermanentTrustFund.
LegislationsponsorCouncilDelegateSethDamon(Bááháálí,Chichiltah,Manuelito,TséLichíí’,
RockSprings,Tsayatoh),saidTuesday’sapprovalmarksthefirsttimeinhistorythatan
expenditureplanhadbeenapprovedthatwouldbenefitNavajocommunitiesdirectly.
In1985,theNavajoNationcreatedthePermanentTrustFundandinvested$26million,whichhas
growntoover$1.6billionasofDec.31,2015,accordingtoareportprovidedbytheOfficeofthe
Controller.ThecreationofthePTFalsomandatedthatnoincomefromthefundcouldbeusedfor
aperiodof20yearsfromthetimeofitscreation.
TheincomegeneratedfromthePTFhasbeenavailableforusesince2005buthasbeen
reinvestedintothePTFinsteadofbeingusedforprojectsthatbenefitNavajocommunities,stated
DelegateDamon.
“Eachyear,theNationssendsthismoneybacktoWallStreetwithoutseeingtangiblebenefitsfor
ourcommunities,”saidDelegateDamon.“Withthisfive-yearplan,wecanbeginputtingthefunds
touseandseetherealbenefitsforourpeople.”
DelegateDamonalsoemphasizedthattheplandoesnotproposetotakemoneyfromthe
principlebalanceofthePTF–onlytheannualgeneratedincome.
AccordingtoapresentationprovidedbyDelegateDamon,theaverageincomegainedfromstock
dividendsandbondinterestfromthePTFfrom2007to2015wasapproximately$26.7millionon
anannualbasis.
Theplanproposestoutilize$125millionoverthecourseoffive-years–$25millionperyear–for
variouswaterlineprojects,economicdevelopmentprojects,andtoprovidefundstocertified
chaptersacrosstheNavajoNation.
Thefirstyearoftheplanwouldprovide$6.25millionforallcertifiedchapters,$8.25millionfor
waterlineprojects,$6millionforac-storeandapolicesub-stationneartheTwinArrowsNavajo
CasinoResort.
Thesecondyearwouldprovide$6.25millionforallcertifiedchapters,$16.75millionforwater
lineprojects,and$2millionforashoppingcenterinthecommunityofNahataDziil.Yearthreeof
theplanprovides$6.25millionforallcertifiedchapters,$9.55millionforwaterlineprojects,and
$9.2millionforashoppingcenterinthecommunityofGanado.
Thefourthyearwouldprovide$6.25millionforallcertifiedchapters,$15.25millionforwaterline
projects,and$3.5millionforac-storeinCrownpoint.Thefinalyearcallsfor$6.25millionforall
certifiedchapters,$15.95millionforwaterlineprojects,and$2.8millionforaretailstoreinthe
communityofDennehotso.
Overall,DelegateDamonexplainedthattheplanwouldprovideanaverageof$125,000annually
toeachcertifiedchapteroverthefive-yearperiodandcreate338newjobsfortheconstructionof
thevariousshoppingcentersandc-stores.
AfterTuesday’ssession,DelegateDamonthankedformerNavajoNationChairmanandPresident
PetersonZahforhisroleinestablishingthePTFandhislongstandingleadership.
“IappreciateMr.Zah’svisionforourNationinregardstothePermanentTrustFundandfor
helpingusreachthispoint,”statedDelegateDamon.
FollowingCouncil’saction,severalmembersofCouncilsaidtheyhopeNavajochapterswill
supportthelegislationandurgePresidentRussellBegayetosignthebillintolaw.President
BegayewillhavetencalendardaystoconsiderthebilloncetheresolutionissenttotheOfficeof
thePresidentandVicePresident.
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