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Navajo line of credit approved

23 October 2007

WINDOW ROCK, Arizona -- As reported by the Farmington Daily Times: "Casino development on the Navajo Nation is back on track following the Tribal Council's approval Monday of a $100 million line of credit.

"The 54-25 vote came 10 days after the council voted to defer the issue to the Budget and Finance Committee for a 60-day review. Delegates tabled the same discussion Sept. 28.

"...The delays cost the Nation about 45 days, but officials remain optimistic that the first casino — a temporary structure near Church Rock — will be open in July, Winter said. The Nation secured the $100 million line of credit from JP Morgan Chase earlier this year, and construction of the first casino remained at a standstill while the council debated the financial risk.

"...The credit line allows the Nation to pull small amounts as needed and pay only interest on that for the first two years. The tribe would provide security for the credit with liquid assets.

"Delegates voted on the measure as an emergency legislation during a special session Monday. The session was called to approve an appropriation of funds for the Department of Justice..."

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