MLF capital lending funding passes committee

MLF capital lending funding passes committee
(MN File Photo) A Muscogee (Creek) Nation Council Budget, Finance and Justice Committee meeting was held Oct. 17 at the Mound Building in Okmulgee.

Popular loan program could be expanded for holiday lending

By Angel Ellis, Reporter

OKMULGEE, Oklahoma–A Muscogee (Creek) Nation National Council Business, Justice and Finance Committee meeting was held Oct. 22 the Mound Building in Okmulgee.

NCR 10-005 A resolution of the Muscogee (Creek) National Council selecting Terry A. Costanza to the Board of Directors of OneFire Holding Company LLC. Lucian Tiger III Introduced and sponsored the resolution which passed 4-0. 

The resolution names Terry A. Costanza as the National Council selection to serve on the Board of Directors for OneFire Holding Company through Oct. 26, 2022.

TR 19-123 A Tribal Resolution of the Muscogee (Creek) Nation confirming the nomination of Derek Steeley to serve on the Mvskoke Loan Fund Board. Adam Jones III introduced and sponsored the tribal resolution which passed 4-0.

The resolution confirms Derek Steeley’s nomination to the Mvskoke Loan Fund board. Steeley’s term begins upon official confirmation and expires three years from the date of confirmation.

NCA 19-127 A law of the Muscogee (Creek) Nation appropriating funds to finance a loan to the Mvskoke Loan Fund  for lending capital to support commercial and consumer clients. The Office of Principal Chief introduced the law. Adam Jones III sponsored the law which passed 4-0.

The purpose of the law is to appropriate funds in the form of a loan to the Mvskoke Loan Fund [MLF] for lending capital to support commercial and consumer clients.

The sum of $300,000 will be lent at a 1% interest rate compounded monthly for a term of ten years. The installments for the loan will $2,628.12 and will begin November 2019 if passed through full council. There are no early pay back penalties.

The loan will allow MLF to expand a popular holiday lending program.

NCA 19-128 A Law of the Muscogee (Creek) Nation authorizing the expenditure of grant funds awarded from the Internal Revenue Service for the benefit of the Mvskoke Loan Fund. The Office of Principal Chief introduced the law. Adam Jones III sponsored the law which passed 4-0.

MLF was awarded the Tax Counseling for the Elderly Grant in the amount of $3,200. The grant funds will be used by MLF to provide assistance in preparing income tax returns for individuals age 60 or older.

NCA 19-129 A law of the Muscogee (Creek) Nation repealing MCNCA Title 16, Chapter 11, entitled “Mvskoke Media” and creating a new Title 49, entitled “Free Press” and Amending MCNCA Title 16, Chapter 1, entitled “The organization of the Executive Office of the Principal Chief.” The Office of Principal Chief introduced the law. Lucian Tiger III sponsored the law along with co-sponsors Adam Jones III sponsored which failed to pass committee with a vote of 2-3.

Freedom of Press legislation fails to secure major vote.  Council members questioned the timing and whether or not the legislation addresses budget issues cited as the reason for repealing free press in 2018. Listen to committee meetings here.

All committee members were present.

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