(1) No borrowing or other financing arrangement shall be made or entered into on behalf of the Tribe unless authorized by the tribal council. Leases or rental agreements in terms of which exceed one year or $10,000 shall be considered financing arrangements.

(2) Collateral for financing arrangements shall be limited to the assets acquired or leased unless specifically authorized by the tribal council.

(3) The treasurer shall provide a comprehensive report to the tribal council of all debts and financing arrangements and the CFO shall ensure that provisions are made for meeting obligations of such agreements. [Res. 22-120, 2022.]