From the Navajo Times:
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Shirley pointed to an unprecedented $60 million loan agreement with Cleveland-based Key Bank to fund construction of justice complexes in Crownpoint and Tuba City.
Shirley signed the agreement, which had previously been endorsed by the council, with KeyBank on June 24. This marks the first time that the tribe has made this kind of arrangement with a bank and assigned tax revenues to pay for it.
“This signing comes six years after discussions first began and fulfills our vision to see these needed facilities built on Navajoland to combat the rising crime rates,” Shirley said.
He noted that the bank had agreed to respect the tribe’s sovereignty, including a pledge to use the tribal courts in case of a dispute.
Shirley said KeyBank agreed to the provision after doing its own evaluation of tribal court rulings.
“KeyBank took the time to conduct research and determined that our Navajo legal system is strong and stable,” he said.
About 20 years ago, a similar study was done and determined that in cases involving a dispute between the tribe and an outside entity, the Navajo Nation Supreme Court ruled for the Navajo side in all but one instance. In the one case won by a non-Navajo plaintiff, the company was never able to collect the money it was owed.
Key Bank officials, however, determined that the decisions in the tribal court system went about half the time to the tribe and the other half to the non-Navajo entity.
Turtle Talk 