[HISTORY: Adopted by the Legislature of the Menominee Indian
Tribe 9-17-2009 by Ord. No. 09-15. Amendments noted where applicable.]
This business of the Menominee Indian Tribe of Wisconsin is
chartered pursuant to Article XIII of the Constitution and Bylaws
of the Menominee Indian Tribe of Wisconsin.
The purpose of this business is to provide housing for Menominee
Tribal members on the Menominee Indian Reservation utilizing the Wisconsin
Housing and Economic Development Agency's federal Low-Income
Housing Tax Credit Program.
The form of this business shall be a limited partnership certified
under the laws of the State of Wisconsin.
The general partner of this limited partnership shall be the
Wolf River Development Company, a business chartered by the Menominee
Indian Tribe of Wisconsin.[1]
The limited partners of this limited partnership shall be designated
by the Wolf River Development Company.
[1]
Editor's Note: Ordinance No. 10-19, adopted 9-8-2010, allowed
for the use of a special purpose entity to act as the general partner
in any limited partnership, and any reference in this chapter to "Wolf
River Development Company" shall be read to include any limited-liability
company organized under the laws of the State of Wisconsin where the
sole member of such limited-liability company is Wolf River Development
Company.
This business shall possess all powers allowed pursuant to Article
XIII of the Constitution and Bylaws of the Menominee Indian Tribe
of Wisconsin, including the power to hold leasehold interests in tribal
property, and any other powers necessary to accomplish the purpose
of this business.
The limited partners shall own 99.99% of the assets of the limited
partnership. The general partner shall own 0.01% of the assets of
the limited partnership. After all the tax credits have been given
out pursuant to the award from the Wisconsin Housing and Economic
Development Agency, the limited partners shall transfer all interest
in the assets of the business to the general partner pursuant to the
terms of the partnership agreement.
The general partner shall exercise 100% control over the business
of the limited partnership.
The general and limited partners shall act in accordance with
the limited partnership agreement.
All incomes collected as rent pursuant to the project shall
become assets of the general partner to be used to maintain said project.
The business shall report to the Menominee Tribal Legislature
when requested.
