During any period that the Authority is indebted on any bond,
note, debenture, loan, credit facility or other outstanding obligation
for borrowed money, the Authority may be dissolved only with the prior
written consent of all holders or lenders of any such debt of the
Authority, or any agent, trustee, representative or other person authorized
to act on its behalf, and in accordance with any and all agreements
imposing obligations on the Authority associated with such borrowed
money. This charter provision is intended as an inducement to lend
to the Authority, and lenders to the Authority shall be entitled to
rely upon it until repaid in full.
Subject to, and as limited by, § 11.1-31, the Authority may be dissolved upon the adoption of a resolution of the Authority Board authorizing and directing such dissolution. The Authority shall thereafter wind up its affairs and prepare to dissolve on a commercially reasonable basis. Upon winding up and dissolution of the Authority, the assets of the Authority remaining after payment of, or provision for payment of, all debts and liabilities of the Authority shall be distributed to the Tribe or to another enterprise or organization wholly owned by the Tribe which is designated by the Tribal Council. If such dissolution occurs during the term of the management agreement, once approved, any obligation, liability or responsibility of the Authority under the management agreement shall be assigned to and assumed by the Tribe.
