Section GMG.02.04 — Use Of Net Gaming Revenues: Tribal Economic Development

(a) The Tribal Council hereby allocates THIRTY-FIVE (35%) of net gaming revenues in order to provide funding for tribal economic development.

(1) If it deems it necessary, the Tribal Council shall have the authority to increase or decrease the percentage of net gaming revenues allocated to funding tribal economic development. The percentage increase may be drawn from the percentage set by Section GMG.02.03. The Tribal Council shall not decrease the allocated percentage set by this Section to provide for per capita payments authorized under Section GMG.02.07. Any revision of the allocated percentage herein shall be documented by a Tribal Council resolution, a copy of which shall be provided to the Secretary of the Interior.

(2) Any net gaming revenues allocated for the funding of economic development that have not been expended as of the last date of this fiscal year may, at the Tribal Council's discretion after review of allocation performance, be allocated to the purposes set forth in either Section GMG.02.03 - Section GMG.02.07 or be allocated to funding for tribal economic development for the subsequent fiscal year or be allocated into 50% long-term investments an 50% into tribal economic development for the subsequent fiscal year.

(b) "Tribal economic development" shall include investment of net gaming revenues. Investments of net gaming revenues allocated to tribal economic development shall be made pursuant to an investment policy to be adopted by resolution of the Tribal Council.

(c) Tribal Council shall have the authority to appropriate and expend net gaming revenues allocated to tribal economic development to fund proposed tribal economic development projects. Tribal economic development proposals shall be considered in accordance with existing procedures. The Tribal Council shall thereafter allocate those net gaming revenues designated for tribal economic development to the proposed economic development project as it deems necessary and feasible.

(d) The Tribal Council shall have the authority to appropriate and expend net gaming revenues allocated to tribal economic development to supplement funding for on-going tribal economic development enterprises, including land acquisition, Tribal revolving loan program, renewable energy and energy efficiency projects. Requests for supplemental funding for the Stockbridge-Munsee Community's on-going businesses and enterprises shall be considered in accordance with existing procedures. The Tribal Council shall thereafter allocate those net gaming revenues designated for tribal economic development to the ongoing business or enterprise as it deems necessary and feasible.