§ 1-210 Performance bond.
A. Unless waived in writing by the Tribe in accordance with this chapter, a lessee shall obtain a satisfactory performance bond in an amount sufficient to secure the contractual obligations of the lessee under the lease. Such bond shall be for the purpose of securing a lessee’s contractual obligations under the lease and shall guarantee:
1. The annual lease payment;
2. The estimated development cost of improvements; and
3. Any additional amount necessary to ensure compliance with the lease.
B. The Tribe may waive the bond requirement, or reduce the amount, if doing so is in the best interest of the Tribe. The Tribe shall maintain written records of waivers and reductions.
C. The performance bond may be in one (1) of the following forms:
1. Certificates of deposit issued by a federally insured financial institution authorized to do business in the United States;
2. Irrevocable letters of credit issued by a federally insured financial institution authorized to do business in the United States;
3. Negotiable Treasury securities; or
4. Surety bond issued by a company approved by the U.S. Department of the Treasury. (Res. 2020-30)