FARMINGTON — The Navajo Nation Council will host a special session today at 10 a.m. in the council chamber in Window Rock, Ariz.

 

The only item listed on the proposed agenda is legislation to approve issuing a $220 million bond to fund economic development projects on the reservation.

According to the bill, the bond would be divided into $100 million in the form of long-term fixed rate bonds and $120 million in the form of bank loans.

Standard and Poors gave the tribe a credit rating of A.

Among the economic development projects listed in the five-year plan submitted by the Navajo Division of Economic Development and attached to the legislation is a retail center in Naschitti; a country store in Teec Nos Pos, Ariz.; and a restaurant in Aneth, Utah.

A portion of the bond would also be used by the Navajo Tribal Utility Authority to pay for utility infrastructure projects in communities including Naschitti, Sheepsprings, Shiprock, Teec Nos Pos and Upper Fruitland.

This is the second time the council will consider the bond legislation, which is being sponsored by delegate Katherine Benally.

It went before the council Nov. 26, but quorum was lost after delegates spent about an hour discussing amendments to the bill in executive session.