Leaders of the Eastern Band of Cherokee Indians celebrate the tribe's status at 100 percent debt free on May 11, 2016. Photo from Patrick Lambert - Principal Chief / Facebook
The Eastern Band of Cherokee Indians is officially debt free. The North Carolina tribe paid off nearly $96 million in loans on Tuesday, The Cherokee One Feather reported. The payment covers the costs associated with the new Cherokee Indian Hospital and a new waste water treatment plant on the reservation. "Today, I’m happy to report that what we’re getting ready to do is to make the Tribe, for the first time in recent history, 100 percent debt-free," Chief Patrick Lambert said at the signing ceremony, the paper reported. The tribe also raised its debt service fund from $25 million to $100 million, the paper reported. The increase will help the tribe address future debt. Get the Story:
DEBT-FREE: Tribe pays off hospital, waste water treatment plant loans (The Cherokee One Feather 5/11)
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