The funds were released following a ruling by the Supreme Court of the Mississippi Band of Choctaw Indians, favorable to Chief Phillip Martin and the Tribe. On April 19, 2001, the Supreme Court ruled that a Feb. 28 Tribal Council Resolution and other subsequent Resolutions were administrative in nature and adopted to carry out the Tribal Council�s prior legislative actions and, therefore, were not subject to challenge by the Tribe�s referendum process. The Court�s ruling recognized that there had been no timely challenge to the Tribal Council�s prior legislative acts to authorize this financing. The Court further recognized that the Choctaw people had voted to support the building of the

-- The Mississippi Band of Choctaw Indians is developing a destination resort and casino adjacent to the existing Silver Star Resort in Philadelphia, Mississippi.  The new development will include a 572-room hotel, approximately 90,000 square feet of gaming area, 43,000 square feet of retail area, a 46,000 square foot show theater, and an elevated bridge connecting the new casino with the existing facility. Additionally, a 1,090 car parking deck is currently under construction.

The Court found that the referendum power is available to challenge any legislative act of the Tribal Council such as a resolution or ordinance authorizing a new project and providing ways and means of financing, but it cannot be used to challenge later Tribal Council action which is taken to carry out such a project.

The Mississippi Band of Choctaw Indians will use the proceeds from the notes to finance construction of the Golden Moon Hotel & Casino and the repayment of the term loan used to finance the buyout of the management contract with Boyd Gaming Corp.