25 U.S.C. § 5310 — Investment of advance payments; restrictions
submitted 22 years ago by Pub. L. 108-447 to r/title-25-INDIANS · 187 words · no verdicts yet
This section allows certain advance payments to Indian tribes and tribal organizations to be invested before they are spent, but limits the investments and deposits that may be used.
On or after December 8, 2004, an Indian tribe*, tribal organization, or consortium may invest an advance payment from the Department of the Interior under the Indian Self-Determination and Education Assistance Act or the Tribally Controlled Schools Act of 1988 before spending it for the grant, compact, or annual funding agreement. The money must be either: (1) invested only in United States obligations; obligations or securities guaranteed or insured by the United States; or mutual or other funds registered with the Securities and Exchange Commission that invest only in those obligations or securities; or (2) deposited only in an account insured by a United States agency or instrumentality, or fully collateralized to protect the money even if the bank fails.
Advance payments made by the Department of the Interior to Indian tribes, tribal organizations, and tribal consortia pursuant to the Indian Self-Determination and Education Assistance Act (25 U.S.C. 450 et seq.) 1 or the Tribally Controlled Schools Act of 1988 (25 U.S.C. 2501 et seq.) may on and after December 8, 2004, be invested by the Indian tribe*, tribal organization, or consortium before such funds are expended for the purposes of the grant, compact, or annual funding agreement so long as such funds are—
invested by the Indian tribe, tribal organization, or consortium only in obligations of the United States, or in obligations or securities that are guaranteed or insured by the United States, or mutual (or other) funds registered with the Securities and Exchange Commission and which only invest in obligations of the United States or securities that are guaranteed or insured by the United States; or
deposited only into accounts that are insured by an agency or instrumentality of the United States, or are fully collateralized to ensure protection of the funds, even in the event of a bank failure.
Source credit: (Pub. L. 108–447, div. E, title I, § 111, Dec. 8, 2004, 118 Stat. 3064.)
- 2004Enacted · Pub. L. 108-447 · 118 Stat. 3064
A history note hasn’t been published yet. The record shows enactment by Pub. L. 108-447 on 2004-12-08.
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