§12 Untitled Section

Summary

Creates a fund in the U.S. Treasury called the White Earth Economic Development and Tribal Government Fund. The United States must hold the money in trust for the White Earth Band of Chippewa Indians, and the Secretary must invest and manage it like other tribal trust funds under the Act of June 24, 1938 (25 U.S.C. 162a). The fund includes compensation under section 8, forfeited amounts under section 8(f), any appropriation under section 15, and income earned on those sums. The band’s governing body may use income for band administration, and may use principal and income for economic development, land purchases, and investments. No money can be paid directly to members. The band cannot spend the funds until it adopts a financial ordinance and investment plan, sends the Secretary a waiver of liability, and the Secretary approves the plan in writing within sixty days (or the plan is treated as approved if the Secretary does not act).