§12 Untitled Section

Summary

Creates a fund in the U.S. Treasury called the White Earth Economic Development and Tribal Government Fund. Money in the fund is held in trust for the White Earth Band of Chippewa Indians and must be handled and invested like other tribal trust funds under the Act of June 24, 1938 (25 U.S.C. 162a). The fund includes money the Band gets as compensation under section 8, amounts forfeited under section 8(f), any appropriation under section 15, and income earned on those sums. Income can pay for band administration. The principal and income can be used for economic development, buying land, and investments. None of the money can be paid out to members per capita. Before spending any funds, the Band’s governing body must adopt a financial ordinance and investment plan, submit a waiver of U.S. liability for losses, and get the Secretary’s written approval. The Secretary must approve or reject the plan within 60 days, and it is treated as approved if no decision is made in that time.