§5310 — Title 25 Indians | U.S. Code

Summary

Tribes, tribal organizations, and tribal consortia that get advance payments from the Department of the Interior under the Indian Self-Determination and Education Assistance Act or the Tribally Controlled Schools Act of 1988 may, on and after December 8, 2004, invest those advance payments before using them for the grant, compact, or annual funding agreement if the investments meet one of two safety rules. Either they must invest only in U.S. government bonds or other securities backed or insured by the U.S., or in mutual or similar funds registered with the Securities and Exchange Commission that hold only those government-backed securities, or they must put the money into accounts insured by a U.S. government agency or fully backed by collateral so the funds stay protected if a bank fails.

Title 25, §5310

Indians — Source: USLM XML via OLRC

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.) 11 See References in Text note below. 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—

(1)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

(2)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.

Notes & Related Subsidiaries

Editorial Notes

References in Text

The Indian Self-Determination and Education Assistance Act (25 U.S.C. 450 et seq.), referred to in text, is Pub. L. 93–638, Jan. 4, 1975, 88 Stat. 2203, which was classified principally to subchapter II (§ 450 et seq.) of chapter 14 of this title prior to editorial reclassification as this chapter. For complete classification of this Act to the Code, see

Short Title

note set out under section 5301 of this title and Tables. The Tribally Controlled Schools Act of 1988, referred to in text, is part B (§§ 5201–5212) of title V of Pub. L. 100–297, Apr. 28, 1988, 102 Stat. 385, which is classified generally to chapter 27 (§ 2501 et seq.) of this title. For complete classification of this Act to the Code, see

Short Title

note set out under section 2501 of this title and Tables. Codification Section was enacted as part of the Department of the Interior and Related Agencies Appropriations Act, 2005, and also as part of the Consolidated Appropriations Act, 2005, and not as part of the Indian Self-Determination and Education Assistance Act which comprises this chapter. Section was formerly classified to section 450e–3 of this title prior to editorial reclassification and renumbering as this section.

Prior Provisions

Provisions similar to those in this section were contained in the following prior appropriation acts: Pub. L. 108–108, title I, § 111, Nov. 10, 2003, 117 Stat. 1266. Pub. L. 108–7, div. F, title I, § 111, Feb. 20, 2003, 117 Stat. 239. Pub. L. 107–63, title I, § 111, Nov. 5, 2001, 115 Stat. 438. Pub. L. 106–291, title I, § 111, Oct. 11, 2000, 114 Stat. 942. Pub. L. 106–113, div. B, § 1000(a)(3), [title I, § 111], Nov. 29, 1999, 113 Stat. 1535, 1501A–156. Pub. L. 105–277, div. A, § 101(e), [title I, § 111], Oct. 21, 1998, 112 Stat. 2681–231, 2681–254. Pub. L. 105–83, title I, § 112, Nov. 14, 1997, 111 Stat. 1562.

§5310 Investment of Advance Payments; Restrictions

Summary

Title 25, §5310

Notes & Related Subsidiaries

Editorial Notes

References in Text

Short Title

Short Title

Prior Provisions

Citations & Metadata