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—
(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.
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.
1 See References in Text note below.Tried the LawStack mobile app?
Join thousands and try LawStack mobile for FREE today.
- Carry the law offline, wherever you go.
- Download CFR, USC, rules, and state law to your mobile device.
