(a) Establishment in Treasury; deposits into Fund of general fund, interest, and revenue sharing moneys
There is hereby established in the United States Treasury an Alaska Native Fund into which the following moneys shall be deposited:
(1) $462,500,000 from the general fund of the Treasury, which are authorized to be appropriated according to the following schedule:
(A) $12,500,000 during the fiscal year in which this chapter becomes effective;
(B) $50,000,000 during the second fiscal year;
(C) $70,000,000 during each of the third, fourth, and fifth fiscal years;
(D) $40,000,000 during the period beginning July 1, 1976, and ending September 30, 1976; and
(E) $30,000,000 during each of the next five fiscal years, for transfer to the Alaska Native Fund in the fourth quarter of each fiscal year.
(2) Four percent interest per annum, which is authorized to be appropriated, on any amount authorized to be appropriated by this paragraph that is not appropriated within six months after the fiscal year in which payable.
(3) $500,000,000 pursuant to the revenue sharing provisions of section 1608 of this title.
(b) Prohibition of expenditures for propaganda or political campaigns; misdemeanor; penalty
None of the funds paid or distributed pursuant to this section to any of the Regional and Village Corporations established pursuant to this chapter shall be expended, donated, or otherwise used for the purpose of carrying on propaganda, or intervening in (including the publishing and distributing of statements) any political campaign on behalf of any candidate for public office. Any person who willfully violates the foregoing provision shall be guilty of a misdemeanor and, upon conviction thereof, shall be fined not more than $1,000 or imprisoned not more than twelve months, or both.
(c) Distribution of Fund moneys among organized Regional Corporations; basis as relative number of Native enrollees in each region; reserve for payment of attorney and other fees; retention of share in Fund until organization of corporation
After completion of the roll prepared pursuant to section 1604 of this title, all money in the Fund, except money reserved as provided in section 1619 of this title for the payment of attorney and other fees, shall be distributed at the end of each three months of the fiscal year among the Regional Corporations organized pursuant to section 1606 of this title on the basis of the relative numbers of Natives enrolled in each region. The share of a Regional Corporation that has not been organized shall be retained in the Fund until the Regional Corporation is organized.
Amendments
1976—Subsec. (a)(1)(D). Pub. L. 94–273 substituted "period beginning July 1, 1976, and ending September 30, 1976; and" for "the sixth fiscal year; and".
Subsec. (a)(1)(E). Pub. L. 94–273 inserted provision relating to transfer to the Alaska Native Fund.
Deposits Into and Distributions From Alaska Native Fund; Time Requirements; Inclusion of Previously Earned Interest
Pub. L. 96–487, title XIV, §1414, Dec. 2, 1980, 94 Stat. 2498, provided that:
"(a) Moneys appropriated for deposit in the Alaska Native Fund for the fiscal year following the enactment of this Act [Dec. 2, 1980], shall, for the purposes of section 5 of Public Law 94–204 [set out below] only, be deposited into the Alaska Native Fund on the first day of the fiscal year for which the moneys are appropriated, and shall be distributed at the end of the first quarter of the fiscal year in accordance with section 6(c) of the Alaska Native Claims Settlement Act [subsec. (c) of this section] notwithstanding any other provision of law.
"(b) For the fiscal year in which this Act is enacted [fiscal year 1981], the money appropriated shall be deposited within 10 days of enactment [Dec. 2, 1980], unless it has already been deposited in accordance with existing law, and shall be distributed no later than the end of the quarter following the quarter in which the money is deposited: Provided, That if the money is already deposited at the time of enactment of this Act, it must be distributed at the end of the quarter in which this Act is enacted.
"(c) Notwithstanding section 38 of the Fiscal Year Adjustment Act [section 38 of Pub. L. 94–273, which amended this section] or any other provisions of law, interest earned from the investment of appropriations made pursuant to the Act of July 31, 1976 (Public Law 94–373; 90 Stat. 1051) [not classified to the Code], and deposited in the Alaska Native Fund on or after October 1, 1976, shall be deposited in the Alaska Native Fund within thirty days after enactment of this Act [Dec. 2, 1980] and shall be distributed as required by section 6(c) of the Alaska Native Claims Settlement Act [subsec. (c) of this section]."
Alaska Native Fund Viewed as Trust for Indian Tribes for Purposes of Interest and Investment
Pub. L. 94–204, §5, Jan. 2, 1976, 89 Stat. 1147, provided that: "For purposes of the first section of the Act of February 12, 1929 (45 Stat. 1164), as amended [section 161a of Title 25, Indians], and the first section of the Act of June 24, 1938 (52 Stat. 1037) [section 162a of Title 25], the Alaska Native Fund shall, pending distributions under section 6(c) of the Settlement Act [subsec. (c) of this section] be considered to consist of funds held in trust by the Government of the United States for the benefit of Indian tribes: Provided, That nothing in this section shall be construed to create or terminate any trust relationship between the United States and any corporation or individual entitled to receive benefits under the Settlement Act [this chapter]."
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