PLAN FOR USE AND DISTRIBUTION OF BAY MILLS INDIAN COMMUNITY FUNDS.

SEC. 107. PLAN FOR USE AND DISTRIBUTION OF BAY MILLS INDIAN COMMUNITY FUNDS. (a) Tribal Land Trust.— (1) The Executive Council of the Bay Mills Indian Community shall establish a nonexpendable trust to be known as the “Land Trust”. Not later than 60 days after receipt of the funds distributed to the Bay Mills Indian Community pursuant to this title, the Executive Council of the Bay Mills Indian Community shall deposit 20 percent of the share of the Bay Mills Indian Community into the Land Trust. (2) The Executive Council shall be the trustee of the Land Trust and shall administer the Land Trust in accordance with this section. The Executive Council may retain or hire a professional trust manager and may pay the prevailing market rate for such services. Such payment for services shall be made from the current income accounts of the trust and charged against earnings of the current fiscal year. (3) The earnings generated by the Land Trust shall be used exclusively for improvements on tribal land or the consolidation and enhancement of tribal landholdings through purchase or exchange. Any land acquired with funds from the Land Trust shall be held as Indian lands are held. (4) The principal of the Land Trust shall not be expended for any purpose, including but not limited to, per capita payment to members of the Bay Mills Indian Community. (5) The Land Trust shall be maintained as a separate account, which shall be audited at least once during each fiscal year by an independent certified public accountant who shall prepare a report on the results of such audit. Such report shall be a public document, and shall be available for inspection by any member of the Bay Mills Indian Community. (6) Notwithstanding any other provision of law, the approval of the Secretary of any payment from the Land Trust shall not be required and the Secretary shall have no trust responsibility for the investment, supervision, administration, or expenditure of funds from the Land Trust. (b) Land Claims Distribution Trust.— (1) The Executive Council of the Bay Mills Indian Community shall establish a nonexpendable trust to be known as the “Land Claims Distribution Trust Fund”. Not later than 60 days after receipt of the funds distributed to the Bay Mills Indian Community pursuant to this title, the Executive Council of the Bay Mills Indian Community 111 STAT. 2659shall deposit into the Land Claims Distribution Trust Fund the principal funds which shall consist of— (A) amounts remaining of the funds distributed to the Bay Mills Indian Community after distribution pursuant to subsections (a) and (c); (B) 10 percent of the annual earnings generated by the Land Claims Distribution Trust Fund; and (C) such other funds which the Executive Council chooses to add to the Land Claims Distribution Trust Fund. (2) The Executive Council shall be the trustee of the Land Claims Distribution Trust Fund and shall administer the Land Claims Distribution Trust Fund in accordance with this section. The Executive Council may retain or hire a professional trust manager and may pay for said services the prevailing market rate. Such payment for services shall be made from the current income accounts of the trust and charged against earnings of the current fiscal year. (3) 90 percent of the annual earnings of the Land Claims Distribution Trust Fund shall be distributed on October 1 of each year after the creation of the trust fund to any person who— (A) is enrolled as a member of the Bay Mills Indian Community; (B) is at least 55 years of age as of the annual distribution date; and (C) (i) has been enrolled as a member of the Bay Mills Indian Community for a minimum of 25 years as of the annual distribution date, or (ii) was adopted as a member of the Bay Mills Indian Community on or before June 30, 1996. (4) In the event that a member of the Bay Mills Indian Community who is eligible for payment under subsection (b)(3), should die after preparation of the annual distribution roll and prior to the October 1 distribution, that individual’s share for that year shall be provided to the member’s heirs at law. (5) In the event that a member of the Bay Mills Indian Community who is at least 55 years of age and who is eligible for payment under subsection (b)(3), shall have a guardian appointed for said individual, such payment shall be made to the guardian. (6) Under no circumstances shall any part of the principal of the Land Claims Distribution Trust Fund be distributed as a per capita payment to members of the Bay Mills Indian Community, or used or expended for any other purpose by the Executive Council. (7) The Land Claims Distribution Trust Fund shall be maintained as a separate account, which shall be audited at least once during each fiscal year by an independent certified public accountant who shall prepare a report on the results of such audit. Such report shall be a public document and shall be available for inspection by any member of the Bay Mills Indian Community. (8) Notwithstanding any other provision of law, the approval of the Secretary of any payment from the Land Claims Distribution Trust Fund shall not be required and the Secretary shall have no trust responsibility for the investment, supervision, administration, or expenditure of the Fund. (c) Land Claims Initial Payment.— As compensation to the members of the Bay Mills Indian Community for the delay in distribution of the judgment fund, payment shall be made by the 111 STAT. 2660Executive Council within 30 days of receipt of the Bay Mills Indian Community’s share of the judgment fund from the Secretary, as follows: (1) The sum of $3,000 to each enrolled member of the Bay Mills Indian Community living on the date of enactment of this legislation, who has attained the age of 55 years, but is less than 62 years of age, if that individual was adopted into or a member of the Bay Mills Indian Community on or before June 30, 1996. (2) The sum of $5,000 to each enrolled member of the Bay Mills Indian Community living on the date of enactment of this legislation, who is at least 62 years of age and less than and 70 years of age, if that individual was adopted into or a member of the Bay Mills Indian Community on or before June 30, 1996. (3) The sum of $10,000 to each enrolled member of the Bay Mills Indian Community living on the date of enactment of this legislation, who is 70 years of age or older, if that individual was adopted into or a member of the Bay Mills Indian Community on or before June 30, 1996. (d) Annual Payments From Land Claims Distribution Trust Fund.— The Executive Council shall prepare the annual distribution roll and ensure its accuracy prior to August 30 of each year prior to distribution. The distribution roll shall identify each member of the Bay Mills Indian Community who, on the date of distribution, will have attained the minimum age and membership duration required for distribution eligibility, as specified in subsection (b)(3). The number of eligible persons in each age category defined in this subsection, multiplied by the number of shares for which the age category is entitled, added together for the 3 categories, shall constitute the total number of shares to be distributed each year. On each October 1, the shares shall be distributed as follows: (1) Each member who is at least 55 years of age and less than 62 years of age shall receive 1 share. (2) Each member who is between the ages of 62 and 69 years shall receive 2 shares. (3) Each member who is 70 years of age or older shall receive 3 shares.