PLAN FOR USE OF GRAND TRAVERSE BAND OF OTTAWA AND CHIPPEWA INDIANS OF MICHIGAN FUNDS.

SEC. 109. PLAN FOR USE OF GRAND TRAVERSE BAND OF OTTAWA AND CHIPPEWA INDIANS OF MICHIGAN FUNDS. (a) Land Claims Distribution Trust Fund.— (1) The share of the Grand Traverse Band of Ottawa and Chippewa Indians of Michigan (hereafter in this section referred to as the “Band”), as determined pursuant to subsections (a)(3) and (b)(3) of section 104, shall be deposited by the Secretary in a nonexpendable trust fund to be established by the Tribal Council of the Band to be known as the “Land Claims Distribution Trust Fund” (hereafter in this section referred to as the “Trust Fund”). (2) The principal of the Trust Fund shall consist of— (A) the funds deposited into the Trust Fund by the Secretary pursuant to this subsection; (B) annual earnings of the Trust Fund which shall be retained, and added to the principal; and (C) such other funds as may be added to the Trust Fund by action of the Tribal Council of the Band. (b) Management of the Trust Fund.—The Tribal Council of the Band shall be the trustee of the Trust Fund and shall administer the Fund in accordance with this section. In carrying out this responsibility, the Tribal 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 Fund and charged against the earnings of the fiscal year in which the payment becomes due. (c) Trust Fund as Loan Collateral.— (1) The Trust Fund shall be used by the Band as collateral to secure a bank loan equal to 80 percent of the principal of the Trust Fund at the lowest interest rate then available. Such loan shall be used by the Band to make a one-time per capita payment to all eligible members. (2) The loan secured pursuant to this subsection shall be amortized by the earnings of the Trust Fund. The Tribal Council of the Band shall have the authority to invest the principal of the Trust Fund on market risk principles that will ensure adequate payments of the debt obligation while at the same time protecting the principal. (d) Elders’ Land Claim Distribution Trust Fund.— (1) Upon the retirement of the loan obtained pursuant to subsection (c), the Tribal Council shall establish the Grand Traverse Band Elders’ Land Claims Distribution Trust Fund (hereafter in this section referred to as the “Elders’ Trust Fund”). There shall be deposited into the Elders’ Trust Fund the principal and all accrued earnings that are in the Land Claims Distribution Trust Fund on the date of retirement of such loan. (2) Upon establishment of the Elders’ Trust Fund, the Tribal Council of the Band shall make a one-time payment to any person who is living on the date of the establishment of the Elders’ Trust Fund, and who was an enrolled member of the Band for at least 2 years prior to the date of the enactment of this Act as follows: (A) $500 for each member who has attained the age of 55 years, but is less than 62 years of age. 111 STAT. 2663 (B) $1,000 for each member who has attained the age of 62 years, but is less than 70 years of age. (C) $2,500 for each member who is 70 years of age or older. (3) After distribution pursuant to paragraph (2), the net annual earnings of the Elders’ Trust Fund shall be distributed as follows: (A) 90 percent shall be distributed on October 1 of each year after the creation of the Elder’s Trust Fund to all living enrolled members of the Band who have attained the age of 55 years upon such date, and who shall have been an enrolled member of the Band for not less than 2 years upon such date. (B) 10 percent shall be added to the principal of the Elders’ Trust Fund. (4) Distribution pursuant to paragraph (3)(A) shall be as follows: (A) One share for each person on the current annual Elders’ roll who has attained the age of 55 years, but is less than 62 years of age. (B) Two shares for each person who has attained the age of 62 years, but is less than 70 years of age. (C) Three shares for each person who is 70 years of age or older. (5) None of the funds in the Elders’ Trust Fund shall be distributed or expended for any purpose other than as provided in this subsection. (6) The Elders’ 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 reasonably available for inspection by the members of the Band. (7) The Tribal Council of the Band shall prepare an annual Elders’ distribution roll and ensure its accuracy prior to August 30 of each year. The roll shall identify each member of the Band who has attained the minimum age and membership duration required for distribution eligibility pursuant to paragraph (3)(A). (e) General Provisions.— (1) In the event that a tribal member eligible for a payment under this section shall die after preparation of the annual distribution roll, but prior to the distribution date, such payment shall be paid to the estate of such member. (2) In any case where a legal guardian has been appointed for a person eligible for a payment under this section, payment of that person’s snare shall be made to such guardian. (f) No Secretarial Responsibilities for Trust Fund.— The Secretary shall have no trust responsibility for the investment, supervision, administration, or expenditure of the Land Claims Distribution Trust Fund or the Elders’ Trust Fund.