CHIPPEWA CREE INDIAN RESERVED WATER RIGHTS SETTLEMENT TRUST FUND.

SEC. 104. CHIPPEWA CREE INDIAN RESERVED WATER RIGHTS SETTLEMENT TRUST FUND. (a) Establishment of Trust Fund.— (1) In general.— (A) Establishment.— There is hereby established in the Treasury of the United States a trust fund for the Chippewa Cree Tribe of the Rocky Boy’s Reservation to be known as the “Chippewa Cree Indian Reserved Water Rights Settlement Trust Fund”. (B) Availability of amounts in fund.— (i) In general.— Amounts in the Fund shall be available to the Secretary for management and investment on behalf of the Tribe and distribution to the Tribe in accordance with this Act. (ii) Availability.— Funds made available from the Fund under this section shall be available without fiscal year limitation. (2) Management of fund.— The Secretary shall deposit and manage the principal and interest in the Fund in a manner consistent with subsection (b) and other applicable provisions of this Act. (3) Contents of fund.— The Fund shall consist of the amounts authorized to be appropriated to the Fund under section 105(a) and such other amounts as may be transferred or credited to the Fund. (4) Withdrawal.— The Tribe, with the approval of the Secretary, may withdraw the Fund and deposit it in a mutually agreed upon private financial institution. That withdrawal shall be made pursuant to the American Indian Trust Fund Management Reform Act of 1994 (25 U.S.C. 4001 et seq.). (5) Accounts.— The Secretary of the Interior shall establish the following accounts in the Fund and shall allocate appropriations to the various accounts as required in this Act: (A) The Tribal Compact Administration Account. (B) The Economic Development Account. (C) The Future Water Supply Facilities Account. (b) Fund Management.— (1) In general.— (A) Amounts in fund.— The Fund shall consist of such amounts as are appropriated to the Fund and allocated to the accounts of the Fund by the Secretary as provided113 STAT. 1785 for in this Act and in accordance with the authorizations for appropriations in paragraphs (1), (2), and (3) of section 105(a), together with all interest that accrues in the Fund. (B) Management by secretary.— The Secretary shall manage the Fund, make investments from the Fund, and make available funds from the Fund for distribution to the Tribe in a manner consistent with the American Indian Trust Fund Management Reform Act of 1994 (25 U.S.C. 4001 et seq.). (2) Tribal management.— (A) In General.— If the Tribe exercises its right pursuant to subsection (a)(4) to withdraw the Fund and deposit it in a private financial institution, except as provided in the withdrawal plan, neither the Secretary nor the Secretary of the Treasury shall retain any oversight over or liability for the accounting, disbursement, or investment of the funds. (B) Withdrawal plan.— The withdrawal plan referred to in subparagraph (A) shall provide for— (i) the creation of accounts and allocation to accounts in a fund established under the plan in a manner consistent with subsection (a); and (ii) the appropriate terms and conditions, if any, on expenditures from the fund (in addition to the requirements of the plans set forth in paragraphs (2) and (3) of subsection (c)). (c) Use of Fund.— The Tribe shall use the Fund to fulfill the purposes of this Act, subject to the following restrictions on expenditures: (1) Except for $400,000 necessary for capital expenditures in connection with Tribal Compact Administration, only interest accrued on the Tribal Compact Administration Account referred to in subsection (a)(5)(A) shall be available to satisfy the Tribe’s obligations for Tribal Compact Administration under the provisions of the Compact. (2) Both principal and accrued interest on the Economic Development Account referred to in subsection (a)(5)(B) shall be available to the Tribe for expenditure pursuant to an economic development plan approved by the Secretary. (3) Both principal and accrued interest on the Future Water Supply Facilities Account referred to in subsection (a)(5)(C) shall be available to the Tribe for expenditure pursuant to a water supply plan approved by the Secretary. (d) Investment of Fund.— (1) In general.— (A) Applicable laws.— The Secretary shall invest amounts in the Fund in accordance with— (i) the Act of April 1, 1880 (21 Stat. 70, chapter 41; 25 U.S.C. 161); (ii) the first section of the Act entitled “An Act to authorize the payment of interest of certain funds held in trust by the United States for Indian tribes”, approved February 12, 1929 (25 U.S.C. 161a); and (iii) the first section of the Act entitled “An Act to authorize the deposit and investment of Indian funds”, approved June 24, 1938 (25 U.S.C. 162a). 113 STAT. 1786 (B) Crediting of amounts to the fund.—The interest on, and the proceeds from the sale or redemption of, any obligations of the United States held in the Fund shall be credited to and form part of the Fund. The Secretary of the Treasury shall credit to each of the accounts contained in the Fund a proportionate amount of that interest and proceeds. (2) Certain withdrawn funds.— (A) In general.— Amounts withdrawn from the Fund and deposited in a private financial institution pursuant to a withdrawal plan approved by the Secretary under the American Indian Trust Fund Management Reform Act of 1994 (25 U.S.C. 4001 et seq.) shall be invested by an appropriate official under that plan. (B) Deposit of interest and proceeds.— The interest on, and the proceeds from the sale or redemption of, any obligations held under this paragraph shall be deposited in the private financial institution referred to in subparagraph (A) in the fund established pursuant to the withdrawal plan referred to in that subparagraph. The appropriate official shall credit to each of the accounts contained in that fund a proportionate amount of that interest and proceeds. (e) Agreement Regarding Fund Expenditures.— If the Tribe does not exercise its right under subsection (a)(4) to withdraw the funds in the Fund and transfer those funds to a private financial institution, the Secretary shall enter into an agreement with the Tribe providing for appropriate terms and conditions, if any, on expenditures from the Fund in addition to the plans set forth in paragraphs (2) and (3) of subsection (c). (f) Per Capita Distributions Prohibited.— No part of the Fund shall be distributed on a per capita basis to members of the Tribe.