Page:United States Statutes at Large Volume 100 Part 1.djvu/711

 PUBLIC LAW 99-346—JUNE 30, 1986

100 STAT. 675

(D) such other amounts of the income of the Investment Fund which the Tribal Council may elect to retain and add to the principal. (2) The Tribal Council shall be the trustee of the Investment Fund and shall administer the Investment Fund in accordance with the provisions of this Act. (b)(1) The principal of the Investment Fund shall be used exclusively for investments or expenditures which the Tribal Council determines— (A) are reasonably related to— (i) economic development beneficial to the tribe, (or) (ii) the development of tribal resources, or (B) are otherwise financially beneficial to the tribe. (2) Under no circumstances shall any part of the principal of the Investment Fund be distributed in the form of per capita payments to the members of the tribe or used or expended for purposes other than investment or economic development projects and programs. (3) None of the income of the Investment Fund may be distributed or expended before the date that is 18 months after the date on which the amendments to the constitution of the tribe referred to in section 4(a) are adopted and ratified by the qualified voting members of the tribe (within the meaning of such constitution). (c) At least 10 percent of the income earned on the Investment Fund during each of the first 10 fiscal years of the Investment Fund beginning after such Investment Fund is established shall be retained in the Investment Fund and become part of the principal of the Investment Fund. (d)(1) The Investment Fund shall be maintained as a separate book account. (2) The books and records of the Investment Fund shall be audited at least once during each fiscal year of the Investment Fund (or before the end of the 3-month period beginning on the last day of such fiscal year) by an independent certified public accounting firm which shall prepare a report on the results of such audit. Such report shall be treated as a public document of the tribe and a copy of the report shall be available for inspection by an enrolled member of the tribe. (e)(l) From the funds described in section 2 and transferred to the Tribal 0)uncil pursuant to section 5(a), the sum of $1,000,000 shall be set aside within 90 days of receipt of such funds by the Tribal Council for the express purposes of establishing a separate Elderly Assistance Investment Fund. (2) Income generated by the Elderly Assistance Investment Fund shall be distributed on a per capita basis to each enrolled Tribal member who is 50 years of age or older on the date that is 18 months after the date on which the amendments to the constitution of the tribe referred to in section 4(a) are adopted and ratified by the qualified voting members of the tribe. (3) Tribal members entitled to participate in the distribution of such income shall submit verifiable documentation as to their age to the Tribal Council no later than the date that is 3 months after the date established pursuant to paragraph (2) of this subsection. The Tribal Council shall prepare and certify a list of all Tribal members entitled to participate in the distribution of income from the Elderly Assistance Investment Fund within 30 days following the above date.

Records. Reports.

Public information.

Aged persons.

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