Page:United States Statutes at Large Volume 106 Part 1.djvu/842

 106 STAT. 810 PUBLIC LAW 102-325—JULY 23, 1992 ments for receipt, investment and accounting of funds under subsection (b) as shall safeguard and financial interests of the Federal Government. (b) INVESTMENT. — Funds provided under this part or recovered by the tribe or tribal organization under the provisions of section 1346(a)(2)(B) shall be— (1) invested by the Indian tribe or tribal organization only in obligations of the United States or in obligations or securities that are guaranteed or insured by the United States, or (2) deposited only in accounts that are insured by an agency or instrumentaUty of the United States. (c) TREATMENT OP INCOME. —Notwithstanding any other provision of law, any interest or investment income mat accrues on any funds covered under this provision after such funds have been distributed to a tribe or tribeil organization and before such funds are distributed for the purposes of making loans vmder this part shall be the property of the tribe or tribal organization and shall not be taken into account by any officer or employee of the Federal Government in determining whether to provide assistance, or the amount of assistance, under any provision of Federal law. 25 USC 3334. SEC. 1344. ELIGEBLE RECIPIENTS. (a) TRIBES AND TRTOAL ORGANIZATIONS.— The Secretary of the Interior (hereafter in this part referred to as the "Secretary*) shall make grants, in accordance with the requirements of this part, to— (1) tribes or multitribal organizations not serviced by current federally funded postsecond^uy institutions authorized for economic development grants; and (2) tribes or multitribal organizations which lack sufficient numbers of professionally trained tribal members to support established or ongoing economic development initiatives. (b) STUDENTS.—Any tribe or tribal organization that receives funds under subsection (a) shall make such funds available by losin, under terms and conditions consistent with section 1345, to Indian students who have successfully completed 30 hours of postsecondary education and who are eligible for readmission to a postsecondary institution. 25 USC 3335. SEC. 1346. TERMS OF LOANS. (a) IN GENERAL. —^A loan under this part to an Indian student shall— (1) be subject to repayment over a period of not more than 5 years; (2) not bear interest; (3) be subject to forgiveness for services to the tribe in accordance with section 1346; and (4) contain such additional terms and conditions as the initial loan agreement between the tribe or tribal organization and student may prescribe in writing. (b) COST OF ATTENDANCE. —Calculation of the cost of attendance for the student must include all costs as determined by the tribe for the purposes of fulfilling the policy of this part. (c) /J)DITIONAL REQUIREMENTS.— Any student seeking a loan under this part shall apply for and accept the maximum financial aid available from other sources. However, for purposes of determining eligibility, loans provided under this program may not be consid-

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