Page:United States Statutes at Large Volume 107 Part 2.djvu/175

 PUBLIC LAW 103-116—OCT. 27, 1993 107 STAT. 1127 exercise such authority as is consistent with the Settlement Agreement and the State Act. (5) In no event may the Tribe pledge or hypothecate the income or principal of the Catawba Education or Social Services and Elderly Trust Funds or otherwise use them as security or a source of payment for bonds the Tribe may issue. (6) The In(Uan Self-Determination and Education Assistance Act (25 U.S.C. 450 et seq.) shall apply to the Tribe except to the extent that such application may be inconsistent with this Act or the Settlement Agreement. SEC. 11. TRIBAL TRUST FUNDS. 25 USC 941i. (a) PURPOSES OF 'irRUsr FUNDS. —Al l funds paid pursuant to section 5 of this Act, except for payments made pursuant to section 6(g), shall be deposited with the Secretary in trust for the benefit of the Tribe. Separate trust funds shall be established for the following purposes: economic development, land acquisition, education, social services and elderly assistance, and per capita pay- ments. Except as provided in this section, the Tribe, in consultation with the Secreta^, shall determine the share of settlement pay- ments to be deposited in each Trust Fund, and define, consistently with the provisions of this section, the purposes of each Trust Fund and provisions for administering each, specifically including provisions for periodic distribution of current and accumulated income, and for invasion and restoration of principal. (b) OUTSIDE MANAGEMENT OPTION. —(1) The Tribe, in consultation with and subject to the approval of the Secretary, as set forth in this section, is authorized to place any of the Trust Funds under professional management, outside the Department of the Interior. (2) If the Tribe elects to place any of the Trust Funds under professional management outside the Department of the Interior, it may engage a consulting or advisory firm to assist in the selection of an independent professional investment management firm, and it shall engage, with the approval of the Secretary, an independent investment management firm of proven competence and experience established in the business of counseling large endowments, trusts, or pension funds. (3) The Secretary shall have 45 days to approve or reject any independent investment management firm selected by the Tribe. If the Secretary fails to approve or reject the firm selected by the Tribe within 45 days, the investment management firm selected by the Tribe shall be deemed to have been approved by the Secretary. (4) Secretarial approval of an investment management firm shall not be unreasonably withheld, and any Secretarial disapproval of an investment management firm shall be accompanied 'by a detailed explanation setting forth the Secretary's reasons for such disapproval. (5)(A) For funds placed under professional management, the Tribe, in consultation with the Secretary and its investment manager, shall develop— (i) current operating and long-term capital budgets; and (ii) a plan for managing, investing, and distributing income and princip£d from the Trust Funds to match the requirements of the Tribe's operating and capital budgets.

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