Page:United States Statutes at Large Volume 107 Part 2.djvu/177

 PUBLIC LAW 103-116—OCT. 27, 1993 107 STAT. 1129 or more of the Economic Development Trust Fund, the Education Trust Fund, or the Social Services and Elderly Assistance Trust Fund. (B) Alternatively, at the Tribe's election, the Land Acquisition Trust Fund may remain in existence after all the Reservation land is purchased in order to pay for the purchase of non-Reservation land. (4)(A) The Tribe may pledge or hypothecate the income and principal of the Land Acquisition Trust Fund to secure loans for the purchase of Reservation and non-Reservation lands. (B) Following the effective date of this Act and before the final annual disbursement is made as provided in section 5 of this Act, the Tribe ma^ pledge or hypothecate up to 50 percent of the unpaid annual installments required to be paid to this Trust Fund, the Economic Develomnent Trust Fund and the Social Services and Elderly Assistance Trust Fund by section 5 of this Act c nd by section 5 of the Settlement Agreement, to secure loans to finance the acquisition of Reservation or non-Reservation land or infrastructure improvements on such lands. (e) ECONOMIC DEVELOPMENT TRUST.— (1) The Secretary shall establish and maintain a Catawba Economic Development Trust Fund, and until the Tritte engages an outside firm for investment management of this Trust Fund, the Secretary shall manage, invest, and administer this Trust Fund. The original principal amount of the Economic Development Trust Fund shall be determined by the Tribe in consultation with the Secretary. The principal and income of this Trust Fund may be used to support tribal economic development activities, including but not limited to infrastructure improvements and tribal business ventures and commercial investments benefiting the Tribe. (2) The Tribe, in consultation with the Secretary, may pledge or hypothecate future income and up to 50 percent of the principal of this Trust Fund to secure loans for economic development. In defining the provisions for administration of this Trust Fund, and before pledging or hypothecating future income or principal, the Tribe and the Secretary shall agree on rules and standards for the invasion of principal and for repayment or restoration of principal, which shall encourage preservation of principal, and provide that, if feasible, a portion of all profits derived from activities funded by principal be applied to repavment of the Trust Fund. (3) Following the effective date of this Act and before the final annual disbursement is made as provided in section 5 of this Act, the Tribe may pledge or hypouiecate up to 50 percent of the unpaid annual installments required to be paid by section 5 of this Act and by scsction 5 of the Settlement Agreement to secure loans to finance economic development activities of the Tribe, including (but not limited to) infrastructure improvements on Reservation and non-Reservation lands. (4) If the Tribe develops sound lending guidelines approved by the Secretary, a portion of the income nrom this Trust Fund may also be used to fund a revolving credit account for loans to support tribal businesses or business enterprises of tribal members. (f) EDUCATION TRUST.— The Secretary shall establish and maintain a Catawba Education Trust Fund, and until the Tribe engages cm outside firm for investment management of this Trust Fund, the Secretary shall manage, invest, and administer this Trust Fund.

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