Page:United States Statutes at Large Volume 111 Part 3.djvu/571

 PUBLIC LAW 105-143—DEC. 15, 1997 111 STAT. 2659 shall deposit into the Land Claims Distribution Trust Fund the principal funds which shall consist of— (A) amounts remaining of the funds distributed to the Bay Mills Indian Community after distribution pursuant to subsections (a) and (c); (B) 10 percent of the annual esimings generated by the Land Claims Distribution Trust Fund; and (C) such other funds which the Executive Council chooses to add to the Land Claims Distribution Trust Fund. (2) The Executive Council shall be the trustee of the Land Claims Distribution Trust Fund and shall administer the Land Claims Distribution Trust Fund in accordance with this section. The Executive Council may retain or hire a professional trust manager and may pay for said services the prevailing market rate. Such payment for services shall be made from the current income accounts of the trust and charged against earnings of the current fiscal year. (3) 90 percent of the annual earnings of the Land Claims Distribution Trust Fund shall be distributed on October 1 of each year after the creation of the trust fund to any person who— (A) is enrolled as a member of the Bay Mills Indian Community; (B) is at least 55 years of age as of the annual distribution date; and (C)(i) has been enrolled as a member of the Bay Mills Indian Community for a minimum of 25 years as of the annual distribution date, or (ii) was adopted as a member of the Bay Mills Indian Community on or before June 30, 1996. (4) In the event that a member of the Bay Mills Indian Community who is eligible for pa3anent under subsection (b)(3), should die after preparation of the annual distribution roll and prior to the October 1 distribution, that individual's share for that year shall be provided to the member's heirs at law. (5) In the event that a member of the Bay Mills Indian Community who is at least 55 years of age and who is eligible for payment under subsection (b)(3), shall have a guardian appointed for said individual, such payment shall be made to the guardian. (6) Under no circumstances shall any part of the principal of the Land Claims Distribution Trust Fund be distributed as a per capita payment to members of the Bay Mills Indian Community, or used or expended for any other purpose by the Executive Council. (7) The Land Claims Distribution Trust Fund shall be Reports, maintained as a separate account, which shall be audited at least once during each fiscal year by an independent certified public accountant who shall prepeire a report on the results of such audit. Such report shall be a public document and shall be available for inspection by any member of the Bay Mills Indian Community. (8) Notwithstanding any other provision of law, the approval of the Secretary of any payment from the Land Claims Distribution Trust Fund shall not be required and the Secretary shall have no trust responsibility for the investment, supervision, administration, or expenditure of the Fund. (c) LAND CLAIMS INITIAL PAYMENT. —As compensation to the members of the Bay Mills Indian Community for the delay in distribution of the judgment fund, payment shall be made by the

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