Page:United States Statutes at Large Volume 113 Part 2.djvu/827

 PUBLIC LAW 106-113—APPENDIX E 113 STAT. 1501A-309 SEC. 403. MONTANA FISH AND WILDLIFE CONSERVATION TRUST. Section 1007(b) of title X of division C of the Omnibus Consolidated and Emergency Supplemental Appropriations Act, 1999 (112 Stat. 2681-715), is amended— (1) in subsection (c)— (A) in paragraph (1), in the matter preceding subparagraph (A), by striking "trust manager" and inserting "trust manager (referred to in this section as the 'trust manager')"; (B) in paragraph (2)(A), in the matter preceding clause (i), by striking "agency Board" and inserting "Agency Board (referred to in this section as the 'Joint State-Federal Agency Board')"; and (C) in paragraph (3)(A), by striking "Advisory Board" and inserting "Advisory Board (referred to in this section as the 'Citizen Advisory Board')"; and (2) by adding at the end the following: " (f) RECREATION TRUST AGREEMENT. — "(1) IN GENERAL.— The Trust, acting through the trust manager, in consultation with the Joint State-Federal Agency Board and the Citizen Advisory Board, shall enter into a legally enforceable agreement with CFRA (referred to in this section as the 'Recreation Trust Agreement'). "(2) CONTENTS. —The Recreation Trust Agreement shall provide that— "(A) on receipt of proceeds of the sale of a property under section 1004, the Trust shall loan up to $3,000,000 of the proceeds to CFRA; "(B) CFRA shall deposit all funds borrowed under subparagraph (A) in the Canyon Ferry-Broadwater County Trust; "(C) CFRA and the individual purchasers shall repay the principal of the loan to the Trust as soon as reasonably practicable in accordance with a repayment schedule specified in the loan agreement; and "(D) until such time as the principal is repaid in full, CFRA and the individual purchasers shall make an annual interest payment on the outstanding principal of the loan to the Tnist at an interest rate determined in accordance with paragraph (4)(C). "(3) TREATMENT OF INTEREST PAYMENTS.—All interest pay- ments received by the Trust under paragraph (2)(D) shall be treated as earnings under subsection (d)(2). "(4) FIDUCIARY RESPONSIBILITY.— In negotiating the Recreation Trust Agreement, the trust manager shall act in the best interests of the Trust to ensure— "(A) the security of the loan; "(B) timely repayment of the principal; and "(C) payment of a fair interest rate, of not less than 6 nor more than 8 percent per year, based on the length of the term of a loan that is comparable to the term of a traditional home mortgage. "(g) RESTRICTION ON DISBURSEMENT.— Except as provided in subsection (f), the trust manager shall not disburse any funds from the Trust until August 1, 2001, as provided for in the Recreation Trust Agreement, unless Broadwater County, at an earlier date, certifies that the Canyon Ferry-Broadwater County Trust has been fully funded in accordance with this title.

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