Page:United States Statutes at Large Volume 114 Part 5.djvu/304

 114 STAT. 2763A-264 PUBLIC LAW 106-554—APPENDIX D "(1) Southern Ute Tribal Resource Fund; and "(2) Ute Mountain Ute Tribal Resource Fund. "(c) TRIBAL DEVELOPMENT,— "(1) INVESTMENT.— The Secretary shall, in the absence of an approved tribal investment plan provided for under paragraph (2), invest the amount in each Tribal Resource Fund established under subsection (b) in accordance with the Act entitled, 'An Act to authorize the deposit and investment of Indian funds' approved June 24, 1938 (25 U.S.C. 162a). With the exception of the funds referred to in paragraph (3)(B)(i), the Secretary shall disburse, at the request of a Tribe, the principal and income in its Resource Fund, or any part thereof, in accordance with a resource acquisition and enhancement plan approved under paragraph (3). " (2) INVESTMENT PLAN.— "(A) IN GENERAL. —In lieu of the investment provided for in paragraph (1), a Tribe may submit a tribal investment plan applicable to all or part of the Tribe's Tribal Resource Fund, except with respect to the funds referred to in paragraph (3)(B)(i). "(B) APPROVAL. —Not later than 60 days after the date on which an investment plan is submitted under subparagraph (A), the Secretary shall approve such investment plan if the Secretary finds that the plan is reasonable and sound. If the Secretary does not approve such investment plan, the Secretary shall set forth in writing and with particularity the reasons for such disapproval. If such investment plan is approved by the Secretary, the Tribal Resource Fund involved shall be disbursed to the Tribe to be invested by the Tribe in accordance with the approved investment plan, subject to subsection (d). "(C) COMPLIANCE.—The Secretary may take such steps as the Secretary determines to be necessary to monitor the compliance of a Tribe with an investment plan approved under subparagraph (B). The United States shall not be responsible for the review, approval, or audit of any individual investment under the plan. The United States shall not be directly or indirectly liable with respect to any such investment, including any act or omission of the Tribe in managing or investing such funds. " (D) ECONOMIC DEVELOPMENT PLAN.— The principal and income derived from tribal investments under an investment plan approved under subparagraph (B) shall he subject to the provisions of this section and shall be expended only in accordance with an economic development plan approved under paragraph (3)(B). "(3) ECONOMIC DEVELOPMENT PLAN.— "(A) IN GENERAL.— Each Tribe shall submit to the Secretary a resource acquisition and enhancement plan for all or any portion of its Tribal Resource Fund. "(B) APPROVAL.— Not later than 60 days after the date on which a plan is submitted under subparagraph (A), the Secretary shall approve such plan if it is consistent with the following requirements: "(i) With respect to at least three-fourths of the funds appropriated pursuant to this section and consistent with the long-standing practice of the Tribes

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