Sec. 5129. CHEYENNE RIVER SIOUX TRIBE, LOWER BRULE SIOUX TRIBE, AND TERRESTRIAL WILDLIFE HABITAT RESTORATION, SOUTH DAKOTA

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## SEC. 5129 CHEYENNE RIVER SIOUX TRIBE, LOWER BRULE SIOUX TRIBE, AND TERRESTRIAL WILDLIFE HABITAT RESTORATION, SOUTH DAKOTA ###

(a)Disbursement Provisions of State of South Dakota and Cheyenne River Sioux Tribe and Lower Brule Sioux Tribe Terrestrial Wildlife Habitat Restoration Trust Funds Section 602(a)(4) of the Water Resources Development Act of 1999 (113 Stat. 386) is amended— ####

(1)in subparagraph (A)— #####

(A)in clause

(i)by inserting “and the Secretary of the Treasury” after “Secretary”; and #####

(B)by striking clause

(ii)and inserting the following: > > ###### “(ii) Availability of funds > > On notification in accordance with clause (i), the Secretary of the Treasury shall make available to the State of South Dakota funds from the State of South Dakota Terrestrial Wildlife Habitat Restoration Trust Fund established under section 603 to be used to carry out the plan for terrestrial wildlife habitat restoration submitted by the State of South Dakota after the State certifies to the Secretary of the Treasury that the funds to be disbursed will be used in accordance with section 603(d)(3) and only after the Trust Fund is fully capitalized.” > ; and ####

(2)in subparagraph

(B)by striking clause

(ii)and inserting the following: > > ###### “(ii) Availability of funds > > On notification in accordance with clause (i), the Secretary of the Treasury shall make available to the Cheyenne River Sioux Tribe and the Lower Brule Sioux Tribe funds from the Cheyenne River Sioux Terrestrial Wildlife Habitat Restoration Trust Fund and the Lower Brule Sioux Terrestrial Wildlife Habitat Restoration Trust Fund, respectively, established under section 604, to be used to carry out the plans for terrestrial wildlife habitat restoration submitted by the Cheyenne River Sioux Tribe and the Lower Brule Sioux Tribe, respectively, to after the respective tribe certifies to the Secretary of the Treasury that the funds to be disbursed will be used in accordance with section 604(d)(3) and only after the Trust Fund is fully capitalized.” > . ###

(b)Investment Provisions of the State of South Dakota Terrestrial Wildlife Restoration Trust Fund Section 603 of the Water Resources Development Act of 1999 (113 Stat. 388; 114 Stat. 2664) is amended— ####

(1)by striking subsection

(c)and inserting the following: > > ### “(c) Investments > > > #### “(1) Eligible obligations > > Notwithstanding any other provision of law, the Secretary of the Treasury shall invest the amounts deposited under subsection

(b)and the interest earned on those amounts only in interest-bearing obligations of the United States issued directly to the Fund. > > > #### “(2) Investment requirements > > > ##### “(A) In general > > The Secretary of the Treasury shall invest the amounts in the Fund in accordance with the requirements of this paragraph. > > > ##### “(B) Separate investments of principal and interest > > > ###### “(i) Principal account > > The amounts deposited in the Fund under subsection

(b)shall be credited to an account within the Fund (referred to in this paragraph as the ‘principal account’) and invested as provided in subparagraph (C). > > > ###### “(ii) Interest account > > The interest earned from investing amounts in the principal account of the Fund shall be transferred to a separate account within the Fund (referred to in this paragraph as the ‘interest account’) and invested as provided in subparagraph (D). > > > ###### “(iii) Crediting > > The interest earned from investing amounts in the interest account of the Fund shall be credited to the interest account. > > > ##### “(C) Investment of principal account > > > ###### “(i) Initial investment > > Each amount deposited in the principal account of the Fund shall be invested initially in eligible obligations having the shortest maturity then available until the date on which the amount is divided into 3 substantially equal portions and those portions are invested in eligible obligations that are identical (except for transferability) to the next-issued publicly issued Treasury obligations having a 2-year maturity, a 5-year maturity, and a 10-year maturity, respectively. > > > ###### “(ii) Subsequent investment > > As each 2-year, 5-year, and 10-year eligible obligation matures, the principal of the maturing eligible obligation shall also be invested initially in the shortest-maturity eligible obligation then available until the principal is reinvested substantially equally in the eligible obligations that are identical (except for transferability) to the next-issued publicly issued Treasury obligations having 2-year, 5-year, and 10-year maturities. > > > ###### “(iii) Discontinuance of issuance of obligations > > If the Department of the Treasury discontinues issuing to the public obligations having 2-year, 5-year, or 10-year maturities, the principal of any maturing eligible obligation shall be reinvested substantially equally in eligible obligations that are identical (except for transferability) to the next-issued publicly issued Treasury obligations of the maturities longer than 1 year then available. > > > ##### “(D) Investment of interest account > > > ###### “(i) Before full capitalization > > Until the date on which the Fund is fully capitalized, amounts in the interest account of the Fund shall be invested in eligible obligations that are identical (except for transferability) to publicly issued Treasury obligations that have maturities that coincide, to the maximum extent practicable, with the date on which the Fund is expected to be fully capitalized. > > > ###### “(ii) After full capitalization > > On and after the date on which the Fund is fully capitalized, amounts in the interest account of the Fund shall be invested and reinvested in eligible obligations having the shortest maturity then available until the amounts are withdrawn and transferred to fund the activities authorized under subsection (d)(3). > > > ##### “(E) Par purchase price > > The price to be paid for eligible obligations purchased as investments of the principal account shall not exceed the par value of the obligations so that the amount of the principal account shall be preserved in perpetuity. > > > ##### “(F) Highest yield > > Among eligible obligations having the same maturity and purchase price, the obligation to be purchased shall be the obligation having the highest yield. > > > ##### “(G) Holding to maturity > > Eligible obligations purchased shall generally be held to their maturities. > > > #### “(3) Annual review of investment activities > > Not less frequently than once each calendar year, the Secretary of the Treasury shall review with the State of South Dakota the results of the investment activities and financial status of the Fund during the preceding 12-month period. > > > #### “(4) Audits > > > ##### “(A) In general > > The activities of the State of South Dakota (referred to in this subsection as the ‘State’) in carrying out the plan of the State for terrestrial wildlife habitat restoration under section 602(a) shall be audited as part of the annual audit that the State is required to prepare under the Office of Management and Budget Circular A–133 (or a successor circulation). > > > ##### “(B) Determination by auditors > > An auditor that conducts an audit under subparagraph

(A)shall— > > > ###### “(i) > > determine whether funds received by the State under this section during the period covered by the audit were used to carry out the plan of the State in accordance with this section; and > > > ###### “(ii) > > include the determination under clause

(i)in the written findings of the audit. > > > #### “(5) Modification of investment requirements > > > ##### “(A) In general > > If the Secretary of the Treasury determines that meeting the requirements under paragraph

(2)with respect to the investment of a Fund is not practicable, or would result in adverse consequences for the Fund, the Secretary shall modify the requirements, as the Secretary determines to be necessary. > > > ##### “(B) Consultation > > Before modifying a requirement under subparagraph (A), the Secretary of the Treasury shall consult with the State regarding the proposed modification.” > ; ####

(2)in subsection (d)(2) by inserting “of the Treasury” after “Secretary”; and ####

(3)by striking subsection

(f)and inserting the following: > > ### “(f) Administrative Expenses > > There are authorized to be appropriated to the Secretary of the Treasury to pay expenses associated with investing the Fund and auditing the uses of amounts withdrawn from the Fund— > > > #### “(1) > > $500,000 for each of fiscal years 2006 and 2007; and > > > #### “(2) > > such sums as are necessary for each subsequent fiscal year.” > . ###

(c)Investment Provisions for Cheyenne River Sioux Tribe and Lower Brule Sioux Tribe Trust Funds Section 604 of the Water Resources Development Act of 1999 (113 Stat. 389; 114 Stat. 2665) is amended— ####

(1)by striking subsection

(b)and the interest earned on those amounts only in interest-bearing obligations of the United States issued directly to the Funds. > > > #### “(2) Investment requirements > > > ##### “(A) In general > > The Secretary of the Treasury shall invest the amounts in each of the Funds in accordance with the requirements of this paragraph. > > > ##### “(B) Separate investments of principal and interest > > > ###### “(i) Principal account > > The amounts deposited in each Fund under subsection

(b)shall be credited to an account within the Fund (referred to in this paragraph as the ‘principal account’) and invested as provided in subparagraph (C). > > > ###### “(ii) Interest account > > The interest earned from investing amounts in the principal account of each Fund shall be transferred to a separate account within the Fund (referred to in this paragraph as the ‘interest account’) and invested as provided in subparagraph (D). > > > ###### “(iii) Crediting > > The interest earned from investing amounts in the interest account of each Fund shall be credited to the interest account. > > > ##### “(C) Investment of principal account > > > ###### “(i) Initial investment > > Each amount deposited in the principal account of each Fund shall be invested initially in eligible obligations having the shortest maturity then available until the date on which the amount is divided into 3 substantially equal portions and those portions are invested in eligible obligations that are identical (except for transferability) to the next-issued publicly issued Treasury obligations having a 2-year maturity, a 5-year maturity, and a 10-year maturity, respectively. > > > ###### “(ii) Subsequent investment > > As each 2-year, 5-year, and 10-year eligible obligation matures, the principal of the maturing eligible obligation shall also be invested initially in the shortest-maturity eligible obligation then available until the principal is reinvested substantially equally in the eligible obligations that are identical (except for transferability) to the next-issued publicly issued Treasury obligations having 2-year, 5-year, and 10-year maturities. > > > ###### “(iii) Discontinuation of issuance of obligations > > If the Department of the Treasury discontinues issuing to the public obligations having 2-year, 5-year, or 10-year maturities, the principal of any maturing eligible obligation shall be reinvested substantially equally in eligible obligations that are identical (except for transferability) to the next-issued publicly issued Treasury obligations of the maturities longer than 1 year then available. > > > ##### “(D) Investment of interest account > > > ###### “(i) Before full capitalization > > Until the date on which each Fund is fully capitalized, amounts in the interest account of the Fund shall be invested in eligible obligations that are identical (except for transferability) to publicly issued Treasury obligations that have maturities that coincide, to the maximum extent practicable, with the date on which the Fund is expected to be fully capitalized. > > > ###### “(ii) After full capitalization > > On and after the date on which each Fund is fully capitalized, amounts in the interest account of the Fund shall be invested and reinvested in eligible obligations having the shortest maturity then available until the amounts are withdrawn and transferred to fund the activities authorized under subsection (d)(3). > > > ##### “(E) Par purchase price > > The price to be paid for eligible obligations purchased as investments of the principal account shall not exceed the par value of the obligations so that the amount of the principal account shall be preserved in perpetuity. > > > ##### “(F) Highest yield > > Among eligible obligations having the same maturity and purchase price, the obligation to be purchased shall be the obligation having the highest yield. > > > ##### “(G) Holding to maturity > > Eligible obligations purchased shall generally be held to their maturities. > > > #### “(3) Annual review of investment activities > > Not less frequently than once each calendar year, the Secretary of the Treasury shall review with the Cheyenne River Sioux Tribe and the Lower Brule Sioux Tribe (referred to in this subsection as the ‘Tribes’) the results of the investment activities and financial status of the Funds during the preceding 12-month period. > > > #### “(4) Audits > > > ##### “(A) In general > > The activities of the Tribes in carrying out the plans of the Tribes for terrestrial wildlife habitat restoration under section 602(a) shall be audited as part of the annual audit that the Tribes are required to prepare under the Office of Management and Budget Circular A–133 (or a successor circulation). > > > ##### “(B) Determination by auditors > > An auditor that conducts an audit under subparagraph

(A)shall— > > > ###### “(i) > > determine whether funds received by the Tribes under this section during the period covered by the audit were used to carry out the plan of the appropriate Tribe in accordance with this section; and > > > ###### “(ii) > > include the determination under clause

(2)with respect to the investment of a Fund is not practicable, or would result in adverse consequences for the Fund, the Secretary shall modify the requirements, as the Secretary determines to be necessary. > > > ##### “(B) Consultation > > Before modifying a requirement under subparagraph (A), the Secretary of the Treasury shall consult with the Tribes regarding the proposed modification.” > ; and ####

(2)by striking subsection

(f)and inserting the following: > > ### “(f) Administrative Expenses > > There are authorized to be appropriated to the Secretary of the Treasury to pay expenses associated with investing the Funds and auditing the uses of amounts withdrawn from the Funds— > > > #### “(1) > > $500,000 for each of fiscal years 2006 and 2007; and > > > #### “(2) > > such sums as are necessary for each subsequent fiscal year.” > .

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113 Stat. 386
113 Stat. 388
114 Stat. 2664
113 Stat. 389
114 Stat. 2665

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Sec. 5129

CHEYENNE RIVER SIOUX TRIBE, LOWER BRULE SIOUX TRIBE, AND TERRESTRIAL WILDLIFE HABITAT RESTORATION, SOUTH DAKOTA

Stat.113 Stat. 386

Stat.113 Stat. 388

Stat.114 Stat. 2664

Stat.113 Stat. 389

Stat.114 Stat. 2665

Cites 5Cited by 0 across 0 sources