H. R. 1604—8
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 earnings 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 Commu-
nity who is eligible for payment 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 Commu-
nity 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 Commu-
nity, or used or expended for any other purpose by the Executive
Council.
(7) The Land Claims Distribution Trust Fund shall be
maintained as a separate account, which shall be audited at least
once during each fiscal year by an independent certified public
accountant who shall prepare 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, administra-
tion, 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
H. R. 1604—9
Executive Council within 30 days of receipt of the Bay Mills Indian
Community’s share of the judgment fund from the Secretary, as
follows:
(1) The sum of $3,000 to each enrolled member of the
Bay Mills Indian Community living on the date of enactment
of this legislation, who has attained the age of 55 years, but
is less than 62 years of age, if that individual was adopted
into or a member of the Bay Mills Indian Community on
or before June 30, 1996.
(2) The sum of $5,000 to each enrolled member of the
Bay Mills Indian Community living on the date of enactment
of this legislation, who is at least 62 years of age and less
than and 70 years of age, if that individual was adopted into
or a member of the Bay Mills Indian Community on or before
June 30, 1996.
(3) The sum of $10,000 to each enrolled member of the
Bay Mills Indian Community living on the date of enactment
of this legislation, who is 70 years of age or older, if that
individual was adopted into or a member of the Bay Mills
Indian Community on or before June 30, 1996.
(d) ANNUAL PAYMENTS FROM LAND CLAIMS DISTRIBUTION TRUST
FUND.—The Executive Council shall prepare the annual distribution
roll and ensure its accuracy prior to August 30 of each year prior
to distribution. The distribution roll shall identify each member
of the Bay Mills Indian Community who, on the date of distribution,
will have attained the minimum age and membership duration
required for distribution eligibility, as specified in subsection (b)(3).
The number of eligible persons in each age category defined in
this subsection, multiplied by the number of shares for which the
age category is entitled, added together for the 3 categories, shall
constitute the total number of shares to be distributed each year.
On each October 1, the shares shall be distributed as follows:
(1) Each member who is at least 55 years of age and
less than 62 years of age shall receive 1 share.
(2) Each member who is between the ages of 62 and 69
years shall receive 2 shares.
(3) Each member who is 70 years of age or older shall
receive 3 shares.
SEC. 108. PLAN FOR USE OF SAULT STE. MARIE TRIBE OF CHIPPEWA
INDIANS OF MICHIGAN FUNDS.
(a) SELF-SUFFICIENCY FUND.—
(1) The Sault Ste. Marie Tribe of Chippewa Indians of
Michigan (referred to in this section as the ‘‘Sault Ste. Marie
Tribe’’), through its board of directors, shall establish a trust
fund for the benefit of the Sault Ste. Marie Tribe which shall
be known as the ‘‘Self-Sufficiency Fund’’. The principal of the
Self-Sufficiency Fund shall consist of—
(A) the Sault Ste. Marie Tribe’s share of the judgment
funds transferred by the Secretary to the board of directors
pursuant to subsection (e);
(B) such amounts of the interest and other income
of the Self-Sufficiency Fund as the board of directors may
choose to add to the principal; and
(C) any other funds that the board of directors of
the Sault Ste. Marie Tribe chooses to add to the principal.
H. R. 1604—10
(2) The board of directors shall be the trustee of the Self-
Sufficiency Fund and shall administer the Fund in accordance
with the provisions of this section.
(b) USE OF PRINCIPAL.—
(1) The principal of the Self-Sufficiency Fund shall be used
exclusively for investments or expenditures which the board
of directors determines—
(A) are reasonably related to—
(i) 
economic 
development 
beneficial 
to 
the
tribe; or
(ii) development of tribal resources;
(B) are otherwise financially beneficial to the tribe
and its members; or
(C) will consolidate or enhance tribal landholdings.
(2) At least one-half of the principal of the Self-Sufficiency
Fund at any given time shall be invested in investment
instruments or funds calculated to produce a reasonable rate
of return without undue speculation or risk.
(3) No portion of the principal of the Self-Sufficiency Fund
shall be distributed in the form of per capita payments.
(4) Any lands acquired using amounts from the Self-
Sufficiency Fund shall be held as Indian lands are held.
(c) USE OF SELF-SUFFICIENCY FUND INCOME.—The interest and
other investment income of the Self-Sufficiency Fund shall be
distributed—
(1) as an addition to the principal of the Fund;
(2) as a dividend to tribal members;
(3) as a per capita payment to some group or category
of tribal members designated by the board of directors;
(4) for educational, social welfare, health, cultural, or
charitable purposes which benefit the members of the Sault
Ste. Marie Tribe; or
(5) for consolidation or enhancement of tribal lands.
(d) GENERAL RULES AND PROCEDURES.—
(1) The Self-Sufficiency Fund shall be maintained as a
separate account.
(2) The books and records of the Self-Sufficiency Fund
shall be audited at least once during each fiscal year by an
independent certified public accountant who shall prepare a
report on the results of such audit. Such report shall be treated
as a public document of the Sault Ste. Marie Tribe and a
copy of the report shall be available for inspection by any
enrolled member of the Sault Ste. Marie Tribe.
(e) TRANSFER
OF
JUDGMENT
FUNDS
TO
SELF-SUFFICIENCY
FUND.—
(1) The Secretary shall transfer to the Self-Sufficiency Fund
the share of the funds which have been allocated to the Sault
Ste. Marie Tribe pursuant to section 104.
(2) Notwithstanding any other provision of law, after the
transfer required by paragraph (1) the approval of the Secretary
for any payment or distribution from the principal or income
of the Self-Sufficiency Fund shall not be required and the
Secretary shall have no trust responsibility for the investment,
administration, or expenditure of the principal or income of
the Self-Sufficiency Fund.
(f ) LANDS ACQUIRED USING INTEREST OR OTHER INCOME OF
THE SELF-SUFFICIENCY FUND.—Any lands acquired using amounts
H. R. 1604—11
from interest or other income of the Self-Sufficiency Fund shall
be held in trust by the Secretary for the benefit of the tribe.
SEC. 109. PLAN FOR USE OF GRAND TRAVERSE BAND OF OTTAWA
AND CHIPPEWA INDIANS OF MICHIGAN FUNDS.
(a) LAND CLAIMS DISTRIBUTION TRUST FUND.—(1) The share
of the Grand Traverse Band of Ottawa and Chippewa Indians
of Michigan (hereafter in this section referred to as the ‘‘Band’’),
as determined pursuant to subsections (a)(3) and (b)(3) of section
104, shall be deposited by the Secretary in a nonexpendable trust
fund to be established by the Tribal Council of the Band to be
known as the ‘‘Land Claims Distribution Trust Fund’’ (hereafter
in this section referred to as the ‘‘Trust Fund’’).
(2) The principal of the Trust Fund shall consist of—
(A) the funds deposited into the Trust Fund by the
Secretary pursuant to this subsection;
(B) annual earnings of the Trust Fund which shall be
retained, and added to the principal; and
(C) such other funds as may be added to the Trust Fund
by action of the Tribal Council of the Band.
(b) MANAGEMENT OF THE TRUST FUND.—The Tribal Council
of the Band shall be the trustee of the Trust Fund and shall
administer the Fund in accordance with this section. In carrying
out this responsibility, the Tribal Council may retain or hire a
professional trust manager and may pay the prevailing market
rate for such services. Such payment for services shall be made
from the current income accounts of the Trust Fund and charged
against the earnings of the fiscal year in which the payment
becomes due.
(c) TRUST FUND AS LOAN COLLATERAL.—(1) The Trust Fund
shall be used by the Band as collateral to secure a bank loan
equal to 80 percent of the principal of the Trust Fund at the
lowest interest rate then available. Such loan shall be used by
the Band to make a one-time per capita payment to all eligible
members.
(2) The loan secured pursuant to this subsection shall be amor-
tized by the earnings of the Trust Fund. The Tribal Council of
the Band shall have the authority to invest the principal of the
Trust Fund on market risk principles that will ensure adequate
payments of the debt obligation while at the same time protecting
the principal.
(d) ELDERS’ LAND CLAIM DISTRIBUTION TRUST FUND.—(1) Upon
the retirement of the loan obtained pursuant to subsection (c),
the Tribal Council shall establish the Grand Traverse Band Elders’
Land Claims Distribution Trust Fund (hereafter in this section
referred to as the ‘‘Elders’ Trust Fund’’). There shall be deposited
into the Elders’ Trust Fund the principal and all accrued earnings
that are in the Land Claims Distribution Trust Fund on the date
of retirement of such loan.
(2) Upon establishment of the Elders’ Trust Fund, the Tribal
Council of the Band shall make a one-time payment to any person
who is living on the date of the establishment of the Elders’ Trust
Fund, and who was an enrolled member of the Band for at least
2 years prior to the date of the enactment of this Act as follows:
(A) $500 for each member who has attained the age of
55 years, but is less than 62 years of age.