25 USC 3306 - Limitations on use of funds

U.S Code last checked for updates: Nov 22, 2024

§ 3306.

Limitations on use of funds

(a)

Use for religious purposes

(b)

Interest on funds

(c)

Payments

(1)

In general

Except as otherwise provided in this subsection, the Secretary shall make payments to grantees under this subchapter in two payments—

(A)

one payment to be made no later than October 1 of each fiscal year in an amount equal to one-half the amount paid during the preceding fiscal year to the grantee or a contractor that has elected to have the provisions of this subchapter apply, and

(B)

the second payment consisting of the remainder to which the grantee or contractor is entitled for the fiscal year to be made by no later than January 1 of the fiscal year.

(2)

New grantees

(d)

Investment of funds

(1)

Treatment as tribal property

(2)

Investment requirements

Funds provided under this subchapter may be—

(A)

invested by the Indian tribe or tribal organization only in obligations of the United States or in obligations or securities that are guaranteed or insured by the United States, or

(B)

deposited only into accounts that are insured by an agency or instrumentality of the United States.

(e)

Recoveries

(Pub. L. 102–325, title XIII, § 1316, July 23, 1992, 106 Stat. 801.)

cite as: 25 USC 3306