Page:United States Statutes at Large Volume 108 Part 5.djvu/751

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PUBLIC LAW 103-412 —OCT. 25, 1994 108 STAT. 4241 (c) ANNUAL AUDIT. — The Secretary shall cause to be conducted an annual audit on a fiscal year basis of all funds held in trust by the United States for the benefit of an Indian tribe or an individual Indian which are deposited or invested pursuant to the Act of June 24, 1938 (25 U.S.C. 162a), and shall include a letter relating to the audit in the first statement of performance provided under subsection (b) after the completion of the audit. SEC. 103. PAYMENT OF INTEREST ON INDIVTOUAL INDIAN MONEY ACCOUNTS. (a) PAYMENT OF INTEREST.— The first section of the Act of February 12, 1929 (25 U.S.C. 161a), is amended— (1) by striking out 'That all" and inserting in lieu thereof ' That (a) all"; and (2) by adding after subsection (a) (as designated by paragraph (1) of this subsection) the following: "(b) All funds held in trust by the United States and carried in principal accounts on the books of the United States Treasury to the credit of individual Indians shall be invested by the Secretary « of the Treasury, at the request of the Secretary of the Interior, in public debt securities with maturities suitable to the needs of the fund involved, as determined by the Secretary of the Interior, and bearing interest at rates determined by the Secretary of the Treasury, taking into consideration current market yields on outstanding marketable obligations of the United States of comparable securities.". (b) WITHDRAWAL AUTHORITY.— The second sentence of subsection (a) of the first section of the Act of June 24, 1938 (25 U.S.C. 162a), is amended by inserting "to withdraw from the United. States Treasury and" after "prescribe,". (c) TECHNICAL CORRECTION.—The second subsection (b) of the first section of the Act of June 24, 1938 (25 U.S.C. 162a), as added by section 302 of Public Law 101-644 (104 Stat. 4667), is hereby redesignated as subsection (c). (d) EFFECTIVE DATE.—The amendment made by subsection (a) 25 USC I6la shall apply to interest earned on amounts deposited or invested on or after the date of the enactment of this Act. note. SEC. 104. AUTHORITY FOR PAYMENT OF CLAIMS FOR INTEREST 25 USC 4012. OWED. The Secretary shall make payments to an individual Indian in full satisfaction of any claim of such individual for interest on amounts deposited or invested on behalf of such individual before the date of enactment of this Act retroactive to the date that the Secretary began investing individual Indian monies on a regular basis, to the extent that the claim is identified— (1) by a reconciliation process of individual Indian money accounts, or (2) by the individual and presented to the Secretary with supporting documentation, and is verified by the Secretary pursuant to the Department's policy for addressing accountholder losses.