115 STAT. 2076 PUBLIC LAW 107-110—JAN. 8, 2002 "(B) deposited only into accounts that are insure by and agency or instrumentality of the United States, or are fully collateralized to ensure protection of the funds, even in the event of a bank failure. "(c) RECOVERIES.—For the purposes of underrecovery and overrecovery determinations by any Federal agency for any other funds, from whatever source derived, funds received under this part shall not be taken into consideration. 25 USC 2507. "SEC. 5208. APPLICATION WITH RESPECT TO INDIAN SELF-DETERMINA- TION AND EDUCATION ASSISTANCE ACT. "(a) CERTAIN PROVISIONS TO APPLY TO GRANTS.— The following provisions of the Indian Self-Determination and Education Assistance Act (and any subsequent revisions thereto or renumbering thereof), shall apply to grants provided under this part: "(1) Section 5(f) (relating to single agency audit). "(2) Section 6 (relating to criminal activities; penalties). "(3) Section 7 (relating to wage and labor standards). "(4) Section 104 (relating to retention of Federal employee coverage). "(5) Section 105(f) (relating to Federal property). "(6) Section 105(k) (relating to access to Federal sources of supply). "(7) Section 105(1) (relating to lease of facility used for administration and delivery of services). "(8) Section 106(f) (relating to limitation on remedies relating to cost allowances). "(9) Section 106(j) (relating to use of funds for matching or cost participation requirements). "(10) Section 106(k) (relating to allowable uses of funds). "(11) Section 108(c) (Model Agreements provisions (l)(a)(5) (relating to limitations of costs), (l)(a)(7) (relating to records and monitoring), (l)(a)(8) (relating to property), and (a)(l)(9) (relating to availability of funds). "(12) Section 109 (relating to reassumption). "(13) Section 111 (relating to sovereign immunity and trusteeship rights unaffected). "(b) ELECTION FOR GRANT IN LIEU OF CONTRACT. — "(1) IN GENERAL. —Contractors for activities to which this part applies who have entered into a contract under the Indian Self-Determination and Education Assistance Act that is in effect on the date of enactment of the Native American Education Improvement Act of 2001 may, by giving notice to the Secretary, elect to have the provisions of this part apply to such activity in lieu of such contract. "(2) EFFECTIVE DATE OF ELECTION.— Any election made under paragraph (1) shall take effect on the first day of July immediately following the date of such election. "(3) EXCEPTION.—In any case in which the first day of July immediately following the date of an election under paragraph (1) is less than 60 days after such election, such election shall not take effect until the first day of July of year following the year in which the election is made. "(c) No DUPLICATION.—No funds may be provided under any contract entered into under the Indian Self-Determination and Education Assistance Act to pay any expenses incurred in providing
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