872
75T H CONGRESS, 1sT SESSION-CH . 874- AUG UST 28, 193 7 [CHAPTER 874] August 28,1937
AN ACT [s .R . 5976] Authorizing the establishment of a revolving loan fund for the Klamath Indians, [Public, No . 403]
Oregon, and for other purposes . Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Secre- tary of the Interior shall cause to be established on the books of the Treasury, out of any unobligated tribal funds of the Indians of the Klamath Reservation in Oregon (hereinafter referred to as the "Kla- math Indians ") on d eposit in the Treasur y of th e Unite d Stat es, a capital reserve fund for said Klamath Indians . Such fund shall be created by setting aside the sum of $50,000 for the fiscal year 1937, and shall be augmented by additions of $50,000 for each fiscal year thereafter . Such fund shall be held in the Treasury of the United States and shall bear interest as provided by law . The interest upon such fund shal l be used, insofar as it is sufficient , for the payment o f the expenses of administration of the Klamath Indian Reservation in Oregon . SEC. 2. The Secretary of the Interior shall cause to be established on the books of the Treasury, out of any unobligated tribal funds of the Klamath Indians on deposit in the Treasury, a reimbursable loan fund from wh ich loa ns may be made to enr olled K lamath Indian s for industrial and agricultural assistance and the construction and improvement of homes (including the purchase of land and interests in land, building material, farming eq uipment, i ndustrial equipment, trucks, livestock, feed, food, seed, tools, machinery, implements, house- hold goods, bedding , cloth ing, or any ot her equ ipment or sup plies necessary to enable such Indians to fit themselves for or to engage in farming, the livestock industry, or such other industrial or agricul- tural pu rsuits or avocations as will e nable them to become self-sup- porting) ; for the educational advancement of such Indians ; for financial assi stance in cases of illness, death, or other emergency ; f or the maintenance and support of the aged, infirm, and incapacitated Klamath Indians ; and for the repayment of reimbursable loans pre- viously made to such Indians from tribal funds . For the establish- ment of such loan fund, the Secretary of the Interior shall immedi- ately set aside the unexpended balance of any funds heretofore appro- priated or authorized to be used out of the tribal funds of the Klamath Indians for the establishment of reimbursable loan funds for indus- trial assistance or for any other purpose ; and in addition thereto, out of any u nobligated tribal fu nds, $100, 000 shall be set asi de for the fiscal year 19 38 and $50,000 for each of the next th ree fiscal years . SEC. 3 . The reimbursable loan fund provided for in section 2 hereof shall be administered, under and subject to such rules and regulations as the Secretary of the Interior may prescribe, by a loan board composed of Klamath Indians of not to exceed five members Provi ded, That in the event any property pledged as security is offered for sale to satisfy any obligation, the Klamath Indians shall have preferential right, except there shall be no discrimination as to terms of sale, to purchase the same : Provided further, That the expenses of administering such fund, including such per diem for members of the loan board as may be authorized by the Secretary of the Interior, shall be paid from such loan fund . After the fiscal year 1939 the aforesaid expenses of administration shall not exceed the amount received from service fees, surcharges, and interest paid in on loans . SEC. 4 . For the p urpose of prov iding a dequate securi ty for any loans made from the revolving reimbursable loan fund provided for Klamath Indians, Oreg . Capital reserve fund created out of tribal mone ys for . A nnual in crements . Interest; use of . Reim bur sab le l oan fund esta blished ; u se of. Annual a dditions . Administration by a loan board. Provisos . Sale of pledges . Operating expenses . Types of property as security .
