Saginaw Chippewa Indian Tribe of Michigan Distribution of Judgment Funds Act

Summary

Saginaw Chippewa Indian Tribe of Michigan Distribution of Judgment Funds Act - Authorizes the Saginaw Chippewa Tribe of Michigan, through its Tribal Council, to establish a Principal Investment Fund to be held in trust by the Council for the benefit of the Tribe. Requires the income from such Fund to be used exclusively for tribal economic development or development of tribal resources. Requires a certain percentage of the Fund's net income to be retained and included in its principal. Requires the Fund to be audited once every fiscal year and treats such report as a tribal public document. Requires the Secretary to transfer to the tribe for deposit in the Principal Investment Fund certain judgment funds awarded the Saginaw Chippewa Indian Tribe of Michigan in satisfaction of specified claims. Absolves the Secretary under any further trust responsibility for the funds after such transfer. Exempts payment or distributions from the Fund from State, local, or Federal income tax. Prohibits the consideration of such payments or distributions in determinations to deny or reduce benefits under Federal assistance programs or the Social Security Act.

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Documents

2 official files

• Reported to Senate with amendment(s)

  summary · EN · 18 September 1984

  Open at official source

• Introduced in Senate

  summary · EN · 28 June 1984

  Open at official source

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