Page:United States Statutes at Large Volume 121.djvu/1266

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[121 STAT. 1245]
[121 STAT. 1245]
PUBLIC LAW 110-000—MMMM. DD, 2007

PUBLIC LAW 110–114—NOV. 8, 2007

121 STAT. 1245

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‘‘(5) MODIFICATION OF INVESTMENT REQUIREMENTS.— ‘‘(A) IN GENERAL.—If the Secretary of the Treasury determines that meeting the requirements under paragraph (2) with respect to the investment of a Fund is not practicable, or would result in adverse consequences for the Fund, the Secretary shall modify the requirements, as the Secretary determines to be necessary. ‘‘(B) CONSULTATION.—Before modifying a requirement under subparagraph (A), the Secretary of the Treasury shall consult with the State regarding the proposed modification.’’; (2) in subsection (d)(2) by inserting ‘‘of the Treasury’’ after ‘‘Secretary’’; and (3) by striking subsection (f) and inserting the following: ‘‘(f) ADMINISTRATIVE EXPENSES.—There are authorized to be appropriated to the Secretary of the Treasury to pay expenses associated with investing the Fund and auditing the uses of amounts withdrawn from the Fund— ‘‘(1) $500,000 for each of fiscal years 2006 and 2007; and ‘‘(2) such sums as are necessary for each subsequent fiscal year.’’. (c) INVESTMENT PROVISIONS FOR CHEYENNE RIVER SIOUX TRIBE AND LOWER BRULE SIOUX TRIBE TRUST FUNDS.—Section 604 of the Water Resources Development Act of 1999 (113 Stat. 389; 114 Stat. 2665) is amended— (1) by striking subsection (c) and inserting the following: ‘‘(c) INVESTMENTS.— ‘‘(1) ELIGIBLE OBLIGATIONS.—Notwithstanding any other provision of law, the Secretary of the Treasury shall invest the amounts deposited under subsection (b) and the interest earned on those amounts only in interest-bearing obligations of the United States issued directly to the Funds. ‘‘(2) INVESTMENT REQUIREMENTS.— ‘‘(A) IN GENERAL.—The Secretary of the Treasury shall invest the amounts in each of the Funds in accordance with the requirements of this paragraph. ‘‘(B) SEPARATE INVESTMENTS OF PRINCIPAL AND INTEREST.— ‘‘(i) PRINCIPAL ACCOUNT.—The amounts deposited in each Fund under subsection (b) shall be credited to an account within the Fund (referred to in this paragraph as the ‘principal account’) and invested as provided in subparagraph (C). ‘‘(ii) INTEREST ACCOUNT.—The interest earned from investing amounts in the principal account of each Fund shall be transferred to a separate account within the Fund (referred to in this paragraph as the ‘interest account’) and invested as provided in subparagraph (D). ‘‘(iii) CREDITING.—The interest earned from investing amounts in the interest account of each Fund shall be credited to the interest account. ‘‘(C) INVESTMENT OF PRINCIPAL ACCOUNT.— ‘‘(i) INITIAL INVESTMENT.—Each amount deposited in the principal account of each Fund shall be invested initially in eligible obligations having the shortest maturity then available until the date on which the

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