
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 25USC2507]

 
                            TITLE 25--INDIANS
 
              CHAPTER 27--TRIBALLY CONTROLLED SCHOOL GRANTS
 
Sec. 2507. Payment of grants; investment of funds


(a) Payments

    (1) Except as otherwise provided in this subsection, the Secretary 
shall make payments to grantees under this chapter in 2 payments, of 
which--
        (A) the first payment shall be made not later than July 15 of 
    each year in an amount equal to one-half of the amount which the 
    grantee was entitled to receive during the preceding academic year; 
    and
        (B) the second payment, consisting of the remainder to which the 
    grantee is entitled for the academic year, shall be made not later 
    than December 1 of each year.

    (2) For any school for which no payment under this chapter was made 
from Bureau funds in the preceding academic year, full payment of the 
amount computed for the first academic year of eligibility under this 
chapter shall be made not later than December 1 of the academic year.
    (3) With regard to funds for grantees that become available for 
obligation on October 1 of the fiscal year for which such funds are 
appropriated, the Secretary shall make payments to grantees not later 
than December 1 of the fiscal year.
    (4) The provisions of chapter 39 of title 31 shall apply to the 
payments required to be made by paragraphs (1), (2), and (3).
    (5) Paragraphs (1), (2), and (3) shall be subject to any restriction 
on amounts of payments under this chapter that are imposed by a 
continuing resolution or other Act appropriating the funds involved.

(b) Investment of funds

    (1) Notwithstanding any other provision of law, any interest or 
investment income that accrues on any funds provided under this chapter 
after such funds are paid to the Indian tribe or tribal organization and 
before such funds are expended for the purpose for which such funds were 
provided under this chapter shall be the property of the Indian tribe or 
tribal organization and shall not be taken into account by any officer 
or employee of the Federal Government in determining whether to provide 
assistance, or the amount of assistance, under any provision of Federal 
law.
    (2) Funds provided under this chapter may be--
        (A) invested by the Indian tribe or tribal organization only in 
    obligations of the United States or in obligations or securities 
    that are guaranteed or insured by the United States, or
        (B) deposited only into accounts that are insured by an agency 
    or instrumentality of the United States.

(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 chapter shall not be taken into consideration.

(Pub. L. 100-297, title V, Sec. 5208, Apr. 28, 1988, 102 Stat. 393; Pub. 
L. 100-427, Sec. 13, Sept. 9, 1988, 102 Stat. 1609; Pub. L. 103-382, 
title III, Sec. 382(c), Oct. 20, 1994, 108 Stat. 4017.)


                               Amendments

    1994--Subsec. (a). Pub. L. 103-382 amended heading and text of 
subsec. (a) generally. Prior to amendment, text read as follows:
    ``(1) Except as otherwise provided in this subsection, the Secretary 
shall make payments to grantees under this chapter in two payments:
        ``(A) one payment to be made no later than October 1 of each 
    fiscal year in an amount equal to one-half the amount paid during 
    the preceding fiscal year to the grantee or a contractor that has 
    elected to have the provisions of this chapter apply, and
        ``(B) the second payment consisting of the remainder to which 
    the grantee or contractor is entitled for the fiscal year to be made 
    by no later than January 1 of the fiscal year.
    ``(2) For any school for which no payment was made from Bureau funds 
in the preceding fiscal year, full payment of the amount computed for 
each fiscal year shall be made by January 1 of the fiscal year.
    ``(3) Paragraphs (1) and (2) of this subsection shall be subject to 
any restriction on amounts of payments under this chapter that may be 
imposed by a continuing resolution or other Act appropriating the funds 
involved.''
    1988--Subsec. (a)(2). Pub. L. 100-427, Sec. 13(a), substituted 
``from Bureau funds'' for ``under this chapter''.
    Subsec. (a)(3). Pub. L. 100-427, Sec. 13(b), added par. (3).

                  Section Referred to in Other Sections

    This section is referred to in title 20 section 8064.
