Cheyenne River Sioux Tribe equitable compensation

(a)

Findings and Purposes

Section 102 of the Cheyenne River Sioux Tribe Equitable Compensation Act (Public Law 106–511; 114 Stat. 2365) is amended— (1)in subsection (a)(3), by striking subparagraphs (A) and (B) and inserting the following:

(A)the United States did not justly or fairly compensate the Tribe and member landowners for the Oahe Dam and Reservation project, under which the United States acquired 104,492 acres of land of the Tribe and member landowners; and (B)the Tribe and member landowners should be adequately compensated for that land;

; and

(2)in subsection (b)(1), by inserting and member landowners after Tribe each place it appears. (b)

Definitions

Section 103 of the Cheyenne River Sioux Tribe Equitable Compensation Act (Public Law 106–511; 114 Stat. 2365) is amended— (1)by redesignating paragraph (1) as paragraph (3) and moving the paragraph so as to appear after paragraph (2); and (2)by inserting before paragraph (2) the following:

(1)

Member landowner

The term member landowner means a member of the Tribe (or an heir of such a member) that owned land (including land allotted under the Act of February 8, 1887 (24 Stat. 388, chapter 119)) located on the Cheyenne River Sioux Reservation that was acquired by the United States for the Oahe Dam and Reservoir Project.

(c)

Cheyenne River Sioux Tribal Recovery Trust Fund

Section 104 of the Cheyenne River Sioux Tribe Equitable Compensation Act (Public Law 106–511; 114 Stat. 2365) is amended— (1)by striking subsection (b) and inserting the following:

(b)

Funding

On the first day of the fiscal year beginning after the date of enactment of the Cheyenne River Sioux Tribe Equitable Compensation Amendments Act of 2007 and on the first day of each of the following 4 fiscal years (referred to in this section as the capitalization dates), the Secretary of the Treasury shall deposit into the Fund, from amounts in the general fund of the Treasury— (1)$58,144,591.60; and (2)an additional amount equal to the amount of interest that would have accrued if— (A)the amount described in paragraph (1) had been— (i)credited to the principal account as described in subsection (c)(2)(B)(i)(I) on the first day of the fiscal year beginning October 1, 2001; and (ii)invested as described in subsection (c)(2)(C) during the period beginning on the date described in clause (i) and ending on the last day of the fiscal year before the fiscal year in which that amount is deposited into the Fund; and (B)the interest that would have accrued under subparagraph (A) during the period described in subparagraph (A)(ii) had been— (i)credited to the interest account under subsection (c)(2)(B)(ii); and (ii)invested during that period in accordance with subsection (c)(2)(D)(i).

;

(2)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 Fund only in interest-bearing obligations of the United States issued directly to the Fund. (2)

Investment requirements

(A)

In general

The Secretary of the Treasury shall invest the Fund in accordance with this paragraph. (B)

Separate investments of principal and interest

(i)

Principal account

The amounts deposited into the Fund under subsection (b)(1) shall be— (I)credited to a principal account within the Fund (referred to in this paragraph as the principal account); and (II)invested in accordance with subparagraph (C). (ii)

Interest account

(I)

In general

The interest earned from investing amounts in the principal account shall be— (aa)transferred to a separate interest account within the Fund (referred to in this paragraph as the interest account); and (bb)invested in accordance with subparagraph (D). (II)

Crediting

The interest earned from investing amounts in the interest account, and the amounts deposited into the Fund under subsection (b)(2), shall be credited to the interest account. (C)

Investment of principal account

(i)

Initial investment

Amounts in the principal account shall be initially invested in eligible obligations with the shortest available maturity. (ii)

Subsequent investments

(I)

In general

On the date on which the amount in the principal account is divisible into 3 substantially equal portions, each portion shall be invested in eligible obligations that are identical (except for transferability) to the next-issued publicly-issued Treasury obligations having a 2-year maturity, a 5-year maturity, and a 10-year maturity, respectively. (II)

Maturity of obligations

As each 2-year, 5-year, and 10-year eligible obligation under subclause (I) matures, the principal of the maturing eligible obligation shall be initially invested in accordance with clause (i) until the date on which the principal is reinvested substantially equally in the eligible obligations that are identical (except for transferability) to the next-issued publicly-issued Treasury obligations having 2-year, 5-year, and 10-year maturities. (iii)

Discontinuation of issuance of obligations

If the Department of the Treasury discontinues issuing to the public obligations having 2-year, 5-year, or 10-year maturities, the principal of any maturing eligible obligation shall be reinvested substantially equally in available eligible obligations that are identical (except for transferability) to the next-issued publicly-issued Treasury obligations with maturities of longer than 1 year. (D)

Investment of interest account

(i)

Before each capitalization date

For purposes of subsection (b)(2)(B), amounts considered as if they were in the interest account of the Fund shall be invested in eligible obligations that are identical (except for transferability) to publicly-issued Treasury obligations that have maturities that coincide, to the greatest extent practicable, with the applicable capitalization date for the Fund. (ii)

On and after each capitalization date

On and after each capitalization date, amounts in the interest account shall be invested and reinvested in eligible obligations that are identical (except for transferability) to publicly-issued Treasury obligations that have maturities that coincide, to the greatest extent practicable, with the date on which the amounts will be withdrawn by the Secretary of the Treasury and transferred to the Secretary of the Interior for use in accordance with subsection (d). (E)

Par purchase price

(i)

In general

To preserve in perpetuity the amount in the principal account, the purchase price of an eligible obligation purchased as an investment of the principal account shall not exceed the par value of the obligation. (ii)

Treatment

At the maturity of an eligible obligation described in clause (i), any discount from par in the purchase price of the eligible obligation shall be treated as interest paid at maturity. (F)

Holding to maturity

Eligible obligations purchased pursuant to this paragraph shall be held to their maturities. (3)

Annual review of investment activities

Not less frequently than once each calendar year, the Secretary of the Treasury shall review with the Tribe the results of the investment activities and financial status of the Fund during the preceding calendar year. (4)

Modifications

(A)

In general

If the Secretary of the Treasury determines that investing the Fund in accordance with paragraph (2) is not practicable or would result in adverse consequences to the Fund, the Secretary of the Treasury shall modify the requirements to the least extent necessary, as determined by the Secretary of the Treasury. (B)

Consultation

Before making a modification under subparagraph (A), the Secretary of the Treasury shall consult with the Tribe with respect to the modification.

;

(3)in subsection (d), by striking paragraph (1) and inserting the following:

(1)

Withdrawal of interest

Beginning on the first day of the fiscal year beginning after the date of enactment of the Cheyenne River Sioux Tribe Equitable Compensation Amendments Act of 2007, and on the first day of each fiscal year thereafter, the Secretary of the Treasury shall withdraw and transfer all funds in the interest account of the Fund to the Secretary of the Interior for use in accordance with paragraph (2), to be available without fiscal year limitation.

; and

(4)in subsection (f)— (A)by redesignating paragraphs (3) and (4) as paragraphs (4) and (5), respectively; and (B)by inserting after paragraph (2) the following:

(3)

Member landowners

(A)

Additional compensation

(i)

In general

Except as provided in clause (iii), the plan may provide for the payment of additional compensation to member landowners for acquisition of land by the United States for use in the Oahe Dam and Reservoir Project. (ii)

Determination of heirs

An heir of a member land owner shall be determined pursuant to the applicable probate code of the Tribe. (iii)

Exception

During any fiscal year, payments of additional compensation to a member landowner under clause (i) shall not— (I)be deposited or transferred into— (aa)the Individual Indian Money account of the member landowner; or (bb)any other fund held by the United States on behalf of the member landowner; or (II)exceed an amount equal to 44.3 percent of the amount transferred by the Secretary of the Interior to the Tribe under paragraph (2). (B)

Provision of records

To assist the Tribe in processing claims of heirs of member landowners for land acquired by the United States for use in the Oahe Dam and Reservoir Project, the Secretary of the Interior shall provide to the Tribe, in accordance with applicable laws (including regulations), any record requested by the Tribe to identify the heirs of member landowners by the date that is 90 days after the date of receipt of a request from the Tribe.

(d)

Eligibility of Tribe for Certain Programs and Services

Section 105 of the Cheyenne River Sioux Tribe Equitable Compensation Act (Public Law 106–511; 114 Stat. 2365) is amended in the matter preceding paragraph (1) by inserting or any member landowner after Tribe. (e)

Extinguishment of Claims

Section 107 of the Cheyenne River Sioux Tribe Equitable Compensation Act (Public Law 106–511; 114 Stat. 2368) is amended to read as follows:

107.

Extinguishment of claims

(a)

In General

On the date on which the final payment is deposited into the Fund under section 104(b), all monetary claims that the Tribe has or may have against the United States for the taking by the United States of land and property of the Tribe for the Oahe Dam and Reservoir Project of the Pick-Sloan Missouri River Basin program shall be extinguished. (b)

Effect of Acceptance of Payment

On acceptance by a member landowner or an heir of a member landowner of any payment by the Tribe for damages resulting from the taking by the United States of land or property of the Tribe for the Oahe Dam and Reservoir Project of the Pick-Sloan Missouri River Basin program, all monetary claims that the member landowner or heir has or may have against the United States for the taking shall be extinguished.