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B-272979 1 (1996-08-23)

handle is hein.gao/gaobabloi0001 and id is 1 raw text is: GAO United States General Accounting Office Washington, D.C. 20548 Office of the General Counsel B-272979 August 23, 1996 The Honorable Kent Conrad United States Senate Dear Senator Conrad: This letter responds to a telephone inquiry from your staff regarding a claim by the Three Affiliated Tribes of Fort Berthold Indian Reservation. The Tribe claims lost interest earnings on a payment made by the United States into the Three Affiliated Tribes Economic Recovery Fund pursuant to the Three Affiliated Tribes and Standing Rock Sioux Tribe Equitable Compensation Act, Public Law 102-575. According to the Tribe, the loss resulted from a delay by the United States in depositing the payment into the Economic Recovery Fund. The Tribe argues that the payment, which was deposited into the Fund on January 29, 1996, could have been deposited on December 13, 1995. Your staff asked us for our opinion on the Tribe's claim. Because federal law authorizes the Secretary of the Treasury to pay interest only on amounts held in the Fund, we conclude that the Tribe is not entitled to any interest that the Fund might have earned, but did not, had the payment been deposited earlier. As you know, the Compensation Act required the Secretary of the Treasury, beginning with fiscal year 1993, to deposit into the Economic Recovery Fund each year an amount equal to 25-percent of the receipts of the previous fiscal year of the Eastern Division of the Pick-Sloan Missouri River Basin Project, a project administered by the Western Area Power Administration of the Department of Energy. Pub. L. 102-575, sec. 3504(a)(2), 106 Stat. 4731, 4732 (1992). The Act specified that the aggregate of those annual payments, together with certain other amounts appropriated to the Fund, not exceed $149.2 million. Id. Interest that accrues on the amounts in the Fund is held in a separate account and is available for the Tribe's use for educational, social welfare, economic development, and 422820

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