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B-108439 1 (1972-10-31)

handle is hein.gao/gaobaddvr0001 and id is 1 raw text is: COMPTROLLER GENERAL OF THE UNITED STATES WASHIN9TON. D.C 20548 B-108439 October 31, 1972 Dear Mr. Secretary: Our Office has been requested to render a decision as to whether or not the Alaska Native Fund established by the Alaska Native Claims Settle- ment Act, Public Law 92-203, approved December 18, 1971, 85 Stat. 688, may be properly classified as an Indian tribal trust fund and thus be eligible for interest payments under the law found at 25 U.S.C. 161a and for investment under the law found at 25 U.S.C. 162a. Section 161a states that all Indian tribal funds with account balances exceeding $500 held in trust by the United States shall bear simple interest at the rate of 4 percent per annum unless another rate is otherwise authorized by law. Section 162a authorizes the Secretary of the Interior to withdraw any tribal trust funds.from the United States Treasury and to deposit such funds in banks selected by him or to invest sucb funds in public debt obligations of the United States or obligations guaranteed by the United States. Under section 6 and 9 of Public Law 92-203, the Alaska Native Fund is to consist of the following: 1. A total of $462,500,000 from annual congressional appropriations. 2. 4 percent interest per annum on any amount authorized to be appropriated by subsection 6a which is not appropriated within six months after the fiscal year in which payable. 3. A total of $500,000,000 from payments from the State of Alaska and from the United States for mineral royalties and lease rentals. The Deputy Solicitor of the Department of the Interior has taken the position that the fund in question is an Indian tribal trust fund and thus entitled to the interest payments and investment provisions of 25 U.S.C. 161a and 162a, while the Assistant General Counsel of the Treasury Depart- ment has concluded that the fund may not be properly classified as an Indian tribal trust fund. In support of the Interior Department's position the Deputy Solicitor argues that: 52 Comp. Gr...

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