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B-108439 1 (1976-11-16)

handle is hein.gao/gaobaddwg0001 and id is 1 raw text is: CC THILi COMPTROLLER GENERAL orisi *Q OF THE UNITED STATES WASHINGTON, 0.0, 20548 tNIT V. FILE: 1-108439 DATE; November 16, 1976 MATTER OF: Assignment of payments due Alaska Native Regional Cor- poratidns DIGEST: Alaska Native regional corporation's proposed assignment of rights to distribution of funds under Alaska Native Claims Settlement Act, 43 U.S.C. § 1601 et seq. (Supp, IV, 1974) is prohIbited since right to distribution is claim within meaning of the Anti-Assignment Act, as amended, 31 U.S.C. § 203. Proposed assignment does not satisfy requirements of Act since the amount due to the Corporation is unwertain and dependent upon future appropriation acts. This decision is in response to a letter from the Assistant Sec- retary of the Interior, requesting our-opinion in the propriety of acknowledging a proposed assignment of funds to >,e distributed by the Department from the Alaska Native Fund (SNF) estalished by section 6 of the Alaska Native Claims Settlement Act (ANCSA), Pub. L. No. 92-203, December 18, 1971, L5 Stat. 688, 43 u.S.C. § 1601 et se, (Supp. IV, 1974). Section 6 provides for the distribution of the ANF over a period of 11 years to Alaska Native regional corporations formed pursuant to section 7 of ANCSA. The Bristol Bay native Corporation (BBNC), one of these regional corporations, proposes an assignment of its right to future distributions from the ANP to a financing institution as security for a long-term loan. BBNC has requested that the Drpartment of the Interior (Interior) recognize or acknowledge such an assignment, as lending institutions will provide the loan at the prf.me rate of interest only upon this condition. The Assistant Secretary s';ated that the Department has ,doubts that it may recognize such an assignment but that it was suggested to him that the Governmet has rerngnized assignments by defense contractors in analogous -itaaticats. For tiat reason the Assistant Secretary has asked our Office whether Interior is authorized by law to recognize such an assignment. The ANF consists of funds from two sources: (1) annual sums totaling $462,500,000, to be appropriated by the Congress through fiscal year 1981 as authorized to be appropriated by section 6 of the Act, 43 U.S.C. § 1605(a)(Supp. IV, 1974), and (2) $500,000,000 pursuant to the revenue sharing provisions of section 9 of the Act which provides for the deposit of a share of Alaska's mineral revenues into the fund unitil the $500 million sum is reached.

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