Summary: S.1905 — 105th Congress (1997-1998)All Information (Except Text)

Bill summaries are authored by CRS.

Shown Here:
Reported to Senate with amendment(s) (10/02/1998)

Cheyenne River Sioux Tribe Equitable Compensation Act - Directs the Secretary of the Treasury to establish in the consolidated account for tribal trust funds a dual cash account to be known as the Cheyenne River Sioux Tribal Recovery Account.

Establishes a schedule under which the Secretary shall deposit to the credit of the account specified amounts into the fund from the receipts of the power program of the Pick-Sloan Missouri River Basin Program.

Provides for interest payments from the account, upon the Tribe's request, for the Tribe's use in promoting economic and infrastructure development and educational, health, recreational, and social welfare objectives.

Authorizes the Tribe to enter into an agreement under which future account interest is pledged as security for a loan or other financial transaction. Permits such agreement only in connection with the purchase of land or other capital assets and limits the pledge for any year under the agreement to 40 percent of interest income.