§ 640c-3. — Payments; interest.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 25USC640c-3]
TITLE 25--INDIANS
CHAPTER 14--MISCELLANEOUS
SUBCHAPTER XXI--NAVAJO AND HOPI TRIBES: REHABILITATION
Sec. 640c-3. Payments; interest
(a) Notwithstanding any other provision of law, the Secretary of the
Interior shall not, in disbursing funds provided under sections 640a to
640c-3 of this title, use any method of payment which was not used
during fiscal year 1987 in the disbursement of funds provided under
sections 640a to 640c-3 of this title.
(b)(1)(A) Notwithstanding any provision of law other than
subparagraph (B), any interest or investment income that accrues on any
funds provided under sections 640a to 640c-3 of this title after such
funds are paid to the Navajo Community College and before such funds are
expended for the purpose for which such funds were provided under
sections 640a to 640c-3 of this title shall be the property of the
Navajo Community College and shall not be taken into account by any
officer or employee of the Federal Government in determining whether to
provide assistance, or the amount of assistance, to the Navajo Community
College under any provision of Federal law.
(B) All interest or investment income described in subparagraph (A)
shall be expended by the Navajo Community College by no later than the
close of the fiscal year succeeding the fiscal year in which such
interest or investment income accrues.
(2) Funds provided under sections 640a to 640c-3 of this title may
only be invested by the Navajo Community College in obligations of the
United States or in obligations or securities that are guaranteed or
insured by the United States.
(Pub. L. 92-189, Sec. 7, as added Pub. L. 100-297, title V,
Sec. 5402(b), Apr. 28, 1988, 102 Stat. 415.)
Codification
Section was not enacted as part of act Apr. 19, 1950, ch. 92, 64
Stat. 44, which comprises this subchapter.
Effective Date
For effective date and applicability of section, see section 6303 of
Pub. L. 100-297, set out as an Effective Date of 1988 Amendment note
under section 1071 of Title 20, Education.
Section Referred to in Other Sections
This section is referred to in sections 13d-2, 640a, 640c-1, 640c-2,
1812, 1851 of this title; title 20 sections 1085, 2327, 3489.
