[Code of Federal Regulations]
[Title 25, Volume 1]
[Revised as of April 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 25CFR122.7]

[Page 356]
 
                            TITLE 25--INDIANS
 
     CHAPTER I--BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR
 
PART 122--MANAGEMENT OF OSAGE JUDGMENT FUNDS FOR EDUCATION--Table of Contents
 
Sec. 122.7  Budget.

    (a) By August 1 of each year, the Osage Tribal Education Committee 
will submit a proposed budget to the Assistant Secretary or to his/her 
designated representative for formal approval. Unless the Assistant 
Secretary or his/her designated representative informs the committee in 
writing of budget restrictions by September 1, the proposed budget is 
considered to be accepted.
    (b) The investment principal, composed of the one million dollars 
appropriated by the Act and reverted funds, must be invested in a 
federally insured banking or savings institution or invested in 
obligations of the Federal Government. There are no provisions in this 
part which shall limit the right of the Osage Tribal Education Committee 
to withdraw interest earned from the investment principal; however, 
expenditures shall be made against only the interest generated from 
investment principal and reverted funds.
    (c) All funds deposited will accumulate interest at a rate not less 
than that generally available for similar funds deposited at the same 
banking or savings institution or invested in the same obligations of 
the United States Government for the same period of time.