Saginaw Chippewa Indian Tribe of Michigan Distribution of Judgment Funds Act

(Measure passed House, amended)

Saginaw Chippewa Indian Tribe of Michigan Distribution of Judgment Funds Act - Authorizes the Saginaw Chippewa Tribe of Michigan, through its Tribal Council, to establish an Investment Fund to be held in trust by the Council for the benefit of the tribe.

Requires the principal from the Investment Fund to be used exclusively for investments and for tribal economic development or development of tribal resources.

Requires a certain percentage of the Investment Fund's net income for each of the first ten fiscal years to be retained and included in its principal.

Requires the Investment Fund to be audited once every fiscal year and treats such report as a tribal public document.

Establishes an Elderly Assistance Investment Fund. Sets forth specified requirements with respect to the distribution of income from such Fund.

Permits the tribe, without approval of the Secretary of the Interior, to adopt any amendments to the constitution of the tribe which were approved by the Tribal Council on a specified date.

Requires the Secretary to transfer to the Tribal Council certain judgment funds awarded to the Saginaw Chippewa Indian Tribe of Michigan in satisfaction of specified claims. Absolves the Secretary of any further trust responsibility for the funds after such transfer. Authorizes the Secretary to assume administration of the Investment Fund if the Tribal Council materially fails to administer such Fund in accordance with this Act. Limits the Secretary's assumption of the Investment Fund upon such a failure for a period not to exceed six months.

Exempts payment or distributions from the Investment Fund from State, local, or Federal income tax. Prohibits the consideration of such payments or distributions in determinations to deny or reduce benefits under Federal assistance programs or the Social Security Act.

Permits the tribe, under specified conditions, to waive its sovereign immunity and to consent to the civil jurisdiction of Michigan courts with regard to the use of the Investment Fund as security for indebtedness.

Requires the Secretary to transfer to the Tribal Council all or any portion of undistributed funds appropriated in satisfaction of a specified judgment awarded to the tribe. Sets forth specified requirements with respect to such funds.

Prohibits discrimination against members of the tribe with respect to distributions (including programs funded by such Fund) of the Investment Fund.