1. (a) In general

   1. (1) Establishment Each school receiving a grant under this chapter may establish, at a federally insured financial institution, a trust fund for the purposes of this section.

   2. (2) Deposits and use The school may provide—

      1. (A) for deposit into the trust fund, only funds from non-Federal sources, except that the interest on funds received from grants provided under this chapter may be used for that purpose;
      2. (B) for deposit into the trust fund, any earnings on funds deposited in the fund; and
      3. (C) for the sole use of the school any noncash, in-kind contributions of real or personal property, which may at any time be used, sold, or otherwise disposed of.
2. (b) Interest Interest from the fund established under subsection (a) of this section may periodically be withdrawn and used, at the discretion of the school, to defray any expenses associated with the operation of the school consistent with the purposes of this Act.¹

(Pub. L. 100–297, title V, § 5211, as added Pub. L. 107–110, title X, § 1043, Jan. 8, 2002, 115 Stat. 2078.)

References in Text This Act, referred to in subsec. (b), is Pub. L. 100–297 and probably should be “this part”, meaning part B of title V of Pub. L. 100–297, known as the Tribally Controlled Schools Act of 1988, which is classified generally to this chapter. For complete classification of part B to the Code, see Short Title note set out under section 2501 of this title and Tables.

Prior Provisions A prior section 2510, Pub. L. 100–297, title V, § 5211, Apr. 28, 1988, 102 Stat. 394, related to regulations, prior to repeal by Pub. L. 107–110, title X, § 1043, Jan. 8, 2002, 115 Stat. 2063. See section 2509 of this title.

Effective Date Section effective Jan. 8, 2002, except with respect to certain noncompetitive programs and competitive programs, see section 5 of Pub. L. 107–110, set out as a note under section 6301 of Title 20, Education.

¹ See References in Text note below.