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U.S. Code as of:
01/19/04
Section 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.
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