Reading Room Document

Investment of Federal Trust Funds for Cheyenne River and Lower Brule Sioux

Congress intended the term "interest" in title VI of the Water Resources Development Act of 1999 to have its usual and customary meaning: the coupon rate of the debt obligation. The universe of "available obligations" under title VI of the Water Resources Development Act of 1999 includes obligations of government corporations and government-sponsored entities whose charter statutes provide that their obligations are lawful investments for federal trust funds. The fiduciary duty owed pursuant to a federal trust fund is defined and limited by the terms of the statute creating the trust. The OLC does not provide release dates for its opinions, so the release date listed is the date on which the opinion was authored. The original opinion is available at www.justice.gov/file/19266/download.

January 19, 2001