Hau!
“JTAC” monies will arrive on October 1, 2011. A total of $290,722,958 dollars is the principle amount awarded. Per law the tribe will receive only the interest that has accumulated since the year 2000. The interest amount will be around $115 million as of March 2011 the interest at that time was calculated $109 million. JTAC is short for Cheyenne River Sioux Tribe Equitable Compensation Act. These monies are for “just compensation” for the losses when over 104,000 tribal and individual acres were flooded by the damming of Missouri River. The average interest rate that Department of Treasury calculated is 3.14%. The tribe is hiring 2 consultants to work separately to derive calculations of the interest for the tribe to negotiate with the Department of Treasury.
The principle amount of 290 million will stay deposited with the Department of Treasury. The 290 million will gain interest every year that will be paid to the Tribe annually.
The money can be spent on the following: Education, Health, Recreation, Infrastructure, Economic Development, and Social Welfare.
The majority of the communities have developed plans on what they want the funds to be spent on. We are currently advertising for a JTAC Director to assist with the plans and other objectives.
I will have another post about the individual landowners and their claims.
Any questions let me know.
RYMAN
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