She also noted the tribe failed to obtain input from "other parties involved in the Central Utah Project Act," as required by public law when making its "significant portfolio change."

According to Moore, the tribe was able to meet requirements for release of the funds in an application submitted last year.

Several tribes have been withdrawing their funds from the OTFM since the 1994 Reform Act went into effect, she said. The act allows the tribes to place settlement funds — and other money they have in accounts with the federal government — in private management.

"I think their reasons are generally related to the increased flexibility that the tribe has to the investment of the funds as opposed to the limitations that the government has for investing the funds," said Moore.

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