[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 3501 Referred in House (RFH)]
2d Session
S. 3501
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
November 14, 2006
Referred to the Committee on Resources
_______________________________________________________________________
AN ACT
To amend the Shivwits Band of the Paiute Indian Tribe of Utah Water
Rights Settlement Act to establish an acquisition fund for the water
rights and habitat acquisition program.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. ACQUISITION FUND.
Section 10 of the Shivwits Band of the Paiute Indian Tribe of Utah
Water Rights Settlement Act (Public Law 106-263; 114 Stat. 743) is
amended--
(1) in subsection (f), by striking the second sentence; and
(2) by adding at the end the following:
``(g) Acquisition Fund.--
``(1) Establishment.--There is established in the Treasury
of the United States a fund to be known as the `Santa Clara
Water Rights and Habitat Acquisition Fund' (referred to in this
section as the `Acquisition Fund'), consisting of--
``(A) such amounts as are appropriated to the
Acquisition Fund under paragraph (2); and
``(B) any income earned on investment of amounts in
the Acquisition Fund under paragraph (4).
``(2) Transfers to acquisition fund.--There are transferred
to the Acquisition Fund any funds made available, but not
expended, under subsection (f).
``(3) Expenditures from acquisition fund.--On request by
the Secretary, the Secretary of the Treasury shall transfer
from the Acquisition Fund to the Secretary such amounts as the
Secretary determines to be necessary to carry out this section.
``(4) Investment of amounts.--
``(A) In general.--On request by the Secretary, the
Secretary of the Treasury shall invest such portion of
the Acquisition Fund as is not, in the judgment of the
Secretary, required to meet current withdrawals.
``(B) Obligations.--Investments may be made only in
public debt securities with maturities suitable to the
needs of the Acquisition Fund, as determined by the
Secretary, that bear interest at a rate determined by
the Secretary of the Treasury, taking into
consideration current market yields on outstanding
marketable obligations of the United States of
comparable maturity.
``(C) Acquisition of obligations.--For the purpose
of investments under subparagraph (A), obligations may
be acquired--
``(i) on original issue at the issue price;
or
``(ii) by purchase of outstanding
obligations at the market price.
``(D) Sale of obligations.--Any obligation acquired
by the Acquisition Fund may be sold by the Secretary of
the Treasury at the market price.
``(E) Credits to acquisition fund.--The income on,
and the proceeds from the sale or redemption of, any
obligations held in the Acquisition Fund shall be
credited to, and form a part of, the Acquisition Fund.
``(5) Transfers of amounts.--
``(A) In general.--The amounts required to be
transferred to the Acquisition Fund under this
subsection shall be transferred at least monthly from
the general fund of the Treasury to the Acquisition
Fund on the basis of estimates made by the Secretary of
the Treasury.
``(B) Adjustments.--Proper adjustment shall be made
in amounts subsequently transferred to the extent prior
estimates were in excess of or less than the amounts
required to be transferred.
``(6) Management.--The Acquisition Fund (including the
principal of the Acquisition Fund and any interest generated on
that principal) shall be managed in accordance with this
section.''.
Passed the Senate November 13, 2006.
Attest:
EMILY J. REYNOLDS,
Secretary.