IIB
110th CONGRESS
1st Session
H. R. 487
IN THE SENATE OF THE UNITED STATES
May 8, 2007
Received; read twice and referred to the Committee on Indian Affairs
AN ACT
To amend the Cheyenne River Sioux Tribe Equitable Compensation Act to provide compensation to members of the Cheyenne River Sioux Tribe for damage resulting from the Oahe Dam and Reservoir Project, and for other purposes.
Short title
This Act may be cited as the
Cheyenne River Sioux Tribe Equitable
Compensation Amendments Act of 2007
.
Findings
Findings
Congress finds that—
the Pick-Sloan
Missouri River Basin program, authorized by section 9 of the Act of December
22, 1944 (commonly known as the Flood Control Act of 1944
) (58
Stat. 891), was intended to promote the general economic development of the
United States;
the Oahe Dam and Reservoir Project—
is a major component of the Pick-Sloan Missouri River Basin program; and
contributes to the national economy;
the Oahe Dam and Reservoir Project flooded the fertile bottom land of the Cheyenne River Sioux Reservation, which greatly damaged the economy and cultural resources of the Cheyenne River Sioux Tribe and caused the loss of many homes and communities of members of the Tribe;
Congress has provided compensation to several Indian tribes, including the Cheyenne River Sioux Tribe, that border the Missouri River and suffered injury as a result of 1 or more of the Pick-Sloan projects;
on determining that the compensation paid to the Cheyenne River Sioux Tribe was inadequate, Congress enacted the Cheyenne River Sioux Tribe Equitable Compensation Act (Public Law 106–511; 114 Stat. 2365), which created the Cheyenne River Sioux Tribal Recovery Trust Fund; and
that Act did not provide for additional compensation to members of the Cheyenne River Sioux Tribe that lost land as a result of the Oahe Dam and Reservoir Project.
Purposes
The purposes of this Act are—
to provide that the Cheyenne River Sioux Tribal Recovery Trust Fund may be used to provide compensation to members of the Cheyenne River Sioux Tribe that lost land as a result of the Oahe Dam and Reservoir Project; and
to provide for the capitalization of the Cheyenne River Sioux Tribal Recovery Trust Fund.
Cheyenne River Sioux Tribe equitable compensation
Findings and Purposes
Section 102 of the Cheyenne River Sioux Tribe Equitable Compensation Act (Public Law 106–511; 114 Stat. 2365) is amended—
in subsection (a)(3), by striking subparagraphs (A) and (B) and inserting the following:
the United States did not justly or fairly compensate the Tribe and member landowners for the Oahe Dam and Reservation project, under which the United States acquired 104,492 acres of land of the Tribe and member landowners; and
the Tribe and member landowners should be adequately compensated for that land;
; and
in subsection
(b)(1), by inserting and member landowners
after
Tribe
each place it appears.
Definitions
Section 103 of the Cheyenne River Sioux Tribe Equitable Compensation Act (Public Law 106–511; 114 Stat. 2365) is amended—
by redesignating paragraph (1) as paragraph (3) and moving the paragraph so as to appear after paragraph (2); and
by inserting before paragraph (2) the following:
Member landowner
The term member landowner means a member of the Tribe (or an heir of such a member) that owned land (including land allotted under the Act of February 8, 1887 (24 Stat. 388, chapter 119)) located on the Cheyenne River Sioux Reservation that was acquired by the United States for the Oahe Dam and Reservoir Project.
.
Cheyenne River Sioux Tribal Recovery Trust Fund
Section 104 of the Cheyenne River Sioux Tribe Equitable Compensation Act (Public Law 106–511; 114 Stat. 2365) is amended—
by striking subsection (b) and inserting the following:
Funding
On
the first day of the fiscal year beginning after the date of enactment of the
Cheyenne River Sioux Tribe Equitable Compensation Amendments Act of 2007 and on
the first day of each of the following 4 fiscal years (referred to in this
section as the capitalization dates
), the Secretary of the
Treasury shall deposit into the Fund, from amounts in the general fund of the
Treasury—
$58,144,591.60; and
an additional amount equal to the amount of interest that would have accrued if—
the amount described in paragraph (1) had been—
credited to the principal account as described in subsection (c)(2)(B)(i)(I) on the first day of the fiscal year beginning October 1, 2001; and
invested as described in subsection (c)(2)(C) during the period beginning on the date described in clause (i) and ending on the last day of the fiscal year before the fiscal year in which that amount is deposited into the Fund; and
the interest that would have accrued under subparagraph (A) during the period described in subparagraph (A)(ii) had been—
credited to the interest account under subsection (c)(2)(B)(ii); and
invested during that period in accordance with subsection (c)(2)(D)(i).
;
by striking subsection (c) and inserting the following:
Investments
Eligible obligations
Notwithstanding any other provision of law, the Secretary of the Treasury shall invest the Fund only in interest-bearing obligations of the United States issued directly to the Fund.
Investment requirements
In general
The Secretary of the Treasury shall invest the Fund in accordance with this paragraph.
Separate investments of principal and interest
Principal account
The amounts deposited into the Fund under subsection (b)(1) shall be—
credited to a
principal account within the Fund (referred to in this paragraph as the
principal account
); and
invested in accordance with subparagraph (C).
Interest account
In general
The interest earned from investing amounts in the principal account shall be—
transferred to a
separate interest account within the Fund (referred to in this paragraph as the
interest account
); and
invested in accordance with subparagraph (D).
Crediting
The interest earned from investing amounts in the interest account, and the amounts deposited into the Fund under subsection (b)(2), shall be credited to the interest account.
Investment of principal account
Initial investment
Amounts in the principal account shall be initially invested in eligible obligations with the shortest available maturity.
Subsequent investments
In general
On the date on which the amount in the principal account is divisible into 3 substantially equal portions, each portion shall be invested in eligible obligations that are identical (except for transferability) to the next-issued publicly-issued Treasury obligations having a 2-year maturity, a 5-year maturity, and a 10-year maturity, respectively.
Maturity of obligations
As each 2-year, 5-year, and 10-year eligible obligation under subclause (I) matures, the principal of the maturing eligible obligation shall be initially invested in accordance with clause (i) until the date on which the principal is reinvested substantially equally in the eligible obligations that are identical (except for transferability) to the next-issued publicly-issued Treasury obligations having 2-year, 5-year, and 10-year maturities.
Discontinuation of issuance of obligations
If the Department of the Treasury discontinues issuing to the public obligations having 2-year, 5-year, or 10-year maturities, the principal of any maturing eligible obligation shall be reinvested substantially equally in available eligible obligations that are identical (except for transferability) to the next-issued publicly-issued Treasury obligations with maturities of longer than 1 year.
Investment of interest account
Before each capitalization date
For purposes of subsection (b)(2)(B), amounts considered as if they were in the interest account of the Fund shall be invested in eligible obligations that are identical (except for transferability) to publicly-issued Treasury obligations that have maturities that coincide, to the greatest extent practicable, with the applicable capitalization date for the Fund.
On and after each capitalization date
On and after each capitalization date, amounts in the interest account shall be invested and reinvested in eligible obligations that are identical (except for transferability) to publicly-issued Treasury obligations that have maturities that coincide, to the greatest extent practicable, with the date on which the amounts will be withdrawn by the Secretary of the Treasury and transferred to the Secretary of the Interior for use in accordance with subsection (d).
Par purchase price
In general
To preserve in perpetuity the amount in the principal account, the purchase price of an eligible obligation purchased as an investment of the principal account shall not exceed the par value of the obligation.
Treatment
At the maturity of an eligible obligation described in clause (i), any discount from par in the purchase price of the eligible obligation shall be treated as interest paid at maturity.
Holding to maturity
Eligible obligations purchased pursuant to this paragraph shall be held to their maturities.
Annual review of investment activities
Not less frequently than once each calendar year, the Secretary of the Treasury shall review with the Tribe the results of the investment activities and financial status of the Fund during the preceding calendar year.
Modifications
In general
If the Secretary of the Treasury determines that investing the Fund in accordance with paragraph (2) is not practicable or would result in adverse consequences to the Fund, the Secretary of the Treasury shall modify the requirements to the least extent necessary, as determined by the Secretary of the Treasury.
Consultation
Before making a modification under subparagraph (A), the Secretary of the Treasury shall consult with the Tribe with respect to the modification.
;
in subsection (d), by striking paragraph (1) and inserting the following:
Withdrawal of interest
Beginning on the first day of the fiscal year beginning after the date of enactment of the Cheyenne River Sioux Tribe Equitable Compensation Amendments Act of 2007, and on the first day of each fiscal year thereafter, the Secretary of the Treasury shall withdraw and transfer all funds in the interest account of the Fund to the Secretary of the Interior for use in accordance with paragraph (2), to be available without fiscal year limitation.
; and
in subsection (f)—
by redesignating paragraphs (3) and (4) as paragraphs (4) and (5), respectively; and
by inserting after paragraph (2) the following:
Member landowners
Additional compensation
In general
Except as provided in clause (iii), the plan may provide for the payment of additional compensation to member landowners for acquisition of land by the United States for use in the Oahe Dam and Reservoir Project.
Determination of heirs
An heir of a member land owner shall be determined pursuant to the applicable probate code of the Tribe.
Exception
During any fiscal year, payments of additional compensation to a member landowner under clause (i) shall not—
be deposited or transferred into—
the Individual Indian Money account of the member landowner; or
any other fund held by the United States on behalf of the member landowner; or
exceed an amount equal to 44.3 percent of the amount transferred by the Secretary of the Interior to the Tribe under paragraph (2).
Provision of records
To assist the Tribe in processing claims of heirs of member landowners for land acquired by the United States for use in the Oahe Dam and Reservoir Project, the Secretary of the Interior shall provide to the Tribe, in accordance with applicable laws (including regulations), any record requested by the Tribe to identify the heirs of member landowners by the date that is 90 days after the date of receipt of a request from the Tribe.
.
Eligibility of Tribe for Certain Programs and Services
Section 105 of the
Cheyenne River Sioux Tribe Equitable Compensation Act (Public Law 106–511; 114 Stat. 2365)
is amended in the matter preceding paragraph (1) by inserting or any
member landowner
after Tribe
.
Extinguishment of Claims
Section 107 of the Cheyenne River Sioux Tribe Equitable Compensation Act (Public Law 106–511; 114 Stat. 2368) is amended to read as follows:
Extinguishment of claims
In General
On the date on which the final payment is deposited into the Fund under section 104(b), all monetary claims that the Tribe has or may have against the United States for the taking by the United States of land and property of the Tribe for the Oahe Dam and Reservoir Project of the Pick-Sloan Missouri River Basin program shall be extinguished.
Effect of Acceptance of Payment
On acceptance by a member landowner or an heir of a member landowner of any payment by the Tribe for damages resulting from the taking by the United States of land or property of the Tribe for the Oahe Dam and Reservoir Project of the Pick-Sloan Missouri River Basin program, all monetary claims that the member landowner or heir has or may have against the United States for the taking shall be extinguished.
.
Passed the House of Representatives May 7, 2007.
Lorraine C. Miller,
Clerk.