II
110th CONGRESS
1st Session
S. 1643
IN THE SENATE OF THE UNITED STATES
June 18, 2007
Mr. Domenici introduced the following bill; which was read twice and referred to the Committee on Indian Affairs
A BILL
To establish the Reclamation Water Settlements Fund, and for other purposes.
Short title
This Act may be cited as
the Reclamation Water Settlements Fund
Act of 2007
.
Definitions
In this Act:
Fund
The term Fund means the Reclamation Water Settlements Fund established by section 3(a).
Secretary
The term Secretary means the Secretary of the Interior.
State
The term State means the State of New Mexico.
Reclamation water settlements fund
Establishment
There
is established in the Treasury of the United States a fund, to be known as the
Reclamation Water Settlements Fund
, consisting of—
such amounts as are deposited to the Fund under subsection (b); and
any interest earned on investment of amounts in the Fund under subsection (d).
Deposits to Fund
In general
For each of the 10 years after the date of enactment of this Act, the Secretary of the Treasury shall deposit in the Fund an amount equal to 30 percent of the revenues generated within the external boundaries of the State of New Mexico that would otherwise be deposited for the fiscal year in the fund established by the first section of the Act of June 17, 1902 (32 Stat. 388, chapter 1093).
Availability of amounts
On deposit, the amounts in the Fund under subsection (a)(1), and on accrual, any interest earned under subsection (d), shall be available annually, without further appropriation, to carry out subsection (c).
Use
In general
On request of the Secretary, the Secretary of the Treasury shall transfer to the Secretary such amounts in the Fund as are necessary to fund any activities of the Bureau of Reclamation relating to Indian water rights settlements in the State that are approved by Congress and are associated with the planning, designing, or construction of—
water supply infrastructure; or
a project to rehabilitate a water delivery system to conserve water.
Priority
In general
Except as provided in subparagraph (B), amounts shall be transferred under paragraph (1) in the order in which the Indian water rights settlements are approved by Congress.
Exception
Amounts may be made simultaneously available under paragraph (1) to fund activities relating to multiple approved Indian water rights settlements in the State if the Secretary determines that—
sufficient amounts are available in the Fund to carry out activities relating to more than one Indian water rights settlement simultaneously; and
deviation from the priority order required under subparagraph (A) would not adversely affect the timely completion of the activities that would otherwise have priority under that subparagraph.
Investment of Amounts
In general
The Secretary of the Treasury shall invest such portion of the Fund as is not, in the judgment of the Secretary of the Treasury, required to meet current withdrawals.
Interest-bearing obligations
Investments may be made only in interest-bearing obligations of the United States.
Acquisition of obligations
For the purpose of investments under paragraph (1), obligations may be acquired—
on original issue at the issue price; or
by purchase of outstanding obligations at the market price.
Sale of obligations
Any obligation acquired by the Fund may be sold by the Secretary of the Treasury at the market price.
Credits to fund
The interest on, and the proceeds from the sale or redemption of, any obligations held in the Fund shall be credited to, and form a part of, the Fund.
Transfers of Amounts
The amounts required to be transferred to the Fund under this section shall be transferred at least annually.