II 109th CONGRESS 1st Session S. 1484 IN THE SENATE OF THE UNITED STATES July 26, 2005 Mr. Reid (for himself and Mr. Dorgan) introduced the following bill; which was read twice, considered, read the third time, and passed A BILL To amend the Fallon Paiute Shoshone Indian Tribes Water Rights Settlement Act of 1990.

1.

Fallon Paiute Shoshone tribes settlement

(a)

Settlement Fund

Section 102 of the Fallon Paiute Shoshone Indian Tribes Water Rights Settlement Act of 1990 (Public Law 101–618; 104 Stat. 3289) is amended— (1)in subsection (C)— (A)in paragraph (1)— (i)by striking the matter preceding subparagraph (a) and inserting the following: Notwithstanding any conflicting provision in the original Fund plan during Fund fiscal year 2006 or any subsequent Fund fiscal year, 6 percent of the average quarterly market value of the Fund during the immediately preceding 3 Fund fiscal years (referred to in this title as the Annual 6 percent Amount), plus any unexpended and unobligated portion of the Annual 6 percent Amount from any of the 3 immediately preceding Fund fiscal years that are subsequent to Fund fiscal year 2005, less any negative income that may accrue on that portion, may be expended or obligated only for the following purposes:; and (ii)by adding at the end the following: (g)Fees and expenses incurred in connection with the investment of the Fund, for investment management, investment consulting, custodianship, and other transactional services or matters. ; and (B)by striking paragraph (4) and inserting the following: (4)No monies from the Fund other than the amounts authorized under paragraphs (1) and (3) may be expended or obligated for any purpose. (5)Notwithstanding any conflicting provision in the original Fund plan, during Fund fiscal year 2006 and during each subsequent Fund fiscal year, not more than 20 percent of the Annual 6 percent Amount for the Fund fiscal year (referred to in this title as the Annual 1.2 percent Amount) may be expended or obligated under paragraph (1)(c) for per capita distributions to tribal members, except that during each Fund fiscal year subsequent to Fund fiscal year 2006, any unexpended and unobligated portion of the Annual 1.2 percent Amount from any of the 3 immediately preceding Fund fiscal years that are subsequent to Fund fiscal year 2005, less any negative income that may accrue on that portion, may also be expended or obligated for such per capita payments. ; and (2)in subsection (D), by adding at the end the following: Notwithstanding any conflicting provision in the original Fund plan, the Fallon Business Council, in consultation with the Secretary, shall promptly amend the original Fund plan for purposes of conforming the Fund plan to this title and making nonsubstantive updates, improvements, or corrections to the original Fund plan.. (b)

Definitions

Section 107 of the Fallon Paiute Shoshone Indian Tribes Water Rights Settlement Act of 1990 (Public Law 101–618; 104 Stat. 3293) is amended— (1)by redesignating subsections (D), (E), (F), and (G) as subsections (F), (G), (H), and (I), respectively; and (2)by striking subsections (B) and (C) and inserting the following: (B)the term Fund fiscal year means a fiscal year of the Fund (as defined in the Fund plan); (C)the term Fund plan means the plan established under section 102(F), including the original Fund plan (the Plan for Investment, Management, Administration and Expenditure dated December 20, 1991) and all amendments of the Fund plan under subsection (D) or (F)(1) of section 102; (D)the term income means the total net return from the investment of the Fund, consisting of all interest, dividends, realized and unrealized gains and losses, and other earnings, less all related fees and expenses incurred for investment management, investment consulting, custodianship and transactional services or matters; (E)the term principal means the total amount appropriated to the Fallon Paiute Shoshone Tribal Settlement Fund under section 102(B); .