[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 3501 Referred in House (RFH)]

  2d Session
                                S. 3501


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                    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.