II Calendar No. 531 109th CONGRESS 2d Session S. 3501 [Report No. 109–291] IN THE SENATE OF THE UNITED STATES June 13, 2006 Mr. McCain introduced the following bill; which was read twice and referred to the Committee on Indian Affairs July 24, 2006 Reported by Mr. McCain, without amendment A BILL 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.

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 appropriated to the Acquisition Fund amounts equivalent to amounts made available 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. .

July 24, 2006 Reported without amendment