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.

1.

Short title

This Act may be cited as the Reclamation Water Settlements Fund Act of 2007.

2.

Definitions

In this Act: (1)

Fund

The term Fund means the Reclamation Water Settlements Fund established by section 3(a). (2)

Secretary

The term Secretary means the Secretary of the Interior. (3)

State

The term State means the State of New Mexico.

3.

Reclamation water settlements fund

(a)

Establishment

There is established in the Treasury of the United States a fund, to be known as the Reclamation Water Settlements Fund, consisting of— (1)such amounts as are deposited to the Fund under subsection (b); and (2)any interest earned on investment of amounts in the Fund under subsection (d). (b)

Deposits to Fund

(1)

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). (2)

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). (c)

Use

(1)

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— (A)water supply infrastructure; or (B)a project to rehabilitate a water delivery system to conserve water. (2)

Priority

(A)

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. (B)

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— (i)sufficient amounts are available in the Fund to carry out activities relating to more than one Indian water rights settlement simultaneously; and (ii)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. (d)

Investment of Amounts

(1)

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. (2)

Interest-bearing obligations

Investments may be made only in interest-bearing obligations of the United States. (3)

Acquisition of obligations

For the purpose of investments under paragraph (1), obligations may be acquired— (A)on original issue at the issue price; or (B)by purchase of outstanding obligations at the market price. (4)

Sale of obligations

Any obligation acquired by the Fund may be sold by the Secretary of the Treasury at the market price. (5)

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. (e)

Transfers of Amounts

The amounts required to be transferred to the Fund under this section shall be transferred at least annually.