[Congressional Record Volume 141, Number 166 (Wednesday, October 25, 1995)]
[Senate]
[Page S15686]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. INOUYE:
  S. 1361. A bill to provide for the repurchase of land acquired by the 
United States from Native American organizations, and for other 
purposes; to the Committee on Governmental Affairs.


                   Surplus Real Property Legislation

 Mr. INOUYE. Mr. President, I introduce a measure that would 
authorize the repurchase of surplus real property by native American 
trust organizations.
  This measure is unusual in that it not only serves the objective of 
restoring to such organizations--real property that was acquired by the 
United States should such property be deemed to be surplus to the need 
of the federal government--but also provides for the repurchase of the 
property at today's fair market value, which will enable the United 
States to recapture the original value of the property, as well as any 
associated appreciation in value which has accrued since the time of 
acquisition.
  Mr. President, this measure also authorizes the establishment of a 
trust fund in the United States Treasury, in which would be deposited 
that amount which represents the appreciated value of the reacquired 
property. For each property so repurchased by a Native American Trust 
Organization--the amount associated with the appreciated value of such 
property--would be added to the corpus of the trust. In turn, the 
income accruing on the investment of the trust corpus funds would be 
expended for the purposes of health and education authorized under 
existing federal law.
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