[Congressional Record Volume 152, Number 75 (Tuesday, June 13, 2006)]
[Senate]
[Pages S5794-S5795]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. McCAIN:
  S. 3501. 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; to the Committee 
on Indian Affairs.
  Mr. McCAIN. Mr. President, today I am introducing legislation to 
amend the Shivwits Band of Paiute Indian Tribe of Utah Water Rights 
Settlement Act 2000 in order to bring that settlement to an orderly 
conclusion. That act ratified a negotiated settlement of the Shivwits 
Band of Paiute Indian Tribe's water entitlement to flow from the Santa 
Clara River in Utah. The Department of the Interior requested the 
amendment and provided technical assistance in crafting the 
legislation.
  As part of section 10, Water Rights Settlement, of the Shivwits 
Settlement Act a water rights and habitat acquisition program was 
authorized. Congress authorized $3.0 million to be appropriated to 
implement section 10. However, when the Department of the Interior 
attempted to implement the provision in section 10, which was intended 
to maintain the $3.0 million in an interest bearing account, the 
Treasury Department advised that the language in section 10 was 
insufficient for this purpose. The Treasury Department and Department 
of the Interior developed technical correction language to address this 
deficiency in the settlement act by amending the statutory language for 
the establishment of the acquisition fund and investment of the 
acquisition fund.
  The bill I am introducing today will allow the Shivwits Band water 
rights and habitat acquisition program authorized under section 10 of 
the settlement act to move forward. This legislation is supported by 
the Department of the Interior and will fully implement the Shivwits 
Band of Paiute Indian Tribe of Utah Water Settlement Act of 2000. I 
urge my colleagues to support this legislation.

[[Page S5795]]

  I ask unanimous consent that the text of the bill be printed in the 
Record.
  There being no objection, the text of the bill was ordered to be 
printed in the Record, as follows:

                                S. 3501

       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 
     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.''.
                                 ______