II 

109TH CONGRESS 

2D SESSION S. 3501 

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. 

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 

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 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. ACQUISITION FUND. 

4 Section 10 of the Shivwits Band of the Paiute Indian 

5 Tribe of Utah Water Rights Settlement Act (Public Law 

6 106–263; 114 Stat. 743) is amended— 

7 (1) in subsection (f), by striking the second sen8 tence; and 


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1 (2) by adding at the end the following: 

2 ‘‘(g) ACQUISITION FUND.— 

3 ‘‘(1) ESTABLISHMENT.—There is established in 

4 the Treasury of the United States a fund to be 

5 known as the ‘Santa Clara Water Rights and Habi6 tat Acquisition Fund’ (referred to in this section as 

7 the ‘Acquisition Fund’), consisting of— 

8 ‘‘(A) such amounts as are appropriated to 

9 the Acquisition Fund under paragraph (2); and 

10 ‘‘(B) any income earned on investment of 

11 amounts in the Acquisition Fund under para12 graph (4). 

13 ‘‘(2) TRANSFERS TO ACQUISITION FUND.— 

14 There are appropriated to the Acquisition Fund 

15 amounts equivalent to amounts made available 

16 under subsection (f). 

17 ‘‘(3) EXPENDITURES FROM ACQUISITION

18 FUND.—On request by the Secretary, the Secretary 

19 of the Treasury shall transfer from the Acquisition 

20 Fund to the Secretary such amounts as the Sec21 retary determines to be necessary to carry out this 

22 section. 

23 ‘‘(4) INVESTMENT OF AMOUNTS.— 

24 ‘‘(A) IN GENERAL.—On request by the 

25 Secretary, the Secretary of the Treasury shall 


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1 invest such portion of the Acquisition Fund as 

2 is not, in the judgment of the Secretary, re3 quired to meet current withdrawals. 

4 ‘‘(B) OBLIGATIONS.—Investments may be 

5 made only in public debt securities with matu6 rities suitable to the needs of the Acquisition 

7 Fund, as determined by the Secretary, that 

8 bear interest at a rate determined by the Sec9 retary of the Treasury, taking into consider10 ation current market yields on outstanding 

11 marketable obligations of the United States of 

12 comparable maturity. 

13 ‘‘(C) ACQUISITION OF OBLIGATIONS.—For 

14 the purpose of investments under subparagraph 

15 (A), obligations may be acquired— 

16 ‘‘(i) on original issue at the issue 

17 price; or 

18 ‘‘(ii) by purchase of outstanding obli19 gations at the market price. 

20 ‘‘(D) SALE OF OBLIGATIONS.—Any obliga21 tion acquired by the Acquisition Fund may be 

22 sold by the Secretary of the Treasury at the 

23 market price. 

24 ‘‘(E) CREDITS TO ACQUISITION FUND.— 

25 The income on, and the proceeds from the sale 


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1 or redemption of, any obligations held in the 

2 Acquisition Fund shall be credited to, and form 

3 a part of, the Acquisition Fund. 

4 ‘‘(5) TRANSFERS OF AMOUNTS.— 

5 ‘‘(A) IN GENERAL.—The amounts required 

6 to be transferred to the Acquisition Fund under 

7 this subsection shall be transferred at least 

8 monthly from the general fund of the Treasury 

9 to the Acquisition Fund on the basis of esti10 mates made by the Secretary of the Treasury. 

11 ‘‘(B) ADJUSTMENTS.—Proper adjustment 

12 shall be made in amounts subsequently trans13 ferred to the extent prior estimates were in ex14 cess of or less than the amounts required to be 

15 transferred. 

16 ‘‘(6) MANAGEMENT.—The Acquisition Fund 

17 (including the principal of the Acquisition Fund and 

18 any interest generated on that principal) shall be 

19 managed in accordance with this section.’’. 

Æ 


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