109TH CONGRESS

2D SESSION S. 3501

AN ACT

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,
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S 3501 ES

1 SECTION 1. ACQUISITION FUND.

2 Section 10 of the Shivwits Band of the Paiute Indian

3 Tribe of Utah Water Rights Settlement Act (Public Law

4 106–263; 114 Stat. 743) is amended—

5 (1) in subsection (f), by striking the second sen6 tence; and

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

8 ‘‘(g) ACQUISITION FUND.—

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

10 the Treasury of the United States a fund to be

11 known as the ‘Santa Clara Water Rights and Habi12 tat Acquisition Fund’ (referred to in this section as

13 the ‘Acquisition Fund’), consisting of—

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

15 the Acquisition Fund under paragraph (2); and

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

17 amounts in the Acquisition Fund under para18 graph (4).

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

20 There are transferred to the Acquisition Fund any

21 funds made available, but not expended, under sub22 section (f).

23 ‘‘(3) EXPENDITURES FROM ACQUISITION

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

25 of the Treasury shall transfer from the Acquisition

26 Fund to the Secretary such amounts as the Sec-
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S 3501 ES

1 retary determines to be necessary to carry out this

2 section.

3 ‘‘(4) INVESTMENT OF AMOUNTS.—

4 ‘‘(A) IN GENERAL.—On request by the

5 Secretary, the Secretary of the Treasury shall

6 invest such portion of the Acquisition Fund as

7 is not, in the judgment of the Secretary, re8 quired to meet current withdrawals.

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

10 made only in public debt securities with matu11 rities suitable to the needs of the Acquisition

12 Fund, as determined by the Secretary, that

13 bear interest at a rate determined by the Sec14 retary of the Treasury, taking into consider15 ation current market yields on outstanding

16 marketable obligations of the United States of

17 comparable maturity.

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

19 the purpose of investments under subparagraph

20 (A), obligations may be acquired—

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

22 price; or

23 ‘‘(ii) by purchase of outstanding obli24 gations at the market price.
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1 ‘‘(D) SALE OF OBLIGATIONS.—Any obliga2 tion acquired by the Acquisition Fund may be

3 sold by the Secretary of the Treasury at the

4 market price.

5 ‘‘(E) CREDITS TO ACQUISITION FUND.—

6 The income on, and the proceeds from the sale

7 or redemption of, any obligations held in the

8 Acquisition Fund shall be credited to, and form

9 a part of, the Acquisition Fund.

10 ‘‘(5) TRANSFERS OF AMOUNTS.—

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

12 to be transferred to the Acquisition Fund under

13 this subsection shall be transferred at least

14 monthly from the general fund of the Treasury

15 to the Acquisition Fund on the basis of esti16 mates made by the Secretary of the Treasury.

17 ‘‘(B) ADJUSTMENTS.—Proper adjustment

18 shall be made in amounts subsequently trans19 ferred to the extent prior estimates were in ex20 cess of or less than the amounts required to be

21 transferred.

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

23 (including the principal of the Acquisition Fund and
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1 any interest generated on that principal) shall be

2 managed in accordance with this section.’’.

Passed the Senate November 13, 2006.

Attest:

Secretary.
109TH CONGRESS

2D SESSION S. 3501

AN ACT

To amend the Shivwits Band of the Paiute Indian

and habitat acquisition program.establish an acquisition fund for the water rightsTribe of Utah Water Rights Settlement Act to