I

106TH CONGRESS

1ST SESSION H. R. 747

To protect the permanent trust funds of the State of Arizona from erosion

due to inflation and modify the basis on which distributions are made

from those funds.

IN THE HOUSE OF REPRESENTATIVES

FEBRUARY 11, 1999

Mr. STUMP (for himself, Mr. KOLBE, Mr. PASTOR, Mr. HAYWORTH, Mr.

SALMON, and Mr. SHADEGG) introduced the following bill; which was referred to the Committee on Resources

A BILL

To protect the permanent trust funds of the State of Arizona

from erosion due to inflation and modify the basis on

which distributions are made from those funds.

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

3 SECTION 1. SHORT TITLE.

4 This Act may be cited as the ‘‘Arizona Statehood and

5 Enabling Act Amendments of 1999’’.

6 SEC. 2. PROTECTION OF TRUST FUNDS OF STATE OF ARI7 ZONA.

8 (a) IN GENERAL.—Section 28 of the Act of June 20,

9 1910 (36 Stat. 574, chapter 310)) is amended in the first
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1 paragraph by adding at the end the following: ‘‘The trust

2 funds (including all interest, dividends, other income, and

3 appreciation in the market value of assets of the funds)

4 shall be prudently invested on a total rate of return basis.

5 Distributions from the trust funds shall be made as pro6 vided in Article 10, Section 7 of the Constitution of the

7 State of Arizona.’’.

8 (b) CONFORMING AMENDMENTS.—

9 (1) Section 25 of the Act of June 20, 1910 (36

10 Stat. 573, chapter 310), is amended in the proviso

11 of the second paragraph by striking ‘‘the income

12 therefrom only to be used’’ and inserting ‘‘distribu13 tions from which shall be made in accordance with

14 the first paragraph of section 28 and shall be used’’.

15 (2) Section 27 of the Act of June 20, 1910 (36

16 Stat. 574, chapter 310), is amended by striking ‘‘the

17 interest of which only shall be expended’’ and insert18 ing ‘‘distributions from which shall be made in ac19 cordance with the first paragraph of section 28 and

20 shall be expended’’.

21 SEC. 3. USE OF MINERS’ HOSPITAL ENDOWMENT FUND FOR

22 ARIZONA PIONEERS’ HOME.

23 (a) IN GENERAL.—Section 28 of the Act of June 20,

24 1910 (36 Stat. 574, chapter 310)) is amended in the sec25 ond paragraph by inserting before the period at the end
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1 the following: ‘‘, except that amounts in the Miners’ Hos2 pital Endowment Fund may be used for the benefit of the

3 Arizona Pioneers’ Home’’.

4 (b) EFFECTIVE DATE.—The amendment made by

5 subsection (a) shall be deemed to have taken effect on

6 June 20, 1910.

7 SEC. 4. CONSENT OF CONGRESS TO AMENDMENTS TO CON8 STITUTION OF STATE OF ARIZONA.

9 Congress consents to the amendments to the Con10 stitution of the State of Arizona proposed by Senate Con11 current Resolution 1007 of the 43rd Legislature of the

12 State of Arizona, Second Regulator Session, 1998, entitled

13 ‘‘Senate Concurrent Resolution requesting the Secretary

14 of State to return Senate Concurrent Resolution 1018,

15 Forty-Third Legislature, First Regular Session, to the

16 Legislature and submit the Proposition contained in Sec17 tions 3, 4, and 5 of this Resolution of the proposed amend18 ments to Article IX, Section 7, Article X, Section 7, and

19 Article XI, Section 8, Constitution of Arizona, to the vot20 ers; relating to investment of State monies’’, approved by

21 the voters of the State of Arizona on November 3, 1998.

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