106TH CONGRESS

1ST SESSION H. R. 747

AN ACT

To protect the permanent trust funds of the State

from those funds.modify the basis on which distributions are madeof Arizona from erosion due to inflation and
106TH CONGRESS

1ST SESSION H. R. 747

AN ACT

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,
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1 SECTION 1. SHORT TITLE.

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

3 Enabling Act Amendments of 1999’’.

4 SEC. 2. PROTECTION OF TRUST FUNDS OF STATE OF ARI5 ZONA.

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

7 1910 (36 Stat. 574, chapter 310) is amended in the first

8 paragraph by adding at the end the following: ‘‘The trust

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

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

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

12 Distributions from the trust funds shall be made as pro13 vided in Article 10, Section 7 of the Constitution of the

14 State of Arizona.’’.

15 (b) CONFORMING AMENDMENTS.—

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

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

18 of the second paragraph by striking ‘‘the income

19 therefrom only to be used’’ and inserting ‘‘distribu20 tions from which shall be made in accordance with

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

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

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

24 interest of which only shall be expended’’ and insert25 ing ‘‘distributions from which shall be made in ac-
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1 cordance with the first paragraph of section 28 and

2 shall be expended’’.

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

4 ARIZONA PIONEERS’ HOME.

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

6 1910 (36 Stat. 574, chapter 310) is amended in the sec7 ond paragraph by inserting before the period at the end

8 the following: ‘‘, except that amounts in the Miners’ Hos9 pital Endowment Fund may be used for the benefit of the

10 Arizona Pioneers’ Home’’.

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

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

13 June 20, 1910.

14 SEC. 4. CONSENT OF CONGRESS TO AMENDMENTS TO CON15 STITUTION OF STATE OF ARIZONA.

16 Congress consents to the amendments to the Con17 stitution of the State of Arizona proposed by Senate Con18 current Resolution 1007 of the 43rd Legislature of the

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

20 ‘‘Senate Concurrent Resolution requesting the Secretary

21 of State to return Senate Concurrent Resolution 1018,

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

23 Legislature and submit the Proposition contained in Sec24 tions 3, 4, and 5 of this Resolution of the proposed amend25 ments to Article IX, Section 7, Article X, Section 7, and
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1 Article XI, Section 8, Constitution of Arizona, to the vot2 ers; relating to investment of State monies’’, approved by

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

Passed the House of Representatives August 2,

1999.

Attest:

Clerk.