109TH CONGRESS

1ST SESSION S. 1484

AN ACT

To amend the Fallon Paiute Shoshone Indian Tribes Water

Rights Settlement Act of 1990.

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 1484 ES

1 SECTION 1. FALLON PAIUTE SHOSHONE TRIBES SETTLE2 MENT.

3 (a) SETTLEMENT FUND.—Section 102 of the Fallon

4 Paiute Shoshone Indian Tribes Water Rights Settlement

5 Act of 1990 (Public Law 101–618; 104 Stat. 3289) is

6 amended—

7 (1) in subsection (C)—

8 (A) in paragraph (1)—

9 (i) by striking the matter preceding

10 subparagraph (a) and inserting the fol11 lowing: ‘‘Notwithstanding any conflicting

12 provision in the original Fund plan during

13 Fund fiscal year 2006 or any subsequent

14 Fund fiscal year, 6 percent of the average

15 quarterly market value of the Fund during

16 the immediately preceding 3 Fund fiscal

17 years (referred to in this title as the ‘An18 nual 6 percent Amount’), plus any unex19 pended and unobligated portion of the An20 nual 6 percent Amount from any of the 3

21 immediately preceding Fund fiscal years

22 that are subsequent to Fund fiscal year

23 2005, less any negative income that may

24 accrue on that portion, may be expended

25 or obligated only for the following pur26 poses:’’; and
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S 1484 ES

1 (ii) by adding at the end the fol2 lowing:

3 ‘‘(g) Fees and expenses incurred in connection

4 with the investment of the Fund, for investment

5 management, investment consulting, custodianship,

6 and other transactional services or matters.’’; and

7 (B) by striking paragraph (4) and insert8 ing the following:

9 ‘‘(4) No monies from the Fund other than the

10 amounts authorized under paragraphs (1) and (3) may be

11 expended or obligated for any purpose.

12 ‘‘(5) Notwithstanding any conflicting provision in the

13 original Fund plan, during Fund fiscal year 2006 and dur14 ing each subsequent Fund fiscal year, not more than 20

15 percent of the Annual 6 percent Amount for the Fund fis16 cal year (referred to in this title as the ‘Annual 1.2 percent

17 Amount’) may be expended or obligated under paragraph

18 (1)(c) for per capita distributions to tribal members, ex19 cept that during each Fund fiscal year subsequent to

20 Fund fiscal year 2006, any unexpended and unobligated

21 portion of the Annual 1.2 percent Amount from any of

22 the 3 immediately preceding Fund fiscal years that are

23 subsequent to Fund fiscal year 2005, less any negative

24 income that may accrue on that portion, may also be ex25 pended or obligated for such per capita payments.’’; and
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1 (2) in subsection (D), by adding at the end the

2 following: ‘‘Notwithstanding any conflicting provi3 sion in the original Fund plan, the Fallon Business

4 Council, in consultation with the Secretary, shall

5 promptly amend the original Fund plan for purposes

6 of conforming the Fund plan to this title and mak7 ing nonsubstantive updates, improvements, or cor8 rections to the original Fund plan.’’.

9 (b) DEFINITIONS.—Section 107 of the Fallon Paiute

10 Shoshone Indian Tribes Water Rights Settlement Act of

11 1990 (Public Law 101–618; 104 Stat. 3293) is

12 amended—

13 (1) by redesignating subsections (D), (E), (F),

14 and (G) as subsections (F), (G), (H), and (I), re15 spectively; and

16 (2) by striking subsections (B) and (C) and in17 serting the following:

18 ‘‘(B) the term ‘Fund fiscal year’ means a fiscal

19 year of the Fund (as defined in the Fund plan);

20 ‘‘(C) the term ‘Fund plan’ means the plan es21 tablished under section 102(F), including the origi22 nal Fund plan (the ‘Plan for Investment, Manage23 ment, Administration and Expenditure dated De24 cember 20, 1991’) and all amendments of the Fund

25 plan under subsection (D) or (F)(1) of section 102;
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1 ‘‘(D) the term ‘income’ means the total net re2 turn from the investment of the Fund, consisting of

3 all interest, dividends, realized and unrealized gains

4 and losses, and other earnings, less all related fees

5 and expenses incurred for investment management,

6 investment consulting, custodianship and trans7 actional services or matters;

8 ‘‘(E) the term ‘principal’ means the total

9 amount appropriated to the Fallon Paiute Shoshone

10 Tribal Settlement Fund under section 102(B);’’.

Passed the Senate July 26, 2005.

Attest:

Secretary.
109TH CONGRESS

1ST SESSION S. 1484

AN ACT

Tribes Water Rights Settlement Act of 1990.

To amend the Fallon Paiute Shoshone Indian