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[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 1484 Considered and Passed Senate (CPS)]

109th CONGRESS
  1st Session
                                S. 1484

    To amend the Fallon Paiute Shoshone Indian Tribes Water Rights 
                        Settlement Act of 1990.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                             July 26, 2005

 Mr. Reid (for himself and Mr. Dorgan) introduced the following bill; 
   which was read twice, considered, read the third time, and passed

_______________________________________________________________________

                                 A BILL

 
    To amend the Fallon Paiute Shoshone Indian Tribes Water Rights 
                        Settlement Act of 1990.

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

SECTION 1. FALLON PAIUTE SHOSHONE TRIBES SETTLEMENT.

    (a) Settlement Fund.--Section 102 of the Fallon Paiute Shoshone 
Indian Tribes Water Rights Settlement Act of 1990 (Public Law 101-618; 
104 Stat. 3289) is amended--
            (1) in subsection (C)--
                    (A) in paragraph (1)--
                            (i) by striking the matter preceding 
                        subparagraph (a) and inserting the following: 
                        ``Notwithstanding any conflicting provision in 
                        the original Fund plan during Fund fiscal year 
                        2006 or any subsequent Fund fiscal year, 6 
                        percent of the average quarterly market value 
                        of the Fund during the immediately preceding 3 
                        Fund fiscal years (referred to in this title as 
                        the `Annual 6 percent Amount'), plus any 
                        unexpended and unobligated portion of the 
                        Annual 6 percent Amount from any of the 3 
                        immediately preceding Fund fiscal years that 
                        are subsequent to Fund fiscal year 2005, less 
                        any negative income that may accrue on that 
                        portion, may be expended or obligated only for 
                        the following purposes:''; and
                            (ii) by adding at the end the following:
            ``(g) Fees and expenses incurred in connection with the 
        investment of the Fund, for investment management, investment 
        consulting, custodianship, and other transactional services or 
        matters.''; and
                    (B) by striking paragraph (4) and inserting the 
                following:
    ``(4) No monies from the Fund other than the amounts authorized 
under paragraphs (1) and (3) may be expended or obligated for any 
purpose.
    ``(5) Notwithstanding any conflicting provision in the original 
Fund plan, during Fund fiscal year 2006 and during each subsequent Fund 
fiscal year, not more than 20 percent of the Annual 6 percent Amount 
for the Fund fiscal year (referred to in this title as the `Annual 1.2 
percent Amount') may be expended or obligated under paragraph (1)(c) 
for per capita distributions to tribal members, except that during each 
Fund fiscal year subsequent to Fund fiscal year 2006, any unexpended 
and unobligated portion of the Annual 1.2 percent Amount from any of 
the 3 immediately preceding Fund fiscal years that are subsequent to 
Fund fiscal year 2005, less any negative income that may accrue on that 
portion, may also be expended or obligated for such per capita 
payments.''; and
            (2) in subsection (D), by adding at the end the following: 
        ``Notwithstanding any conflicting provision in the original 
        Fund plan, the Fallon Business Council, in consultation with 
        the Secretary, shall promptly amend the original Fund plan for 
        purposes of conforming the Fund plan to this title and making 
        nonsubstantive updates, improvements, or corrections to the 
        original Fund plan.''.
    (b) Definitions.--Section 107 of the Fallon Paiute Shoshone Indian 
Tribes Water Rights Settlement Act of 1990 (Public Law 101-618; 104 
Stat. 3293) is amended--
            (1) by redesignating subsections (D), (E), (F), and (G) as 
        subsections (F), (G), (H), and (I), respectively; and
            (2) by striking subsections (B) and (C) and inserting the 
        following:
            ``(B) the term `Fund fiscal year' means a fiscal year of 
        the Fund (as defined in the Fund plan);
            ``(C) the term `Fund plan' means the plan established under 
        section 102(F), including the original Fund plan (the `Plan for 
        Investment, Management, Administration and Expenditure dated 
        December 20, 1991') and all amendments of the Fund plan under 
        subsection (D) or (F)(1) of section 102;
            ``(D) the term `income' means the total net return from the 
        investment of the Fund, consisting of all interest, dividends, 
        realized and unrealized gains and losses, and other earnings, 
        less all related fees and expenses incurred for investment 
        management, investment consulting, custodianship and 
        transactional services or matters;
            ``(E) the term `principal' means the total amount 
        appropriated to the Fallon Paiute Shoshone Tribal Settlement 
        Fund under section 102(B);''.
                                 <all>
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