II

Calendar No. 129

106TH CONGRESS

1ST SESSION S. 415

[Report No. 106–59]

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 SENATE OF THE UNITED STATES

FEBRUARY 11, 1999

Mr. KYL (for himself and Mr. MCCAIN) introduced the following bill; which

was read twice and referred to the Committee on Energy and Natural

Resources

JUNE 2, 1999

Reported under authority of the order of the Senate of May 27, 1999, by Mr.

MURKOWSKI, without amendment

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,
2

S 415 RS

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) (as amended by section

8 2 of Public Law 85–180 (71 Stat. 457)) is amended in

9 the first paragraph by adding at the end the following:

10 ‘‘The trust funds (including all interest, dividends, other

11 income, and appreciation in the market value of assets of

12 the funds) shall be prudently invested on a total rate of

13 return basis. Distributions from the trust funds shall be

14 made as provided in Article 10, Section 7 of the Constitu15 tion of the State of Arizona.’’.

16 (b) CONFORMING AMENDMENTS.—

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

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

19 of the second paragraph by striking ‘‘the income

20 therefrom only to be used’’ and inserting ‘‘distribu21 tions from which shall be made in accordance with

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

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

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

25 interest of which only shall be expended’’ and insert26 ing ‘‘distributions from which shall be made in ac-
3

S 415 RS

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) (as amended by section

7 2 of Public Law 85–180 (71 Stat. 457)) is amended in

8 the second paragraph by inserting before the period at the

9 end the following: ‘‘, except that amounts in the Miners’

10 Hospital Endowment Fund may be used for the benefit

11 of the Arizona Pioneers’ Home’’.

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

13 subsection (a) takes effect on 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 Regular 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
4

S 415 RS

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.

Calendar No. 129

106TH CONGRESS

1ST SESSION S. 415

[Report No. 106–59]

A BILL

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

JUNE 2, 1999

Reported without amendment