II

106TH CONGRESS

1ST SESSION S. 415

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

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) (as amended by section
2

•S 415 IS

1 2 of Public Law 85–180 (71 Stat. 457)) is amended in

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

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

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

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

6 return basis. Distributions from the trust funds shall be

7 made as provided in Article 10, Section 7 of the Constitu8 tion of the State of Arizona.’’.

9 (b) CONFORMING AMENDMENTS.—

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

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

12 of the second paragraph by striking ‘‘the income

13 therefrom only to be used’’ and inserting ‘‘distribu14 tions from which shall be made in accordance with

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

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

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

18 interest of which only shall be expended’’ and insert19 ing ‘‘distributions from which shall be made in ac20 cordance with the first paragraph of section 28 and

21 shall be expended’’.

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

23 ARIZONA PIONEERS’ HOME.

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

25 1910 (36 Stat. 574, chapter 310) (as amended by section
3

•S 415 IS

1 2 of Public Law 85–180 (71 Stat. 457)) is amended in

2 the second paragraph by inserting before the period at the

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

4 Hospital Endowment Fund may be used for the benefit

5 of the Arizona Pioneers’ Home’’.

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

7 subsection (a) takes effect on June 20, 1910.

8 SEC. 4. CONSENT OF CONGRESS TO AMENDMENTS TO CON9 STITUTION OF STATE OF ARIZONA.

10 Congress consents to the amendments to the Con11 stitution of the State of Arizona proposed by Senate Con12 current Resolution 1007 of the 43rd Legislature of the

13 State of Arizona, Second Regular Session, 1998, entitled

14 ‘‘Senate Concurrent Resolution requesting the Secretary

15 of State to return Senate Concurrent Resolution 1018,

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

17 Legislature and submit the Proposition contained in Sec18 tions 3, 4, and 5 of this Resolution of the proposed amend19 ments to Article IX, Section 7, Article X, Section 7, and

20 Article XI, Section 8, Constitution of Arizona, to the vot21 ers; relating to investment of State monies’’, approved by

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

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