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[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 1643 Introduced in Senate (IS)]

110th CONGRESS
  1st Session
                                S. 1643

  To establish the Reclamation Water Settlements Fund, and for other 
                               purposes.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                             June 18, 2007

 Mr. Domenici introduced the following bill; which was read twice and 
              referred to the Committee on Indian Affairs

_______________________________________________________________________

                                 A BILL

 
  To establish the Reclamation Water Settlements Fund, and for other 
                               purposes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Reclamation Water Settlements Fund 
Act of 2007''.

SEC. 2. DEFINITIONS.

    In this Act:
            (1) Fund.--The term ``Fund'' means the Reclamation Water 
        Settlements Fund established by section 3(a).
            (2) Secretary.--The term ``Secretary'' means the Secretary 
        of the Interior.
            (3) State.--The term ``State'' means the State of New 
        Mexico.

SEC. 3. RECLAMATION WATER SETTLEMENTS FUND.

    (a) Establishment.--There is established in the Treasury of the 
United States a fund, to be known as the ``Reclamation Water 
Settlements Fund'', consisting of--
            (1) such amounts as are deposited to the Fund under 
        subsection (b); and
            (2) any interest earned on investment of amounts in the 
        Fund under subsection (d).
    (b) Deposits to Fund.--
            (1) In general.--For each of the 10 years after the date of 
        enactment of this Act, the Secretary of the Treasury shall 
        deposit in the Fund an amount equal to 30 percent of the 
        revenues generated within the external boundaries of the State 
        of New Mexico that would otherwise be deposited for the fiscal 
        year in the fund established by the first section of the Act of 
        June 17, 1902 (32 Stat. 388, chapter 1093).
            (2) Availability of amounts.--On deposit, the amounts in 
        the Fund under subsection (a)(1), and on accrual, any interest 
        earned under subsection (d), shall be available annually, 
        without further appropriation, to carry out subsection (c).
    (c) Use.--
            (1) In general.--On request of the Secretary, the Secretary 
        of the Treasury shall transfer to the Secretary such amounts in 
        the Fund as are necessary to fund any activities of the Bureau 
        of Reclamation relating to Indian water rights settlements in 
        the State that are approved by Congress and are associated with 
        the planning, designing, or construction of--
                    (A) water supply infrastructure; or
                    (B) a project to rehabilitate a water delivery 
                system to conserve water.
            (2) Priority.--
                    (A) In general.--Except as provided in subparagraph 
                (B), amounts shall be transferred under paragraph (1) 
                in the order in which the Indian water rights 
                settlements are approved by Congress.
                    (B) Exception.--Amounts may be made simultaneously 
                available under paragraph (1) to fund activities 
                relating to multiple approved Indian water rights 
                settlements in the State if the Secretary determines 
                that--
                            (i) sufficient amounts are available in the 
                        Fund to carry out activities relating to more 
                        than one Indian water rights settlement 
                        simultaneously; and
                            (ii) deviation from the priority order 
                        required under subparagraph (A) would not 
                        adversely affect the timely completion of the 
                        activities that would otherwise have priority 
                        under that subparagraph.
    (d) Investment of Amounts.--
            (1) In general.--The Secretary of the Treasury shall invest 
        such portion of the Fund as is not, in the judgment of the 
        Secretary of the Treasury, required to meet current 
        withdrawals.
            (2) Interest-bearing obligations.--Investments may be made 
        only in interest-bearing obligations of the United States.
            (3) Acquisition of obligations.--For the purpose of 
        investments under paragraph (1), obligations may be acquired--
                    (A) on original issue at the issue price; or
                    (B) by purchase of outstanding obligations at the 
                market price.
            (4) Sale of obligations.--Any obligation acquired by the 
        Fund may be sold by the Secretary of the Treasury at the market 
        price.
            (5) Credits to fund.--The interest on, and the proceeds 
        from the sale or redemption of, any obligations held in the 
        Fund shall be credited to, and form a part of, the Fund.
    (e) Transfers of Amounts.--The amounts required to be transferred 
to the Fund under this section shall be transferred at least annually.
                                 <all>
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