H.R. 747 (enr) 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. [Enrolled bill] ...

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106th CONGRESS

  1st Session

                               H. R. 747

_______________________________________________________________________

                                 AN ACT

   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.
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
106th CONGRESS
  1st Session
                                H. R. 747

_______________________________________________________________________

                                 AN ACT


 
   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.

    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 ``Arizona Statehood and Enabling Act 
Amendments of 1999''.

SEC. 2. PROTECTION OF TRUST FUNDS OF STATE OF ARIZONA.

    (a) In General.--Section 28 of the Act of June 20, 1910 (36 Stat. 
574, chapter 310) is amended in the first paragraph by adding at the 
end the following: ``The trust funds (including all interest, 
dividends, other income, and appreciation in the market value of assets 
of the funds) shall be prudently invested on a total rate of return 
basis. Distributions from the trust funds shall be made as provided in 
Article 10, Section 7 of the Constitution of the State of Arizona.''.
    (b) Conforming Amendments.--
            (1) Section 25 of the Act of June 20, 1910 (36 Stat. 573, 
        chapter 310), is amended in the proviso of the second paragraph 
        by striking ``the income therefrom only to be used'' and 
        inserting ``distributions from which shall be made in 
        accordance with the first paragraph of section 28 and shall be 
        used''.
            (2) Section 27 of the Act of June 20, 1910 (36 Stat. 574, 
        chapter 310), is amended by striking ``the interest of which 
        only shall be expended'' and inserting ``distributions from 
        which shall be made in accordance with the first paragraph of 
        section 28 and shall be expended''.

SEC. 3. USE OF MINERS' HOSPITAL ENDOWMENT FUND FOR ARIZONA PIONEERS' 
              HOME.

    (a) In General.--Section 28 of the Act of June 20, 1910 (36 Stat. 
574, chapter 310) is amended in the second paragraph by inserting 
before the period at the end the following: ``, except that amounts in 
the Miners' Hospital Endowment Fund may be used for the benefit of the 
Arizona Pioneers' Home''.
    (b) Effective Date.--The amendment made by subsection (a) shall be 
deemed to have taken effect on June 20, 1910.

SEC. 4. CONSENT OF CONGRESS TO AMENDMENTS TO CONSTITUTION OF STATE OF 
              ARIZONA.

    Congress consents to the amendments to the Constitution of the 
State of Arizona proposed by Senate Concurrent Resolution 1007 of the 
43rd Legislature of the State of Arizona, Second Regulator Session, 
1998, entitled ``Senate Concurrent Resolution requesting the Secretary 
of State to return Senate Concurrent Resolution 1018, Forty-Third 
Legislature, First Regular Session, to the Legislature and submit the 
Proposition contained in Sections 3, 4, and 5 of this Resolution of the 
proposed amendments to Article IX, Section 7, Article X, Section 7, and 
Article XI, Section 8, Constitution of Arizona, to the voters; relating 
to investment of State monies'', approved by the voters of the State of 
Arizona on November 3, 1998.

            Passed the House of Representatives August 2, 1999.

            Attest:

                                                                 Clerk.

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