A bill to amend the Fallon Paiute Shoshone Indian Tribes Water Rights Settlement Act of 1990.

(This measure has not been amended since it was introduced. The summary of that version is repeated here.)

Amends the Fallon Paiute Shoshone Indian Tribes Water Rights Settlement Act of 1990 to revise Settlement Fund requirements. Specifies a formula for determining the amount of Fund income that may be expended or obligated for certain purposes. Adds to such purposes any fees and expenses incurred in connection with the investment of the Fund, for investment management, investment consulting, custodianship, and other transactional services or matters.

Provides that no monies from the Fund other than certain amounts authorized may be expended or obligated for any purpose.

Authorizes the expenditure or obligation for per capita distributions to tribal members, in addition to certain already authorized Fund amounts, of any unexpended or unobligated portion of the Annual 1.2% Amount from any of the three immediately preceding Fund fiscal years subsequent to Fund FY 2005 (minus any accrued negative income).

Directs the Fallon Business Council to amend promptly the original Fund plan for purposes of conforming it to the Fallon Paiute Shoshone Tribal Settlement Act, and making certain nonsubstantive updates, improvements, or corrections.