Indian water rights settlements; approval of settlements;

reports. A. Upon congressional authorization of funding of the federal government's portion of the costs of an Indian water rights settlement, the state engineer shall notify the legislature of the amount of the state's portion of the costs necessary to implement the settlement. Upon joint resolution of the legislature, the interstate stream commission may expend money in the Indian water rights settlement fund to implement the terms of the approved settlement. B. On or before November 15 of each year, the state engineer and the interstate stream commission shall report to the appropriate legislative interim committee dealing with Indian affairs and to the legislative finance committee on: (1) the status of proposed Indian water rights settlements requiring state financing; (2) the distribution of funds from the Indian water rights settlement fund to implement approved settlements; and (3) recommendations on the level of funding for the Indian water rights settlement fund necessary to timely implement Indian water rights settlements. C. As used in Sections 1 and 2 of this act: (1) "Indian water rights settlement" means an agreement between the state and a tribe, but not exclusive of any other party as appropriate, that resolves all of the tribe's water rights claims and that has been approved by the United States congress; and (2) "tribe" means a federally recognized Indian nation, tribe or pueblo.