A view of Pyramid Lake in Nevada. Photo from Pyramid Lake Paiute Tribe

President Barack Obama signed H.R.3716, the Pyramid Lake Paiute Tribe - Fish Springs Ranch Settlement Act into law on Friday.

The law ratifies a settlement between the Pyramid Lake Paiute Tribe and a private company in Nevada. The tribe will receive $3.6 million and several hundred acres of land in exchange for dropping its water rights claims.

"This law allows an important tribal water settlement in Nevada to move forward," Sen. Harry Reid (D-Nevada), the Senate majority leader, said in a press release. "This legislation recognizes the time and effort that the Tribe and Fish Springs Ranch have dedicated to finding a solution to this dispute."

The House passed the law by a voice vote on July 22. The Senate passed it by unanimous consent on September 18.

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