The Valles Caldera Preservation Act of 2000 signed by President Bill Clinton on July 25, 2000, created Valles Caldera National Preserve. The legislation provided for the federal purchase of the land, previously the privately-held Baca Ranch. The surface estate of and seven-eighths of the geothermal mineral estate were purchased by the federal government for $101 million. Funds for the purchase were obtained through the Land and Water Conservation Fund (LWCF) from federal government royalties received from offshore petroleum and natural gas drilling. Some areas of the Baca Ranch are of cultural significance to Native Americans. Accordingly, of the purchase were obtained by the Pueblo of Santa Clara, which borders the property to the northeast. These include the headwaters of Santa Clara Creek, considered sacred by the Pueblo. On the southwest corner of the land were to be ceded to Bandelier National Monument.