Sec. 2. Exchange of coal preference right lease applications
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/bill/114/s/2681/is/section-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In this section: The term bidding right means an appropriate legal instrument or other written documentation, including an entry in an account managed by the Secretary, issued or created under subpart 3435 of title 43, Code of Federal Regulations, that may be used— in lieu of a monetary payment for a bonus bid for a coal lease sale under the Mineral Leasing Act ( 30 U.S.C. 181 et seq. ); or as a monetary credit against any rental or royalty payments due under any Federal coal lease.
The term Secretary means the Secretary of the Interior. The Secretary may retire any coal preference right lease application for which the Secretary has made an affirmative commercial quantities determination— by issuing bidding rights in exchange for relinquishment of the coal preference right lease application; and notwithstanding any other provision of law, by making a payment to the relevant State in an amount equal to 50 percent of the dollar amount of any bidding right subsequently used in lieu of any monetary payment of a bonus in a coal lease sale or of rental or royalty under a Federal coal lease.
The Secretary shall make payments under subsection
(b)from amounts that would otherwise be deposited in the Treasury as miscellaneous receipts under section 35(a) of the Mineral Leasing Act ( 30 U.S.C. 191(a) ). A payment to a State under this section shall be treated as a payment under section 35(a) of the Mineral Leasing Act ( 30 U.S.C. 191(a) ). A bidding right issued under this section shall be fully transferable to any other person. A person who transfers a bidding right shall notify the Secretary of the transfer by any method determined to be appropriate by the Secretary. A bidding right issued under this section shall terminate on the expiration of the 5-year period beginning on the date the bidding right is issued. The 5-year period described in subparagraph
(A)shall be tolled during any period in which exercise of the bidding right is precluded by temporary injunctive relief granted under, or administrative, legislative, or judicial suspension of, the Federal coal leasing program.
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