Sec. 2. Exchange of coal preference right lease applications
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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 50 percent of 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 50 percent of any rental or royalty payments due under any Federal coal lease.
The term Secretary means the Secretary of the Interior. If the Secretary retires a coal preference right lease application under the Mineral Leasing Act ( 30 U.S.C. 181 et seq.) by issuing a bidding right in exchange for the relinquishment of the coal preference right lease application, the bidding right subsequently may be used in lieu of 50 percent of the amount owed for any monetary payment of— a bonus in a coal lease sale; or rental or royalty under a Federal coal lease. The Secretary shall calculate a payment of amounts owed to a relevant State under section 35(a) of the Mineral Leasing Act ( 30 U.S.C. 191(a) ) based on the combined value of the bidding rights and amounts received.
Except as provided in this subsection, for purposes of calculating the payment of amounts owed to a relevant State under subparagraph
(A)only, a bidding right shall be considered amounts received. The Secretary shall make payments to the relevant State under subsection
(b)from monetary payments received by the Secretary when bidding rights are exercised under this Act. 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 for a coal preference right lease application under the Mineral Leasing Act ( 30 U.S.C. 181 et seq.) 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 the Mineral Leasing Act ( 30 U.S.C. 181 et seq.) shall terminate on the expiration of the 7-year period beginning on the date the bidding right is issued. The 7-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. If an existing settlement of a coal preference right lease application has not been implemented as of the date of enactment of this Act, not later than 180 days after that date of enactment, the Secretary shall complete the bidding rights valuation process in accordance with the terms of the settlement.
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