Sec. 5. Equalization of the exchange
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/bill/118/s/1405/is/section-5·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Not later than 18 months after the date of execution of the exchange under section 4, the total value of the land exchanged shall be determined by an appraisal in accordance with paragraph
(5)of the Agreement, that shall— be based on land and mineral values determined as of the date of enactment of this Act; be conducted in accordance with section 206(d) of the Federal Land Policy and Management Act of 1976 ( 43 U.S.C. 1716(d) ); and use nationally recognized appraisal standards, including— the Uniform Appraisal Standards for Federal Land Acquisitions; and the Uniform Standards of Professional Appraisal Practice. The appraisals conducted under paragraph
(1)may take into account mineral and technical reports provided by the Secretary and the Administration in the evaluation of mineral deposits in the land and interests in land exchanged under the Agreement. The appraisal of any parcel of Federal land or interest in Federal land that is encumbered by a mining claim, mill site, or tunnel site located under the mining laws shall be conducted in accordance with standard appraisal practices, including, as appropriate, the Uniform Appraisal Standards for Federal Land Acquisition. Nothing in this paragraph requires the United States to conduct a mineral examination for any mining claim on the Federal land or interest in Federal land conveyed under the Agreement. If value is attributed to any parcel of Federal land or interest in Federal land through an appraisal under paragraph
(1)based on the presence of minerals subject to leasing under the Mineral Leasing Act ( 30 U.S.C. 181 et seq. ), the value of the parcel or interest in Federal land (as otherwise established under this subsection) shall be reduced by the percentage of the applicable Federal revenue sharing obligation under section 35(a) of the Mineral Leasing Act ( 30 U.S.C. 191(a) ). Any adjustment under subparagraph
(A)shall not be considered to be a property right of the State. An appraisal conducted under paragraph
(1)shall— be submitted to the Secretary and the Administration for approval; and remain valid for 3 years after the date on which the appraisal is approved by the Secretary and the Administration under subparagraph (A). If, by the date that is 90 days after the date of submission of an appraisal for review and approval under paragraph (4)(A), the Secretary and the Administration do not agree to accept the findings of the appraisal with respect to any parcel of land or interest in land to be exchanged, the dispute shall be resolved in accordance with section 206(d)(2) of the Federal Land Policy and Management Act of 1976 ( 43 U.S.C. 1716(d)(2) ). If the total value of the State land described in paragraph
(2)of the Agreement and the total value of the Federal land and interests in Federal land described in paragraph
(3)of the Agreement, as determined under subsection (a), are not equal— the value shall be equalized in accordance with paragraph
(5)of the Agreement; and the conveyance of equalization parcels, in accordance with paragraph
(5)of the Agreement, shall occur not later than 45 days after the date of the identification of the appraised equalization parcels or portions of parcels to be conveyed to ensure that the exchange is of equal value.
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