Sec. 759. BUCKEYE 940 RELEASE OF DEED RESTRICTIONS

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## SEC. 759 BUCKEYE 940 RELEASE OF DEED RESTRICTIONS ###

(a)Purpose The purpose of this section is to authorize the Secretary to issue a Deed of Release from all terms, conditions, reservations, restrictions, and obligations contained in the Quitclaim Deed and to permit the State of Arizona to deposit all proceeds of the disposition of Buckeye 940 in the appropriate fund for the benefit of the beneficiaries of the Arizona State Land Trust. ###

(b)Release of Any and All Interest in Buckeye 940 ####

(1)In general Notwithstanding any other provision of law, the United States, acting through the Secretary, shall issue to the State of Arizona a Deed of Release to release all terms, conditions, reservations, restrictions, and obligations contained in the Quitclaim Deed, including any and all reversionary interest of the United States in Buckeye 940. ####

(2)Terms and conditions The Deed of Release described in paragraph

(1)shall be subject to such additional terms and conditions, consistent with such paragraph, as the Secretary considers appropriate to protect the interests of the United States. ####

(3)No restriction on use of proceeds Notwithstanding any other provision of law, the State of Arizona may dispose of Buckeye 940 and any proceeds thereof, including proceeds already collected by the State and held in a suspense account, without regard to any restriction imposed by the Quitclaim Deed or by section 155.7 of title 14, Code of Federal Regulations. ####

(4)Mineral reservation The Deed of Release described in paragraph

(1)shall include the release of all interests of the United States to the mineral rights on Buckeye 940 included in the Quitclaim Deed. ###

(c)Definitions In this section: ####

(1)Buckeye 940 The term “Buckeye 940” means all of section 12, T.1 N., R.3 W. and all of adjoining fractional section 7, T.1 N., R.2 W., Gila and Salt River Meridian, Arizona, which property was the subject of the Quitclaim Deed between the United States and the State of Arizona, dated July 11, 1949, and which is currently owned by the State of Arizona and held in trust for the beneficiaries of the Arizona State Land Trust. ####

(2)Quitclaim deed The term “Quitclaim Deed” means the Quitclaim Deed between the United States and the State of Arizona, dated July 11, 1949.