To release the reversionary interests retained by the United States in four deeds that conveyed certain lands to the State of Florida so as to permit the State to sell, exchange, or otherwise dispose of the lands, and to provide for the conveyance of certain mineral interests of the United States in the lands to the State of Florida.

Summary: Directs the Secretary of Agriculture to release U.S. reversionary interests in four deeds that conveyed certain lands within the Blackwater River and Withlacoochee State Forests in Florida.  Requires lands conveyed under the deeds to be used for public purposes. 
Authorizes the Secretary of the Interior to convey to the Board of Trustees of the Internal Improvement Trust Fund of the State of Florida all of the U.S. mineral interests in any real property for which a reversionary interest is released.

SECTION 1. RELEASE OF REVERSIONARY INTERESTS, BLACKWATER RIVER AND 
              WITHLACOOCHEE STATE FORESTS, FLORIDA.

    (a) Release.--The Secretary of Agriculture shall release the 
reversionary interests of the United States that were retained by the 
United States when the following parcels of real property were conveyed 
to the State of Florida:
            (1) The parcel of real property described in a deed dated 
        November 4, 1955, conveying certain lands in Santa Rosa County 
        to the State of Florida.
            (2) The parcel of real property described in a deed dated 
        April 11, 1957, conveying certain lands in Santa Rosa County to 
        the State of Florida.
            (3) The parcel of real property described in a deed dated 
        November 4, 1955, conveying certain lands in Okaloosa County to 
        the State of Florida.
            (4) The parcel of real property described in a deed dated 
        November 26, 1982, conveying certain lands in Citrus, Hernando, 
        Pasco, and Sumter Counties to the State of Florida.
The reversionary interest to be released under this section requires 
that the conveyed lands be used for public purposes and provides for a 
reversion of such lands to the United States if at any time they cease 
to be used for public purposes.
    (b) Legal Description.--The four deeds referred to in subsection 
(a) are recorded as follows:
            (1) Deed Book 122, Pages 397-437, Santa Rosa County, 
        Florida.
            (2) Deed Book 133, Pages 333-337, Santa Rosa County, 
        Florida.
            (3) Deed Book 121, Pages 511-528, Okaloosa County, Florida.
            (4) Official Record Book 610, Pages 1228-1237, Citrus 
        County, Florida.
            (5) Official Record Book 517, Pages 491-500, Hernando 
        County, Florida.
            (6) Official Record Book 269, Pages 126-135, Sumter County, 
        Florida.
            (7) Official Record Book 1240, Pages 1065-1074, Pasco 
        County, Florida.
    (c) Consideration.--As consideration for the release of the 
reversionary interests under subsection (a), the State of Florida shall 
agree to the following:
            (1) All proceeds from the sale, exchange, or other 
        disposition of the real property subject to the reversionary 
        interests shall be used by the State of Florida for the 
        acquisition of other lands within or adjacent to the exterior 
        boundaries of Blackwater River State Forest and Withlacoochee 
        State Forest, or, with the approval of the Secretary of 
        Agriculture, for the purchase of the individual mineral 
        interest of the United States under section 2.
            (2) Any lands acquired by the sale, exchange, or other 
        disposition of the real property subject to the reversionary 
        interests shall become a part of the State forest in which the 
        acquired lands are located and shall be subject to the 
        condition that the acquired lands be used for public purposes.
            (3) The total land base of such State forests shall not be 
        reduced below the original acreage of the real property 
        included in the conveyances described in subsection (a), except 
        in the case of any lands conveyed at the request of the United 
        States, and the total land base shall be managed in perpetuity 
        as State forest land.
            (4) All proceeds from the sale, exchange, or other 
        disposition of the real property subject to the reversionary 
        interests shall be maintained by the State of Florida in a 
        separate fund. The record of all transactions involving such 
        fund shall be open to inspection by the Secretary of 
        Agriculture.
    (d) Additional Terms.--The Secretary of Agriculture may require 
such additional terms or conditions in connection with the release of 
the reversionary interests under this section as the Secretary 
considers appropriate to protect the interests of the United States.
    (e) Instrument of Release.--The Secretary of Agriculture shall 
execute and file in the appropriate office or offices a deed of 
release, amended deed, or other appropriate instrument effectuating the 
release of the reversionary interests under this section.

SEC. 2. SALE OF MINERAL RIGHTS.

    (a) Sale Authorized.--Upon application by the State of Florida, the 
Secretary of the Interior may convey to the Board of Trustees of the 
Internal Improvement Trust Fund of the State of Florida, or to its 
designee, all of the individual mineral interests of the United States 
in any parcel of real property for which a reversionary interest is 
released under section 1.
    (b) Consideration.--As consideration for the sale of the mineral 
interests of the United States under subsection (a), the State of 
Florida shall pay to the United States an amount equal to the fair 
market value of such interests, as determined by appraisal or other 
method satisfactory to the Secretary of the Interior.