A bill to provide for the repurchase of land acquired by the United States from Native American organizations, and for other purposes.

Summary: Amends the Federal and Administrative Services Act of 1949 to authorize Native American Trust Organizations to repurchase surplus Federal real property that was acquired from an Organization or is located in Hawaii. 
Authorizes the establishment in the Treasury of a related Shared Appreciation Trust Fund.

Section 1. Opportunity To Repurchase Surplus Real Property.--
Section 203 of the Federal and Administrative Services Act of 1949 (40 
U.S.C. 484) is amended by adding at the end the following new 
subsection:
    ``(r) Opportunity of Native Americans To Repurchase Surplus Real 
Property.--
            ``(1) Definitions.--As used in this subsection--
                    ``(A) Administrator.--The term `administrator' 
                means the Administrator of the General Services 
                Administration.
                    ``(B) Base closure law.--The term `base closure 
                law' means--
                            ``(i) title II of the Defense Authorization 
                        Amendments and Base Closure and Realignment Act 
                        (Public Law 100-526; 10 U.S.C. 2687 note);
                            ``(ii) the Defense Base Closure and 
                        Realignment Act of 1990 (part A of title XXIX 
                        of Public Law 101-510; 10 U.S.C. 2687 note);
                            ``(iii) the Defense Base Closure and 
                        Realignment Act of 1993 (title XXIX of Public 
                        Law 103-160; 10 U.S.C. 2687 note);
                            ``(iv) part B of title XXVIII of the 
                        National Defense Authorization Act for Fiscal 
                        Year 1995 (Public Law 103-337; 10 U.S.C. 2687 
                        note);
                            ``(v) the Base Closure Community 
                        Redevelopment and Homeless Assistance Act of 
                        1994 (Public Law 103-421); and
                            ``(vi) any other law providing for the 
                        disposition of real property in connection with 
                        military base closures or realignments or the 
                        use of proceeds resulting from such disposition 
                        of real property.
                    ``(C) Depreciated value.--The term `depreciated 
                value' means, with respect to a building, the 
                replacement cost of the building, reduced by all forms 
                of depreciation.
                    ``(D) Native american trust organization.--The term 
                `Native American Trust Organization' means an 
                organization that has held land in trust for the 
                benefit of Native Americans, as defined in section 
                16(10) of the National Museum of the American Indian 
                Act (20 U.S.C. 80q-14(10)).
                    ``(E) Notice of intent to repurchase.--The term 
                `notice of intent to repurchase' means a written notice 
                from a Native American Trust Organization to the 
                Administrator that such Native American Trust 
                Organization intends to repurchase all or part of 
                qualified property at its fair market value on terms 
                provided in regulations promulgated under this 
                subsection.
                    ``(F) Qualified property.--The term `qualified 
                property' means all or any part of surplus property--
                            ``(i) that was acquired by the Federal 
                        Government from a Native American Trust 
                        Organization by any means; and
                            ``(ii) that is real property located in the 
                        State of Hawaii.
                    ``(G) Trust fund.--The term `trust fund' means the 
                Shared Appreciation Trust Fund established pursuant to 
                paragraph (5).
            ``(2) Notice.--Notwithstanding any other provision of this 
        section, the first section of the Act entitled `An Act to 
        provide for the disposition, control, and use of surplus real 
        property acquired by Federal agencies, and for other purposes,' 
        approved August 27, 1935 (popularly known as the `Surplus Real 
        Property Disposal Act') (49 Stat. 885, chapter 744; 40 U.S.C. 
        304a) or any base closure law, no qualified property shall be 
        disposed of under any other provision of this section or the 
        first section of the Act popularly known as the `Surplus Real 
        Property Disposal Act' or any base closure law if, not later 
        than 90 days after the date on which such real property is 
        determined to be surplus property--
                    ``(A) a Native American Trust Organization has 
                notified the Administrator that the United States 
                acquired such property from such Native American Trust 
                Organization; and
                    ``(B) such Native American Trust Organization has 
                submitted to the Administrator a notice of intent to 
                repurchase all or part of the qualified property at the 
                fair market value of such qualified property.
            ``(3) Listed properties.--
                    ``(A) In general.--Any Native American Trust 
                Organization may submit to the Administrator a list of 
                properties which were acquired from such Native 
                American Trust Organization by the United States and 
                which become qualified properties if such properties.
                    ``(B) Notice.--The Administrator shall provide 
                written notice to the applicable Native American Trust 
                Organization of any determination by the Administrator 
                that any qualified property acquired from the Native 
                American Trust Organization is surplus property. Not 
                later than 90 days after receiving such notice, the 
                Native American Trust Organization may submit to the 
                Administrator a notice of intent to repurchase with 
                respect to such qualified property.
            ``(4) Disposal of qualified properties.--
                    ``(A) Sale to native american trust organization.--
                If a Native American Trust Organization submits a 
                timely notice of intent to repurchase qualified 
                property pursuant to paragraph (2) or (3), the United 
                States shall offer to enter into a contract with the 
                Native American Trust Organization for the sale and 
                purchase of such qualified property in accordance with 
                regulations promulgated under this subsection.
                    ``(B) Disposal of qualified property under other 
                provisions.--If, with respect to any qualified 
                property, the applicable Native American Trust 
                Organization fails to--
                            ``(i) submit a timely notice of intent to 
                        repurchase;
                            ``(ii) enter into a contract for sale or 
                        purchase as described in subparagraph (A); or
                            ``(iii) tender performance at closing under 
                        a contract for sale or purchase, the 
                        Administrator may dispose of such qualified 
                        property in accordance with other applicable 
                        provisions of this section or any applicable 
                        base closure law.
            ``(5) Establishment of shared appreciation trust fund.--
        There is authorized to be established in the Treasury of the 
        United States a trust fund, to be known as the `Shared 
        Appreciation Trust Fund'. The trust fund shall consist of such 
        amounts as are transferred to the trust fund pursuant to 
        paragraph (6) and any interest earned on the investment of 
        amounts in the trust fund under paragraph (7).
            ``(6) Deposits in trust fund.--
                    ``(A) In general.--Notwithstanding section 204, any 
                base closure law, or any other law providing for the 
                transfer, deposit or use of proceeds from the 
                disposition of property, the Secretary of the Treasury 
                shall transfer to the trust fund, from the proceeds 
                received by the United States from the sale of 
                qualified property, an amount equal to the difference 
                between--
                            ``(i) the proceeds received by the United 
                        States from the sale of such qualified 
                        property, and
                            ``(ii) the sum of--
                                    ``(I) the amount paid by the United 
                                States as consideration for the 
                                acquisition of such qualified property;
                                    ``(II) the interest on the amount 
                                of such consideration calculated in 
                                accordance with subparagraph (B); and
                                    ``(III) the aggregate depreciated 
                                value of all buildings that were 
                                constructed on such qualified property 
                                after the date such property was 
                                acquired by the United States.
                    ``(B) Determination of interest.--The interest 
                referred to in subparagraph (A)(ii)(b) shall be 
                considered to have accrued on the amount paid by the 
                United States as consideration for the acquisition of 
                qualified property during each year at a rate which is 
                equal to the average annual yield of all Treasury bonds 
                issued during such year. Such interest shall be 
                compounded annually.
            ``(7) Investment of trust fund.--The Secretary of the 
        Treasury shall invest the trust fund corpus in interest-bearing 
        obligations of the United States or in obligations guaranteed 
        as to both principal and interest by the United States.
            ``(8) Withdrawals and expenditures from trust fund.--The 
        Secretary of the Treasury may not make a withdrawal or 
        expenditure from the trust fund corpus. The Secretary of the 
        Treasury shall withdraw income of the trust fund only for the 
        uses described in paragraph (9).
            ``(9) Use of trust fund income.--The Secretary of the 
        Treasury shall on at least an annual basis, withdraw income of 
        the trust fund to fund activities which are--
                    ``(A) conducted for--
                            ``(i) the education of Native Hawaiian 
                        pursuant to title IV of the Elementary and 
                        Secondary Education Act of 1965 (20 U.S.C. 
                        4901, et seq.);
                            ``(ii) Native Hawaiian health scholarships 
                        pursuant to section 338K of the Public Health 
                        Service Act (42 U.S.C. 254s);
                            ``(iii) Native Hawaiian health care 
                        pursuant to the Native Hawaiian Health Care 
                        Improvement Act of 1988 (42 U.S.C. 11601, et 
                        seq.); or
                            ``(iv) any combination of subparagraphs 
                        (i), (ii) or (iii); and
                    ``(B) consistent with the purposes of the 
                establishment of the Native American Trust Organization 
                which owned the property to which the trust funds 
                generating the income are attributable.''
            ``(10) Exemption of qualified property from certain laws.--
        No real property which would become qualified property if it 
        were declared to be surplus property shall be published as 
        available for application for use to assist the homeless or 
        otherwise made available to assist the homeless pursuant to the 
        Stewart B. McKinney Homeless Assistance Act (42 U.S.C. 11411, 
        et seq.) or shall be disposed of pursuant to any base closure 
        law unless such real property has become eligible to be 
        disposed of pursuant to subparagraph 4(B).''.