SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Lost Creek Land Exchange Act of 
1996''.

SEC. 2. LAND EXCHANGE.

    (a) In General.--Notwithstanding any other provision of law, the 
Secretary of Agriculture (referred to in this Act as the ``Secretary'') 
shall acquire by exchange certain land and interests in land owned by 
R-Y Timber, Inc., its successors and assigns or affiliates (referred to 
in this Act as ``R-Y''), located in the Lost Creek area and other areas 
of the Deerlodge National Forest, Montana.
    (b) Offer and Acceptance of Land.--
            (1) Non-federal land.--If R-Y offers fee title that is 
        acceptable to the United States to approximately 17,567 acres 
        of land owned by R-Y and available for exchange, the Secretary 
        shall accept a warranty deed to the land.
            (2) Federal land.--
                    (A) Conveyance.--On acceptance by the Secretary of 
                title to R-Y's land under paragraph (1), the Secretary 
                of the Interior shall convey to R-Y, subject to 
                reservations and valid existing rights--
                            (i) by patent, fee title to approximately 
                        3,605 acres in the Deerlodge National Forest; 
                        and
                            (ii) by timber deed, the right to harvest 
                        approximately 46,628,000 board feet of timber 
                        on certain land in the Deerlodge National 
                        Forest, Helena National Forest, and Lewis & 
                        Clark National Forest.
                    (B) Timber harvest provisions.--
                            (i) Practices.--Timber harvest practices 
                        used on the national forest land described in 
                        subparagraph (A)(ii) shall be conducted in 
                        accordance with Montana Forestry Best 
                        Management Practices, the Montana Streamside 
                        Zone Management Law (Mont. Code Ann. sec. 77-5-
                        301 et seq.), and all other applicable laws of 
                        the State of Montana.
                            (ii) Relation to planned sales.--The timber 
                        harvest volume described in subparagraph 
                        (A)(ii) shall be in addition to, and not 
                        treated in any way as an offset against, the 
                        present or future planned timber sale 
                        quantities for the Deerlodge National Forest, 
                        Helena National Forest, and Lewis & Clark 
                        National Forest.
                            (iii) Timber designations.--
                                    (I) Contract.--To ensure the 
                                expeditious and efficient designation 
                                of the timber described in subparagraph 
                                (A)(ii), the Forest Service shall 
                                contract with a qualified private 
                                person agreed on by the Secretary and 
                                R-Y to perform the field work 
                                associated with the designations.
                                    (II) Minimum annual designations.--
                                Not less than 20 percent nor more than 
                                30 percent of the timber described in 
                                subparagraph (A)(ii) shall be made 
                                available by the end of each fiscal 
                                year over a 5-year period beginning 
                                with the first fiscal year that begins 
                                after the date of enactment of this 
                                Act, and R-Y shall be allowed at least 
                                5 years after the end of each fiscal 
                                year in which to complete the harvest 
                                of timber designated in that fiscal 
                                year.
    (c) Title.--
            (1) Review of title.--Not later than 30 days after receipt 
        of title documents from R-Y, the Secretary shall review the 
        title for the non-Federal land described in subsection (b) and 
        determine whether--
                    (A) the applicable title standards for Federal land 
                acquisition have been satisfied or the quality of title 
                is otherwise acceptable to the Secretary;
                    (B) all draft conveyances and closing documents 
                have been received and approved; and
                    (C) a current title commitment verifying compliance 
                with applicable title standards has been issued to the 
                Secretary.
            (2) Unacceptable quality of title.--If the quality of title 
        does not meet Federal standards and is not otherwise acceptable 
        to the Secretary, the Secretary shall advise R-Y regarding 
        corrective actions necessary to make an affirmative 
        determination.
            (3) Conveyance of title.--The Secretary, acting through the 
        Secretary of the Interior, shall effect the conveyance of land 
        described in subsection (b) not later than 60 days after the 
        Secretary has made an affirmative determination of quality of 
        title.

SEC. 3. GENERAL PROVISIONS.

    (a) Maps and Documents.--
            (1) In general.--Maps pertaining to the land described in 
        section 2 are subject to such minor corrections as may be 
        agreed upon by the Secretary and R-Y.
            (2) Notification.--The Secretary shall notify the Committee 
        on Energy and Natural Resources of the Senate and the Committee 
        on Resources of the House of Representatives of any corrections 
        made pursuant to this subsection.
            (3) Public availability.--The maps and documents described 
        in section 2(b) (1) and (3) shall be on file and available for 
        public inspection in the office of the Chief of the Forest 
        Service.
    (b) National Forest System Land.--All land conveyed to the United 
States under this Act shall be added to and administered as part of the 
Deerlodge National Forest in accordance with the laws pertaining to the 
National Forest System.
    (c) Valuation.--The values of the lands and interests in land to be 
exchanged under this Act are deemed to be of approximately equal value.
    (d) Hazardous Material Liability.--The United States (including its 
departments, agencies, and employees) shall not be liable under the 
Comprehensive Environmental Response, Compensation, and Liability Act 
(42 U.S.C. 9601 et seq.), the Clean Water Act (33 U.S.C. 1251 et seq.), 
or any other Federal, State, or local law, solely as a result of the 
acquisition of an interest in the Lost Creek Tract or due to 
circumstances or events occurring before acquisition, including any 
release or threat of release of a hazardous substance.
Lost Creek Land Exchange Act of 1996 - Directs the Secretary of Agriculture to acquire certain land and interests in land owned by R-Y Timber, Inc., located in the Lost Creek area and other areas of the Deerlodge National Forest, Montana, in exchange for specified lands in the Deerlodge National Forest and the right to harvest specified amounts of timber on certain land in the Deerlodge, Helena, and Lewis and Clark National Forests. 
Directs that:  (1) timber harvest practices used on such National Forest lands be conducted in accordance with applicable Montana law and be in addition to the present or future planned timber sale quantities for such Forests; and (2) the Forest Service enter a contract with a qualified private person agreed on by the Secretary and R-Y to perform the field work associated with the designations. 
Sets forth provisions regarding:  (1) minimum annual designations of timber harvest; and (2) review, standards for quality, and conveyance of title. 
Specifies that all land conveyed to the United States under this Act shall be added to and administered as part of the Deerlodge National Forest.  Deems the values of the lands and interests exchanged under this Act to be of approximately equal value. 
Shields the United States from liability as a result of the acquisition of an interest in the Lost Creek Tract or due to circumstances or events occurring before acquisition, including any release or threat of release of a hazardous substance.
Lost Creek Land Exchange Act of 1996