Greens Creek Land Exchange Act of 1995

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Greens Creek Land Exchange Act of 
1995''.

SEC. 2. FINDINGS.

    The Congress makes the following findings:
        (1) The Alaska National Interest Lands Conservation Act 
    established the Admiralty Island National Monument and sections 503 
    and 504 of that Act provided special provisions under which the 
    Greens Creek Claims would be developed. The provisions supplemented 
    the general mining laws under which these claims were staked.
        (2) The Kennecott Greens Creek Mining Company, Inc., currently 
    holds title to the Greens Creek Claims, and the area surrounding 
    these claims has further mineral potential which is yet unexplored.
        (3) Negotiations between the United States Forest Service and 
    the Kennecott Greens Creek Mining Company, Inc., have resulted in 
    an agreement by which the area surrounding the Greens Creek Claims 
    could be explored and developed under terms and conditions 
    consistent with the protection of the values of the Admiralty 
    Island National Monument.
        (4) The full effectuation of the Agreement, by its terms, 
    requires the approval and ratification by Congress.

SEC. 3. DEFINITIONS.

    As used in this Act--
        (1) the term ``Agreement'' means the document entitled the 
    ``Greens Creek Land Exchange Agreement'' executed on December 14, 
    1994, by the Under Secretary of Agriculture for Natural Resources 
    and Environment on behalf of the United States and the Kennecott 
    Greens Creek Mining Company and Kennecott Corporation;
        (2) the term ``ANILCA'' means the Alaska National Interest 
    Lands Conservation Act, Public Law 96-487 (94 Stat. 2371);
        (3) the term ``conservation system unit'' has the same meaning 
    as defined in section 102(4) of ANILCA;
        (4) the term ``Greens Creek Claims'' means those patented 
    mining claims of Kennecott Greens Creek Mining Company within the 
    Monument recognized pursuant to section 504 of ANILCA;
        (5) the term ``KGCMC'' means the Kennecott Greens Creek Mining 
    Company, Inc., a Delaware corporation;
        (6) the term ``Monument'' means the Admiralty Island National 
    Monument in the State of Alaska established by section 503 of 
    ANILCA;
        (7) the term ``Royalty'' means Net Island Receipts Royalty as 
    that latter term is defined in Exhibit C to the Agreement; and
        (8) the term ``Secretary'' means the Secretary of Agriculture.

SEC. 4. RATIFICATION OF THE AGREEMENT.

    The Agreement is hereby ratified and confirmed as to the duties and 
obligations of the United States and its agencies, and KGCMC and 
Kennecott Corporation, as a matter of Federal law. The agreement may be 
modified or amended, without further action by the Congress, upon 
written agreement of all parties thereto and with notification in 
writing being made to the appropriate committees of the Congress.

SEC. 5. IMPLEMENTATION OF THE AGREEMENT.

    (a) Land Acquisition.--Without diminishment of any other land 
acquisition authority of the Secretary in Alaska and in furtherance of 
the purposes of the Agreement, the Secretary is authorized to acquire 
lands and interests in land within conservation system units in the 
Tongass National Forest, and any land or interest in land so acquired 
shall be administered by the Secretary as part of the National Forest 
System and any conservation system unit in which it is located. 
Priority shall be given to acquisition of non-Federal lands within the 
Monument.
    (b) Acquisition Funding.--There is hereby established in the 
Treasury of the United States an account entitled the ``Greens Creek 
Land Exchange Account'' into which shall be deposited the first 
$5,000,000 in royalties received by the United States under part 6 of 
the Agreement after the distribution of the amounts pursuant to 
subsection (c) of this section. Such moneys in the special account in 
the Treasury may, to the extent provided in appropriations Acts, be 
used for land acquisition pursuant to subsection (a) of this section.
    (c) Twenty-Five Percent Fund.--All royalties paid to the United 
States under the Agreement shall be subject to the 25 percent 
distribution provisions of the Act of May 23, 1908, as amended (16 
U.S.C. 500) relating to payments for roads and schools.
    (d) Mineral Development.--Notwithstanding any provision of ANILCA 
to the contrary, the lands and interests in lands being conveyed to 
KGCMC pursuant to the Agreement shall be available for mining and 
related activities subject to and in accordance with the terms of the 
Agreement and conveyances made thereunder.
    (e) Administration.--The Secretary of Agriculture is authorized to 
implement and administer the rights and obligations of the Federal 
Government under the Agreement, including monitoring the Government's 
interests relating to extralateral rights, collecting royalties, and 
conducting audits. The Secretary may enter into cooperative 
arrangements with other Federal agencies for the performance of any 
Federal rights or obligations under the Agreement or this Act.
    (f) Reversions.--Before reversion to the United States of KGCMC 
properties located on Admiralty Island, KGCMC shall reclaim the surface 
disturbed in accordance with an approved plan of operations and 
applicable laws and regulations. Upon reversion to the United States of 
KGCMC properties located on Admiralty, those properties located within 
the Monument shall become part of the Monument and those properties 
lying outside the Monument shall be managed as part of the Tongass 
National Forest.
    (g) Savings Provisions.--Implementation of the Agreement in 
accordance with this Act shall not be deemed a major Federal action 
significantly affecting the quality of the human environment, nor shall 
implementation require further consideration pursuant to the National 
Historic Preservation Act, title VIII of ANILCA, or any other law.

SEC. 6. RECISION RIGHTS.

    Within 60 days of the enactment of this Act, KGCMC and Kennecott 
Corporation shall have a right to rescind all rights under the 
Agreement and this Act. Recision shall be effected by a duly authorized 
resolution of the Board of Directors of either KGCMC or Kennecott 
Corporation and delivered to the Chief of the Forest Service at the 
Chief's principal office in Washington, District of Columbia. In the 
event of a recision, the status quo ante provisions of the Agreement 
shall apply.

                               Speaker of the House of Representatives.

                            Vice President of the United States and    
                                               President of the Senate.

Summary: Greens Creek Land Exchange Act of 1995 - Ratifies the agreement entered into between the United States and the Kennecott Greens Creek Mining Company (KGCMC) providing the terms under which the Greens Creek mining claims may be explored and developed. Authorizes the Secretary of Agriculture, in furtherance of agreement purposes, to acquire lands within conservation system units in the Tongass National Forest, to be administered as part of the National Forest System. Establishes in the Treasury the Greens Creek Land Exchange Account, depositing into the Account certain royalties received under the agreement. Authorizes Account funds to be used for land acquisition purposes under this Act. Makes the lands and interests conveyed to KGCMC under the agreement available for mining and related activities under the agreement. Provides reverter and rescission rights.