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[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[S. 2023 Introduced in Senate (IS)]

103d CONGRESS
  2d Session
                                S. 2023

  To provide for the transfer of certain real property to the General 
            Services Administration and for other purposes.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

               April 14 (legislative day, April 11), 1994

 Mr. Stevens (for himself and Mr. Murkowski) introduced the following 
      bill; which was read twice and referred to the Committee on 
                          Governmental Affairs

_______________________________________________________________________

                                 A BILL

 
  To provide for the transfer of certain real property to the General 
            Services Administration and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. TRANSFER OF WRANGELL INSTITUTE.

    (a) Property Transfer.--Cook Inlet Region, Incorporated 
(hereinafter ``Landowner''), is authorized to transfer to the United 
States, and the General Services Administration shall accept, an 
approximately 10-acre portion of Lot 4, United States Survey No. 3403, 
in Wrangell, Alaska, known as the Wrangell Institute, and the 
structures contained thereon.
    (b) Restoration of Property Credits.--
            (1) In general.--In exchange for the land and structures 
        transferred under subsection (a), the landowner shall receive 
        property bidding credits in the form of acres or acre-
        equivalents to be restored to the property account in the 
        Treasury established under section 12(b) of the Act of January 
        2, 1976, as amended (Public Law 94-204, as amended; 43 U.S.C. 
        1611 note), for the following amounts--
                    (A) $382,305 in principle;
                    (B) interest calculated in accordance with 
                paragraph (3); and
                    (C) an amount sufficient to reimburse the landowner 
                for all legal and other expenses incurred due to the 
                return of this property.
            (2) Use of credits.--All such credits restored or added to 
        the property account shall be used solely for the acquisition 
        or purchase of General Services Administration properties.
            (3) Calculation of interest.--The interest credited to the 
        property account shall be compounded semiannually and 
        calculated at the same interest rate as the fixed rate used for 
        a 5-year Treasury bond issue by the United States Treasury on 
        or about November 2, 1987. The interest shall be calculated on 
        the amount specified in paragraph (1)(A), and shall be for the 
        time period from November 2, 1987, to the date of conveyance of 
        the land and buildings to the United States.
            (3) Hold harmless.--The United States shall defend and hold 
        harmless the landowner and its subsidiaries in any and all 
        claims arising from any ownership of the land and structures 
        prior to their return to the United States under this Act.

                                 <all>
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