ANCSA Shee Atika Land Exchange Settlement Act

To establish an account for amounts due to Shee Atika Incorporated under the Cube Cove Land Agreement, and for other purposes. 1. Short title This Act may be cited as the ANCSA Shee Atika Land Exchange Settlement Act 2. Shee Atika Incorporated (a) Definitions In this section: (1) Account The term Account (2) Agency The term agency (A) any department, agency, or other instrumentality of the Federal Government; and (B) any Government corporation (as defined in section 9101 of title 31, United States Code). (3) Agreement The term Agreement (4) Cube cove land The term Cube Cove Land (5) Property The term property 43 U.S.C. 1611 Public Law 94–204 (6) Secretary The term Secretary (7) Segment The term segment (8) Shee atika The term Shee Atika (b) Authorization (1) In general All consideration, whether in cash or in kind, received by Shee Atika under the Agreement shall be treated for purposes of all Federal laws as if the consideration was, within the meaning of section 21(c) of the Alaska Native Claims Settlement Act ( 43 U.S.C. 1620(c) 43 U.S.C. 1601 43 U.S.C. 1621(f) (2) Effect Nothing in the Agreement or this section imposes any duty on Shee Atika not expressly set forth in the Agreement. (c) Option To receive credits (1) In general (A) Credits On election by Shee Atika made in writing not later than the day before the date on which a closing of any segment of the Cube Cove Land is scheduled to occur, the Secretary, in accordance with subsection (d), may pay all or part of the amounts due to Shee Atika under the Agreement on the closing date in the form of credits that may be used by Shee Atika to purchase property sold at public sale. (B) Cash Amounts otherwise due to Shee Atika for which Shee Atika has not made the election described in subparagraph (A) shall be paid to Shee Atika in cash. (2) Requirement The Secretary shall make a payment in the form described in paragraph (1) without regard to whether Shee Atika has made any other election under paragraph (1). (3) Closing date Closing of any segment for which Shee Atika has made an election under paragraph (1) shall occur not later than 30 days after the date on which the Secretary notifies Shee Atika that the applicable credit is ready to be deposited into the Account. (d) Establishment of account (1) In general Notwithstanding any other provision of law, not later than 90 days after Shee Atika first makes an election under subsection (c)(1), the Secretary of the Treasury, in consultation with the Secretary, shall establish an account in the Treasury to be known as the Shee Atika Account (2) Credits into account The Secretary of the Treasury, in consultation with the Secretary, shall— (A) deposit into the Account amounts equal to any credit received under subsection (c); and (B) establish procedures under which Shee Atika may— (i) receive deposits into the Account; (ii) make deposits from the Account into escrow when an escrow is required for the sale of any property; (iii) reinstate to the Account any unused escrow deposits under clause (ii) if the applicable sale is not completed; and (iv) notwithstanding any other provision of law and on written notice to the Secretary of the Treasury and the Secretary, assign, without restriction, any or all of the amounts in the Account. (3) Availability of amounts The balance of the Account shall— (A) be immediately available to Shee Atika for use in accordance with paragraph (4); and (B) remain available until expended. (4) Use of funds (A) In general Shee Atika may use amounts in the Account to bid for, and purchase, any property at any public sale by an agency. (B) Requirement In conducting a transaction under subparagraph (A), an agency shall accept any amount tendered from the Account in the same manner as if the amount were tendered in cash. (5) Effect Notwithstanding any other provision of law, any property purchased under paragraph (4) shall be considered to be a conveyance made under the Alaska Native Claims Settlement Act ( 43 U.S.C. 1601

Summary: ANCSA Shee Atika Land Exchange Settlement Act This bill declares that consideration received by the urban Native corporation of Shee Atika under the agreement between Shee Atika and the United States must be treated as the receipt of land or interest in land pursuant to the Alaska Native Claims Settlement Act or as cash to equalize the values of properties exchanged pursuant to that Act. (Under the Act, these considerations are not taxed.) Shee Atika may elect to accept payment from the Department of Agriculture for Cube Cove lands into an account that may be used to purchase property sold at public sale by a federal agency. Purchases made through that account must be considered to be conveyances under the Alaska Native Claims Settlement Act.