H. R. 4236—28
(3) FEDERAL
LANDS
OR
INTEREST
THEREIN.—The term
‘‘Federal lands or interests therein’’ means any lands or prop-
erties owned by the United States (A) which are administered
by the Secretary, or (B) which are subject to a lease to third
parties, or (C) which have been made available to the Secretary
for exchange under this section through the concurrence of
the director of the agency administering such lands or prop-
erties: Provided however, That excluded from such lands shall
be those lands which are within an existing conservation system
unit as defined in section 102(4) of the Alaska National Interest
Lands Conservation Act (16 U.S.C. 3102(4)), and those lands
the mineral interest for which are currently under mineral
lease.
(4) KONIAG.—The term ‘‘Koniag’’ means Koniag, Incor-
porated, which is a regional Corporation.
(5) REGIONAL CORPORATION.—The term ‘‘Regional Corpora-
tion’’ has the same meaning as is provided in section 3(g)
of the Alaska Native Claims Settlement Act (43 U.S.C. 1602(g)).
(6) SECRETARY.—Except as otherwise provided, the term
‘‘Secretary’’ means the Secretary of the Interior.
(7) SELECTION RIGHTS.—The term ‘‘selection rights’’ means
those rights granted to Koniag, and confirmed as valid selec-
tions (within Koniag’s entitlement) pursuant to subsections (a)
and (b) of section 12, and section 14(h)(8), of the Alaska Native
Claims Settlement Act (43 U.S.C. 1611 and 1613(h)(8)), to
receive title to the oil and gas rights and other interests in
the subsurface estate of the approximately 275,000 acres of
public lands in the State of Alaska identified as ‘‘Koniag Selec-
tions’’ on the map entitled ‘‘Koniag Interest Lands, Alaska
Peninsula’’, dated May 1989.
(b) VALUATION OF KONIAG SELECTION RIGHTS.—
(1) IN
GENERAL.—Pursuant to paragraph (2) of this
subsection, the Secretary shall value the Selection Rights which
Koniag possesses within the boundaries of Aniakchak National
Monument and Preserve, Alaska Peninsula National Wildlife
Refuge, and Becharof National Wildlife Refuge.
(2) VALUE.—
(A) IN
GENERAL.—The value of the selection rights
shall be equal to the fair market value of—
(i) the oil and gas interests in the lands or interests
in lands that are the subject of the selection rights;
and
(ii) in the case of the lands or interests in lands
for which Koniag is to receive the entire subsurface
estate, the subsurface estate of the lands or interests
in lands that are the subject of the selection rights.
(B) APPRAISAL.—
(i) SELECTION OF APPRAISER.—
(I) IN GENERAL.—Not later than 90 days after
the date of enactment of this section the Secretary
and Koniag shall meet to select a qualified
appraiser to conduct an appraisal of the selection
rights. Subject to subclause (II), the appraiser shall
be selected by the mutual agreement of the
Secretary and Koniag.
(II) FAILURE TO AGREE.—If the Secretary and
Koniag fail to agree on an appraiser by the date
H. R. 4236—29
that is 60 days after the date of the initial meeting
referred to in subclause (I), the Secretary and
Koniag shall, by the date that is not later than
90 days after the date of the initial meeting, each
designate an appraiser who is qualified to perform
the appraisal. The 2 appraisers so identified shall
select a third qualified appraiser who shall perform
the appraisal.
(ii) STANDARDS AND METHODOLOGY.—The appraisal
shall be conducted in conformity with the standards
of the Appraisal Foundation (as defined in section
1121(9) of the Financial Institutions Reform, Recovery,
and Enforcement Act of 1989 (12 U.S.C. 3350(9)).
(iii) SUBMISSION OF APPRAISAL REPORT.—Not later
than 180 days after the selection of an appraiser pursu-
ant to clause (i), the appraiser shall submit to the
Secretary and to Koniag a written appraisal report
specifying the value of the selection rights and the
methodology used to arrive at the value.
(C) DETERMINATION OF VALUE.—
(i) DETERMINATION BY THE SECRETARY.—Not later
than 60 days after the date of the receipt of the
appraisal report under subparagraph (B)(iii), the
Secretary shall determine the value of the selection
rights and shall notify Koniag of the determination.
(ii) ALTERNATIVE DETERMINATION OF VALUE.—
(I) IN GENERAL.—Subject to subclause (II), if
Koniag does not agree with the value determined
by the Secretary under clause (i), the procedures
specified in section 206(d) of the Federal Land
Policy and Management Act of 1976 (43 U.S.C.
1716(d)) shall be used to establish the value.
(II) AVERAGE VALUE LIMITATION.—The average
value per acre of the selection rights shall not
be less than the value utilizing the risk adjusted
discount cash flow methodology, but in no event
may exceed $300.
(c) KONIAG ACCOUNT.—
(1) IN GENERAL.—(A) The Secretary shall enter into negotia-
tions for an agreement or agreements to exchange Federal
lands or interests therein which are in the State of Alaska
for the Selection Rights.
(B) If the value of the Federal property to be exchanged
is less than the value of the Selection Rights established in
subsection (b), and if such Federal property to be exchanged
is not generating receipts to the Federal Government in excess
of $1,000,000 per year, then the Secretary may exchange the
Federal property for that portion of the Selection Rights having
a value equal to that of the Federal property. The remaining
selection rights shall remain available for additional exchanges.
(C) For the purposes of any exchange to be consummated
under this section, if less than all the selection rights are
being exchanged, then the value of the selection rights being
exchanged shall be equal to the number of acres of selection
rights being exchanged multiplied by a fraction, the numerator
of which is the value of all the selection rights as determined
H. R. 4236—30
pursuant to subsection (b) hereof and the denominator of which
is the total number of acres of selection rights.
(2) ADDITIONAL EXCHANGES.—If, after 10 years from the
date of the enactment of this section, the Secretary was unable
to conclude such exchanges as may be required to acquire
all of the selection rights, he shall conclude exchanges for
the remaining selection rights for such Federal property as
may be identified by Koniag, which property is available for
transfer to the administrative jurisdiction of the Secretary
under any provision of law and which property, at the time
of the proposed transfer to Koniag is not generating receipts
of the Federal Government in excess of $1,000,000 per year.
The Secretary shall keep Koniag advised in a timely manner
as to which properties may be available for such transfer.
Upon receipt of such identification by Koniag, the Secretary
shall request in a timely manner the transfer of such identified
property to the administrative jurisdiction of the Department
of the Interior. Such property shall not be subject to the
geographic limitations of section 206(b) of the Federal Land
Policy and Management Act and may be retained by the
Secretary solely for purposes of transferring it to Koniag to
complete the exchange. Should the value of the property so
identified by Koniag be in excess of the value of the remaining
selection rights, then Koniag shall have the option of (A) declin-
ing to proceed with the exchange and identifying other property,
or (B) paying the difference in value between the property
rights.
(3) REVENUES.—Any property received by Koniag in an
exchange entered into pursuant to paragraph (1) or (2) shall
be deemed to be an interest in the subsurface for purposes
of section 7(i) of the Alaska Native Claims Settlement Act
(43 U.S.C. 1601 et seq.): Provided however, That should Koniag
make a payment to equalize the value in any such exchange,
then Koniag will be deemed to hold an undivided interest
in the property equal in value to such payment which interest
shall not be subject to the provisions of section 7(i) of that
Act.
(d) AUTHORITY
TO
APPOINT
AND
REMOVE
TRUSTEE.—In
establishing a Settlement Trust under section 39 of the Alaska
Native Claims Settlement Act (43 U.S.C. 1629c), Koniag may dele-
gate, in whole or in part, the authority granted to Koniag under
subsection (b)(2) of such section to any entity that Koniag may
select without affecting the status of the trust as a Settlement
Trust under such section.
SEC. 304. SNOWBASIN LAND EXCHANGE ACT.
(a) PURPOSE AND INTENT.—The purpose of this section is to
authorize and direct the Secretary to exchange 1,320 acres of feder-
ally-owned land within the Cache National Forest in the State
of Utah for lands approximately equal value owned by the Sun
Valley Company. It is the intent of Congress that this exchange
be completed without delay within the period specified by subsection
(d).
(b) DEFINITIONS.—As used in this section:
(1) The term ‘‘Sun Valley Company’’ means the Sun Valley
Company, a division of Sinclair Oil Corporation, a Wyoming
Corporation, or its successors or assigns.
H. R. 4236—31
(2) The term ‘‘Secretary’’ means the Secretary of
Agriculture.
(c) EXCHANGE.—
(1) FEDERAL SELECTED LANDS.—(A) Not later than 45 days
after the final determination of value of the Federal selected
lands, the Secretary shall, subject to this section, transfer all
right, title, and interest of the United States in and to the
lands referred to in subparagraph (B) to the Sun Valley
Company.
(B) The lands referred to in subparagraph (A) are certain
lands within the Cache National Forest in the State of Utah
comprising 1,320 acres, more or less, as generally depicted
on the map entitled ‘‘Snowbasin Land Exchange—Proposed’’
and dated October 1995.
(2) NON-FEDERAL OFFERED LANDS.—Upon transfer of the
Federal selected lands under paragraph (1), and in exchange
for those lands, the Sun Valley Company shall simultaneously
convey to the Secretary all right, title and interest of the
Sun Valley Company in and to so much of the following offered
lands which have been previously identified by the United
States Forest Service as desirable by the United States, or
which are identified pursuant to subparagraph (E) prior to
the transfer of lands under paragraph (1), as are of approximate
equal value to the Federal selected lands:
(A) Certain lands located within the exterior bound-
aries of the Cache National Forest in Weber County, Utah,
which comprise approximately 640 acres and are generally
depicted on a map entitled ‘‘Lightning Ridge Offered
Lands’’, dated October 1995.
(B) Certain lands located within the Cache National
Forest in Weber County, Utah, which comprise approxi-
mately 635 acres and are generally depicted on a map
entitled ‘‘Wheeler Creek Watershed Offered Lands—Section
2’’ dated October 1995.
(C) Certain lands located within the exterior bound-
aries of the Cache National Forest in Weber County, Utah,
and lying immediately adjacent to the outskirts of the
City of Ogden, Utah, which comprise approximately 800
acres and are generally depicted on a map entitled ‘‘Taylor
Canyon Offered Lands’’, dated October 1995.
(D) 
Certain 
lands 
located 
within 
the 
exterior
boundaries of the Cache National Forest in Weber County,
Utah, which comprise approximately 2,040 acres and are
generally depicted on a map entitled ‘‘North Fork Ogden
River—Devil’s Gate Valley’’, dated October 1995.
(E) Such additional offered lands in the State of Utah
as may be necessary to make the values of the lands
exchanged pursuant to this section approximately equal,
and which are acceptable to the Secretary.
(3) SUBSTITUTION OF OFFERED LANDS.—If one or more of
the precise offered land parcels identified in subparagraphs
(A) through (D) of paragraph (2) is unable to be conveyed
to the United States due to appraisal or other reasons, or
if the Secretary and the Sun Valley Company mutually agree
and the Secretary determines that an alternative offered land
package would better serve long-term public needs and objec-
tives, the Sun Valley Company may simultaneously convey