the operation, ownership, financing, and im-
provement of the Provo Reservoir Canal.
(2) PLEASANT GROVE PROPERTY.—In accord-
ance with the terms and conditions of the Agree-
ment, the Secretary shall convey to the Association,
all right, title, and interest of the United States in
and to the Pleasant Grove Property.
(b) CONVEYANCE TO DISTRICT.—
(1) IN
GENERAL.—In accordance with the
terms and conditions of the Agreement, and subject
to the execution of the Agreement by the Secretary
the Secretary shall convey to the District, all right,
title, and interest of the United States in and to Salt
Lake Aqueduct.
(2) EASEMENTS.—
(A) IN GENERAL.—As part of the convey-
ance under paragraph (1), the Secretary shall
grant to the District permanent easements to—
(i) the National Forest System land
on which the Salt Lake Aqueduct is lo-
cated; and
(ii) land of the Aqueduct Division of
the Provo River Project that intersects the
parcel of non-Federal land authorized to be
conveyed to the United States under sec-
tion 104(a) of Public Law 107–329 (116
Stat. 2816).
(B) PURPOSE.—The easements conveyed
under subparagraph (A) shall be for the use,
operation, maintenance, repair, improvement, or
replacement of the Salt Lake Aqueduct by the
District.
(C) LIMITATION.—The United States shall
not carry out any activity on the land subject
to the easements conveyed under subparagraph
(A) that would materially interfere with the
use, operation, maintenance, repair, improve-
ment, or replacement of the Salt Lake Aque-
duct by the District.
(D) BOUNDARIES.—The boundaries of the
easements conveyed under subparagraph (A)
shall be determined by the Secretary, in con-
sultation with the District and the Secretary of
Agriculture.
(E) TRANSFER OF ADMINISTRATIVE JURIS-
DICTION.—
(i) IN GENERAL.—On conveyance of
the easement to the land described in sub-
paragraph (A)(ii), the Secretary, subject to
the easement, shall transfer to the Sec-
retary of Agriculture administrative juris-
diction over the land.
(ii) ADMINISTRATIVE SITE.—The land
transferred under clause (i) shall be ad-
ministered by the Secretary of Agriculture
as an administrative site.
(F) 
ADMINISTRATION.—The 
easements
conveyed under subparagraph (A) shall be ad-
ministered by the Secretary of Agriculture in
accordance with section 501(b)(3) of the Fed-
eral Land Policy and Management Act of 1976
(43 U.S.C. 1761(b)(3)).
(c) CONSIDERATION.—
(1) ASSOCIATION.—
(A) IN
GENERAL.—In exchange for the
conveyance under subsection (a)(1), the Asso-
ciation shall pay the Secretary an amount that
is equal to the sum of—
(i) the net present value of any re-
maining debt obligation of the United
States with respect to the Provo Reservoir
Canal; and
(ii) the net present value of any reve-
nues from the Provo Reservoir Canal that,
based on past history—
(I) would be available to the
United States but for the conveyance
of the Provo Reservoir Canal under
subsection (a)(1); and
(II) would be deposited in the
reclamation fund established under
the first section of the Act of June
17, 1902 (43 U.S.C. 391), and cred-
ited under the terms of Reclamation
Manual/Directives 
and 
Standards
PEC 03–01.
(B) DEDUCTION.—In determining the net
present values under clauses (i) and (ii) of sub-
paragraph (A), the Association may deduct
from the net present value such sums as are re-
quired for the reimbursement described in the
Agreement.
(2) DISTRICT.—
(A) IN
GENERAL.—In exchange for the
conveyance under subsection (b)(1), the District
shall pay the Secretary an amount that is equal
to the sum of—
(i) the net present value of any re-
maining debt obligation of the United
States with respect to the Salt Lake Aque-
duct; and
(ii) the net present value of any reve-
nues from the Salt Lake Aqueduct that,
based on past history—
(I) would have been available to
the United States but for the convey-
ance of the Salt Lake Aqueduct under
subsection (b)(1); and
(II) would be deposited in the
reclamation fund established under
the first section of the Act of June
17, 1902 (43 U.S.C. 391), and cred-
ited under the terms of Reclamation
Manual/Directives 
and 
Standards
PEC 03–01.
(B) DEDUCTION.—In determining the net
present values under clauses (i) and (ii) of sub-
paragraph (A), the District may deduct from
the net present value such sums as are required
for the reimbursement described in the Agree-
ment.
(d) PAYMENT OF COSTS.—In addition to amounts
paid to the Secretary under subsection (c), the Association