(c) ADMINISTRATION OF LAND ACQUIRED BY UNITED 
STATES.—On acquisition by the Secretary, the Secretary 
shall manage the non-Federal land in accordance with— 
(1) the Act of March 1, 1911 (commonly known 
as the ‘‘Weeks Act’’) (16 U.S.C. 480 et seq.); and 
(2) any other laws (including regulations) appli-
cable to the National Forest System. 
(d) CONDITIONS
ON
CONVEYANCE
OF
FEDERAL 
LAND.—The conveyance by the Secretary under subsection 
(a) shall be subject to the conditions that— 
(1) the recipient of the Federal land convey all 
160 acres of the Federal land to the Council not later 
than 120 days after the date on which the recipient 
receives title to the Federal land; 
(2) in accordance with section 4(a), the Sec-
retary grant to the owner of Project No. 67 an ease-
ment; and 
(3) in accordance with section 4(b), the owner of 
Project No. 67 has the right of first refusal regarding 
any reconveyance of the Federal land by the Council. 
(e) DISPOSITION AND USE OF CASH EQUALIZATION 
FUNDS.— 
(1) IN GENERAL.—The Secretary shall deposit 
the cash equalization payment received under sub-
section (a)(1) in the fund established by Public Law 
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90–171 (commonly known as the ‘‘Sisk Act’’) (16 
U.S.C. 484a). 
(2) USE.—Amounts deposited under paragraph 
(1) shall be available to the Secretary until expended, 
without further appropriation, for the acquisition of 
land and any interests in land for the National For-
est System in the State of California. 
(f) COST COLLECTION FUNDS.— 
(1) IN GENERAL.—The owner of the non-Federal 
land shall pay to the Secretary all direct costs associ-
ated with processing the land exchange under this sec-
tion. 
(2) COST COLLECTION ACCOUNT.— 
(A) IN
GENERAL.—Any amounts received 
by the Secretary under paragraph (1) shall be 
deposited in a cost collection account. 
(B) USE.—Amounts deposited under sub-
paragraph (A) shall be available to the Secretary 
until expended, without further appropriation, 
for the costs associated with the land exchange. 
(C) REFUND.—The Secretary shall provide 
to the owner of the non-Federal land a refund of 
any amounts remaining in the cost collection ac-
count after completion of the land exchange that 
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are not needed to cover expenses of the land ex-
change. 
(g) LAND AND WATER CONSERVATION FUND.—For 
purposes of section 7 of the Land and Water Conservation 
Fund Act of 1965 (16 U.S.C. 460l–9), the boundaries of 
the Sierra National Forest shall be considered to be the 
boundaries of the Sierra National Forest as of January 1, 
1965. 
SEC. 4. GRANT OF EASEMENT AND RIGHT OF FIRST RE-
FUSAL. 
(a) EASEMENT REQUIRED.— 
(1) IN GENERAL.—As part of the exchange au-
thorized by this Act, the Secretary shall, without con-
sideration, grant to the owner of Project No. 67 an 
easement for the right to enter, occupy, and use for 
hydroelectric power purposes the Federal land cur-
rently within the licensed boundary for Project No. 
67. 
(2) REQUIRED
TERMS
AND
CONDITIONS.—The 
easement granted under paragraph (1) shall contain 
such terms and conditions as are agreed to by the 
Secretary, the Council, and the owner of Project No. 
67. 
(b) RIGHT OF FIRST REFUSAL.—As a condition of the 
conveyance of the Federal land under section 3(a)(1) and 
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