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 ap-
praiser to conduct an appraisal of the
selection rights. Subject to subclause
(II), the appraiser shall be selected by
the mutual agreement of the Sec-
retary and Koniag.
(II) FAILURE TO AGREE.—If the
Secretary and Koniag fail to agree on
an appraiser by the date that is 60
days after the date of the initial meet-
ing 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
METHODOL-
OGY.—The appraisal shall be conducted in
conformity with the standards of the Ap-
praisal Foundation (as defined in section
1121(9) of the Financial Institutions Re-
form, Recovery, and Enforcement Act of
1989 (12 U.S.C. 3350(9)).
(iii) SUBMISSION OF APPRAISAL RE-
PORT.—Not later than 180 days after the
selection of an appraiser pursuant to
clause (i), the appraiser shall submit to the
Secretary and to Koniag a written ap-
praisal 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
SEC-
RETARY.—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 deter-
mination.
(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 Man-
agement Act of 1976 (43 U.S.C. 1716
(d)) shall be used to establish the
value.
(II) AVERAGE
VALUE
LIMITA-
TION.—The average value per acre of
the selection rights shall not be less
than the value utilizing the risk ad-
justed discount cash flow methodol-
ogy, but in no event may exceed $300.
(c) KONIAG ACCOUNT.—
(1) IN
GENERAL.—(A) The Secretary shall
enter into negotiations for an agreement or agree-
ments 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 ex-
change 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 ex-
changed multiplied by a fraction, the numerator of
which is the value of all the selection rights as deter-
mined pursuant to subsection (b) hereof and the de-
nominator 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 Sec-
retary under any provision of law and which prop-
erty, at the time of the proposed transfer to Koniag
is not generating receipts to the Federal Govern-
ment in excess of $1,000,000 per year. The Sec-
retary 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 man-
ner 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 Fed-
eral 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 se-
lection rights, then Koniag shall have the option of
(A) declining to proceed with the exchange and iden-
tifying 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 inter-
est 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 un-
divided 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 TRUST-
EE.—In establishing a Settlement Trust under section 39
of the Alaska Native Claims Settlement Act (43 U.S.C.
1629c), Koniag may delegate, in whole or in part, the au-
thority granted to Koniag under subsection (b)(2) of such
section to any entity that Koniag may select without af-
fecting the status of the trust as a Settlement Trust under
such section.
Passed the House of Representatives July 30, 1996.
Attest:
Clerk.