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clause (iv), the Administrator may obligate an 
amount to pay the direct and indirect costs re-
lated to identifying and preparing properties to 
be reported excess by another agency. 
‘‘(ii) The General Services Administration 
may be reimbursed from the proceeds of the 
sale of such properties for such costs. 
‘‘(iii) Net proceeds shall be dispersed pur-
suant to section 571 of this title. 
‘‘(iv) The authority under clause (i) to ob-
ligate funds to prepare properties to be reported 
excess does not include the authority to convey 
such properties by sale, lease, exchange, or oth-
erwise, including through leaseback arrange-
ments. 
‘‘(v) Nothing in this subparagraph is in-
tended to affect subparagraph (D).’’. 
SEC. 5. ENHANCED AUTHORITIES WITH REGARD TO RE-
VERTED REAL PROPERTY. 
(a) AUTHORITY TO PAY EXPENSES RELATED TO RE-
VERTED REAL PROPERTY.—Section 572(a)(2)(A) of title 
40, United States Code, is amended by adding at the end 
the following: 
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‘‘(iv) The direct and indirect costs as-
sociated with the reversion, custody, and 
disposal of reverted real property.’’. 
(b) REQUIREMENTS RELATED
TO SALES
OF RE-
VERTED
PROPERTY
UNDER
SECTION
550.—Section 
550(b)(1) of title 40, United States Code, is amended— 
(1) by inserting ‘‘(A)’’ after ‘‘(1) IN
GEN-
ERAL.—’’; and 
(2) by adding at the end the following: ‘‘If the 
official, in consultation with the Administrator, rec-
ommends reversion of the property, the Adminis-
trator shall take control of such property, and, sub-
ject to subparagraph (B), sell it at or above ap-
praised fair market value for cash and not by lease, 
exchange, or leaseback arrangements. 
‘‘(B) Prior to sale, the Administrator shall 
make such property available to State and local gov-
ernments and certain non-profit institutions or orga-
nizations pursuant to this section and sections 553 
and 554 of this title.’’. 
(c) REQUIREMENTS RELATED
TO SALES
OF RE-
VERTED
PROPERTY
UNDER
SECTION
553.—Section 
553(e) of title 40, United States Code, is amended— 
(1) by inserting ‘‘(1)’’ after ‘‘THIS SECTION.— 
’’; and 
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(2) by adding at the end the following: ‘‘If the 
Administrator determines that reversion of the prop-
erty is necessary to enforce compliance with the 
terms of the conveyance, the Administrator shall 
take control of such property and, subject to para-
graph (2), sell it at or above appraised fair market 
value for cash and not by lease, exchange, or lease-
back arrangements. 
‘‘(2) Prior to sale, the Administrator shall make such 
property available to State and local governments and cer-
tain non-profit institutions or organizations pursuant to 
this section and sections 550 and 554 of this title.’’. 
(d) REQUIREMENTS RELATED
TO SALES
OF RE-
VERTED
PROPERTY
UNDER
SECTION
554.—Section 
554(f) of title 40, United States Code, is amended— 
(1) by inserting ‘‘(1)’’ after ‘‘THIS SECTION.— 
’’; and 
(2) by adding at the end the following: ‘‘If the 
Secretary, in consultation with the Administrator, 
recommends reversion of the property, the Adminis-
trator shall take control of such property and, sub-
ject to paragraph (2), sell it at or above appraised 
fair market value for cash and not by lease, ex-
change, or leaseback arrangements. 
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‘‘(2) Prior to sale, the Administrator shall make such 
property available to State and local governments and cer-
tain non-profit institutions or organizations pursuant to 
this section and sections 550 and 553 of this title.’’. 
SEC. 6. AGENCY RETENTION OF PROCEEDS. 
The text of section 571 of title 40, United States 
Code, is amended to read as follows: 
‘‘(a) DEPOSIT
OF PROCEEDS.—Net proceeds de-
scribed in subsection (d) shall be deposited into the appro-
priate real property account of the agency that had cus-
tody and accountability for the real property. Such funds 
shall be expended only as authorized in annual appropria-
tions Acts and only for activities as described in section 
524(b) of this title and disposal activities, including paying 
costs incurred by the General Services Administration for 
any disposal-related activity authorized by this title. Pro-
ceeds shall not be expended for activities or projects sub-
ject to the requirements of section 3307 of this title. 
‘‘(b) EFFECT ON OTHER SECTIONS.—Nothing in this 
section is intended to affect section 572(b) or 574 of this 
title. 
‘‘(c) DISPOSAL
AGENCY
FOR
REVERTED
PROP-
ERTY.—For the purposes of this section, the General Serv-
ices Administration, as the disposal agency, shall be treat-
ed as the agency with custody and accountability for prop-
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erties which revert to the United States under sections 
550, 553, and 554 of this title. 
‘‘(d) PROCEEDS.—The net proceeds referred to in 
subsection (a) are proceeds under this chapter from a— 
‘‘(1) transfer of excess property to a federal 
agency for agency use; or 
‘‘(2) sale, lease, or other disposition of surplus 
property.’’. 
Passed the House of Representatives May 21, 2008. 
Attest: 
LORRAINE C. MILLER, 
Clerk. 
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