(8) it is in the public interest to exchange feder-
ally owned land in the State for the Utah State trust 
land located in the Colorado River Corridor, Dino-
saur National Monument, and the Book Cliffs area, 
on terms that are fair to the United States and the 
State of Utah. 
(b) PURPOSE.—It is the purpose of this Act to direct, 
facilitate, and expedite the exchange of certain Federal 
land and non-Federal land in the State to further the pub-
lic interest by— 
(1) exchanging Federal land that has limited 
recreational and conservation resources; and 
(2) acquiring State trust land with important 
recreational, scenic, and conservation resources for 
permanent public management and use. 
SEC. 3. DEFINITIONS. 
In this Act: 
(1) FEDERAL LAND.—The term ‘‘Federal land’’ 
means the land located in Grand, San Juan, and 
Uintah Counties, Utah, that is identified on the 
maps as— 
(A) ‘‘BLM Subsurface only Proposed for 
Transfer to State Trust Lands’’; 
(B) ‘‘BLM Surface only Proposed for 
Transfer to State Trust Lands’’; and 
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(C) ‘‘BLM Lands Proposed for Transfer to 
State Trust Lands’’. 
(2) GRAND COUNTY MAP.—The term ‘‘Grand 
County Map’’ means the map prepared by the Bu-
reau of Land Management entitled ‘‘Utah Rec-
reational Land Exchange Act Grand County’’, dated 
September 22, 2006, and relating to the exchange of 
Federal land and non-Federal land in Grand and 
San Juan Counties, Utah. 
(3) MAPS.—The term ‘‘maps’’ means the Grand 
County Map and the Uintah County Map. 
(4) NON-FEDERAL LAND.—The term ‘‘non-Fed-
eral land’’ means the land in Grand, San Juan, and 
Uintah Counties, Utah, that is identified on the 
maps as— 
(A) ‘‘State Trust Land Proposed for 
Transfer to BLM’’; and 
(B) ‘‘State Trust Minerals Proposed for 
Transfer to BLM’’. 
(5) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of the Interior. 
(6) STATE.—The term ‘‘State’’ means the State 
of Utah, as trustee under the Utah State School and 
Institutional Trust Lands Management Act (Utah 
Code Ann. 53C–1–101 et seq.). 
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(7) UINTAH COUNTY MAP.—The term ‘‘Uintah 
County Map’’ means the map prepared by the Bu-
reau of Land Management entitled ‘‘Utah Rec-
reational Land Exchange Act Uintah County’’, 
dated September 22, 2006, and relating to the ex-
change of Federal land and non-Federal land in 
Uintah County, Utah. 
SEC. 4. EXCHANGE OF LAND. 
(a) IN GENERAL.—If, not later than 30 days after 
the date of enactment of this Act, the State offers to con-
vey to the United States title to the non-Federal land, the 
Secretary shall— 
(1) accept the offer; and 
(2) on receipt of acceptable title to the non- 
Federal land and subject to valid existing rights, 
convey to the State all right, title, and interest of 
the United States in and to the Federal land. 
(b) CONVEYANCE OF PARCELS IN PHASES.— 
(1) IN
GENERAL.—Notwithstanding that ap-
praisals for all of the parcels of Federal land and 
non-Federal land may not have been completed 
under section 5, parcels of the Federal land and 
non-Federal land may be exchanged under sub-
section (a) in 3 phases beginning on the date on 
which the appraised values of the parcels included in 
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the applicable phase are approved under section 
5(b)(5). 
(2) PHASES.—The 3 phases referred to in para-
graph (1) are— 
(A) phase 1, consisting of the non-Federal 
land identified as ‘‘phase one’’ land on the 
Grand County Map; 
(B) phase 2, consisting of the non-Federal 
land identified as ‘‘phase two’’ land on the 
Grand County Map and the Uintah County 
Map; and 
(C) phase 3, consisting of any remaining 
non-Federal land that is not identified as 
‘‘phase one’’ land or ‘‘phase two’’ land on the 
Grand County Map or the Uintah County Map. 
(3) NO AGREEMENT ON EXCHANGE.—If agree-
ment has not been reached with respect to the ex-
change of an individual parcel of Federal land or 
non-Federal land, the Secretary and the State may 
agree to set aside the individual parcel to allow the 
exchange of the other parcels of Federal land and 
non-Federal land to proceed. 
(c) APPURTENANT WATER RIGHTS.—Any convey-
ance of a parcel of Federal land or non-Federal land under 
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this Act shall include the conveyance of water rights ap-
purtenant to the parcel conveyed. 
(d) TIMING.— 
(1) IN GENERAL.—Except as provided in para-
graphs (2) and (3), the exchange of land authorized 
by subsection (a) shall be completed not later than 
330 days after the date on which the State makes 
the Secretary an offer to convey the non-Federal 
land under that subsection. 
(2) 
EXCEPTION.—The 
deadline 
established 
under paragraph (1) shall not apply to a parcel of 
land, the value of which is being determined under 
section 5(b)(6)(C). 
(3) EXTENSION.—The Secretary and the State 
may mutually agree to extend the deadline specified 
in paragraph (1). 
(e) COMPLIANCE.—Except as otherwise provided in 
this Act, the exchange of land shall be carried out in com-
pliance with all laws and regulations applicable to the ex-
change of Federal land for non-Federal land. 
SEC. 5. EXCHANGE VALUATION, APPRAISALS, AND EQUALI-
ZATION. 
(a) EQUAL VALUE EXCHANGE.—The value of the 
Federal land and non-Federal land to be exchanged under 
this Act— 
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(1) shall be equal; or 
(2) shall be made equal in accordance with sub-
section (c). 
(b) APPRAISALS.— 
(1) IN
GENERAL.—The value of the Federal 
land and the non-Federal land shall be determined 
by appraisals conducted in accordance with— 
(A) section 206(d) of the Federal Land 
Policy and Management Act of 1976 (43 U.S.C. 
1716(d)); and 
(B) section 2201.3 of title 43, Code of 
Federal Regulations (or successor regulations). 
(2) SELECTION OF APPRAISER.—The appraisals 
of the Federal land and non-Federal land shall be 
conducted by 1 or more independent third-party ap-
praisers selected jointly by the Secretary and the 
State. 
(3) COSTS.— 
(A) IN GENERAL.—The Secretary and the 
State shall share third-party appraisal costs 
equally. 
(B) ADJUSTMENT.—The Secretary and the 
State may agree to adjust the relative value of 
the Federal land and non-Federal land to be ex-
changed under this Act if the Secretary or the 
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State has paid a disproportionate share of the 
third-party appraisal costs. 
(4) VALUATION OF UNLEASED FEDERAL LAND; 
REVENUE SHARING.— 
(A) IN GENERAL.—Any parcel of Federal 
land that, as of the date of appraisal, is not 
leased under the Mineral Leasing Act (30 
U.S.C. 181 et seq.), shall be appraised without 
regard to the presence of minerals subject to 
lease under that Act, if, after conveyance of the 
applicable parcel to the State, the State agrees 
to pay to the United States— 
(i) 50 percent of any bonus or rental 
payments (in the form of money or other 
consideration) that the State receives for 
the disposition of any interest in the min-
erals after the date of conveyance; and 
(ii) an amount equal to— 
(I) the fraction of gross proceeds 
from mineral production (in the form 
of money or other consideration) to 
which the United States would have 
been entitled as a production royalty 
if the land had been— 
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(aa) retained by the United 
States; and 
(bb) leased under the provi-
sions of that Act in effect on the 
date of this Act; minus 
(II) the portion of production 
royalties that would otherwise be pay-
able to the State under section 35 of 
the Mineral Leasing Act (30 U.S.C. 
191). 
(B) OBLIGATION AS COVENANT.—The obli-
gation of the State to pay bonus, rental, and 
royalty revenues to the United States under 
subparagraph (A) shall be a permanent cov-
enant running with the applicable parcel of 
Federal land conveyed to the State. 
(C) SPECIAL ACCOUNT.—All revenues re-
ceived by the United States under this para-
graph shall be deposited in a special account in 
the Treasury of the United States and shall be 
available without further appropriation to the 
Secretary until expended for— 
(i) the equalization of values as pro-
vided in subsection (c)(1); 
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(ii) the purchase of lands or interests 
therein within the State of Utah that are 
otherwise eligible for purchase under the 
Federal Lands Transaction Facilitation 
Act (43 U.S.C. 2301 et seq.); or 
(iii) the purchase of lands or interests 
therein owned by the State of Utah as 
trustee under the Utah State School and 
Institutional Trust Lands Management 
Act that are determined by the Secretary 
to have outstanding characteristics for out-
door recreation, wildlife habitat, wilder-
ness, or other natural resources. 
(D) ACQUISITION.—Any land acquired 
under this section shall be— 
(i) from a willing seller; 
(ii) contingent on the conveyance of 
title acceptable to the Secretary, using title 
standards of the Attorney General; 
(iii) at a price not to exceed fair mar-
ket value consistent with applicable provi-
sions of the Uniform Appraisal Standards 
for Federal Land Acquisitions; and 
(iv) managed as part of the unit with-
in which it is contained. 
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(5) REVIEW AND APPROVAL.— 
(A) IN
GENERAL.—Not later than 120 
days after the date on which the appraiser is 
selected under paragraph (2), the appraiser 
shall submit to the Secretary and the State a 
copy of the completed appraisals for review. 
(B) APPROVAL
OR
DISAPPROVAL.—Not 
later than 90 days after the date of receipt of 
an appraisal under subparagraph (A), the Sec-
retary and the State shall independently ap-
prove or disapprove the appraisal. 
(6) DETERMINATION OF VALUE.— 
(A) DETERMINATION BY SECRETARY AND 
STATE.—If the Secretary and the State are un-
able to agree on the value of a parcel of land, 
the value of the parcel may be determined by 
the Secretary and the State in accordance with 
paragraphs (2) and (4) of section 206(d) of the 
Federal Land Policy and Management Act of 
1976 (43 U.S.C. 1716(d)). 
(B) VALUATION
OF
LEASED
FEDERAL 
LAND.— 
(i) IN GENERAL.—If value is attrib-
uted to any parcel of Federal land because 
of the presence of minerals subject to leas-
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ing under the Mineral Leasing Act (30 
U.S.C. 191 et seq.), and the parcel is sub-
ject to an existing lease under that Act, 
the value of the parcel shall be equal to the 
value of the parcel as determined under 
this section, as adjusted under clause (ii). 
(ii) ADJUSTMENT.— 
(I) IN GENERAL.—The value of 
the parcel subject to a lease under 
clause (i) shall be reduced by the per-
centage of the Federal revenue shar-
ing obligation under section 35(a) of 
the Mineral Leasing Act (30 U.S.C. 
191(a)). 
(II) NO
PROPERTY
RIGHT.—An 
adjustment under subclause (I) shall 
not be considered to be a property 
right of the State. 
(C) DETERMINATION BY COURT.— 
(i) IN
GENERAL.—Notwithstanding 
any other provision of law, if the Secretary 
and the State have not agreed on the value 
of a parcel by the date that is 1 year after 
the date of enactment of this Act, a Fed-
eral district court (including the United 
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States District Court for the District of 
Utah, Central Division) shall have jurisdic-
tion to determine the value of the parcel. 
(ii) LIMITATION.—An action to deter-
mine the value of a parcel under clause (i) 
shall be brought not earlier than 1 year, 
but not more than 3 years, after the date 
of enactment of this Act. 
(D) AVAILABILITY OF APPRAISALS.— 
(i) IN GENERAL.—All final appraisals, 
appraisal reviews, and determinations of 
value for land to be exchanged under this 
Act shall be available for public review at 
the Utah State Office of the Bureau of 
Land Management at least 30 days before 
the conveyance of the applicable parcels. 
(ii) 
PUBLICATION.—The 
Secretary 
shall publish in a newspaper of general cir-
culation in Salt Lake County, Utah, a no-
tice that the appraisals are available for 
public inspection. 
(c) EQUALIZATION OF VALUES.— 
(1) SURPLUS OF NON-FEDERAL LAND.—If after 
completion of the appraisal and dispute resolution 
process under subsection (b), the value of the non- 
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Federal land exceeds the value of the Federal land 
the Secretary shall, in partial exchange for the non- 
Federal land, provide for payment to the State of 
the amount necessary to equalize values from funds 
made available under the special account established 
by subsection (b)(4)(C). The State shall be entitled 
to receive a reasonable rate of interest at a rate 
equivalent to a five-year Treasury note on the bal-
ance of the value owed by the United States from 
the effective date of the exchange until full value is 
received by the State. 
(2) SURPLUS
OF
FEDERAL
LAND.—If after 
completion of the appraisal and dispute resolution 
process under subsection (b), the value of the Fed-
eral land exceeds the value of the non-Federal land, 
the value of the Federal land and non-Federal land 
may be equalized by— 
(A) the Secretary, after consultation with 
the State, removing parcels of Federal land 
from the exchange until the value is equal; or 
(B) the Secretary and the State adding ad-
ditional State trust land to the non-Federal 
land, if— 
(i) the additional land has been ap-
praised in accordance with an ongoing 
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Federal acquisition process or program; 
and 
(ii) the appraised value (as deter-
mined under clause (i)) has been accepted 
by the Secretary. 
(3) NOTICE AND PUBLIC INSPECTION.— 
(A) IN
GENERAL.—If the Secretary and 
the State determine to add or remove land from 
the exchange, the Secretary shall— 
(i) publish in a newspaper of general 
circulation in Salt Lake County, Utah, a 
notice that identifies when and where a re-
vised exchange map will be available for 
public inspection; and 
(ii) transmit to the Committee on En-
ergy and Natural Resources of the Senate 
and the Committee on Natural Resources 
of the House of Representatives a copy of 
the revised exchange map. 
(B) LIMITATION.—The Secretary and the 
State shall not add or remove land from the ex-
change until at least 20 days after the date on 
which the notice is published under subpara-
graph (A)(i) and the map is transmitted under 
subparagraph (A)(ii). 
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