(ii) the Secretary makes a final deter-
mination not accepting the selection of the 
unappropriated public land; or 
(iii) the State withdraws the selection 
of the unappropriated public land. 
(e) CONSTRUCTION WITH OTHER LAWS.— 
(1) CONSIDERATION.—In the application of 
laws (including regulations) and policies relating to 
selections made under this section, the Secretary 
shall consider the equities of the State and the inter-
est of the public. 
(2) PRESUMPTION OF PLAN ADEQUACY.—Un-
less a land use plan adopted under section 202 of 
the Federal Land Policy and Management Act of 
1976 (43 U.S.C. 1712) specifically identifies signifi-
cant public values that would be lost or substantially 
impaired as a result of the conveyance of unappro-
priated public land to the State, any State selection 
under this section shall be considered to be in com-
pliance with the plan regardless of whether the se-
lected land is otherwise identified for disposal. 
(f) VALUATION.— 
(1) EQUAL VALUE.— 
(A) IN GENERAL.—The overall value of the 
State land grant parcels and parcels of unap-
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propriated public land to be conveyed to the 
State shall be— 
(i) equal; or 
(ii) if the value is not equal— 
(I) equalized by the payment of 
funds to the State or to the Secretary 
as the circumstances require; or 
(II) reflected on the balance of a 
ledger account established under para-
graph (3). 
(B) APPRAISAL
REQUIRED.—Except as 
provided in paragraph (2), the Secretary and 
the State shall jointly determine the value of a 
State land grant parcel and a parcel of unap-
propriated public land through an appraisal 
completed in accordance with— 
(i) the Uniform Appraisal Standards 
for Federal Land Acquisitions; and 
(ii) the Uniform Standards for Profes-
sional Appraisal Practice. 
(2) LOW VALUE PARCELS.— 
(A) VALUATION.—The Secretary may, with 
the consent of the State, use a mass appraisal 
or statement of value made by a qualified ap-
praiser carried out in accordance with the Uni-
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form Standards for Professional Appraisal 
Practice instead of an appraisal that complies 
with the Uniform Appraisal Standards for Fed-
eral Land Acquisitions if the State and the Sec-
retary agree that the market value of a State 
land grant parcel or a parcel of unappropriated 
public land is— 
(i) less than $500,000; and 
(ii) less than $500 per acre. 
(B) DIVISION.—A State land grant parcel 
or a parcel of unappropriated public land may 
not be artificially divided in order to qualify for 
a mass appraisal or statement of value under 
subparagraph (A). 
(3) LEDGER ACCOUNTS.— 
(A) IN GENERAL.—The Secretary and the 
State may agree to use a ledger account to 
make equal the value of land relinquished by 
the State and conveyed by the Secretary to the 
State under this section. 
(B) IMBALANCES.—A ledger account de-
scribed in subparagraph (A) shall reflect imbal-
ances in value to be reconciled in a subsequent 
transaction. 
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(C) ACCOUNT
BALANCING.—Each ledger 
account established under this paragraph shall 
be— 
(i) balanced not later than 3 years 
after the date on which the ledger account 
is established; and 
(ii) closed not later than 5 years after 
the date of the last conveyance of land 
under this section. 
(4) COSTS.—The Secretary or the State may— 
(A) assume costs or other responsibilities 
or requirements for conveying land under this 
section that would generally be the responsi-
bility of the other party; and 
(B) make adjustments to the relative val-
ues involved in the conveyance of land under 
this section to compensate the Secretary or the 
State, as applicable, for assuming the costs or 
other responsibilities or requirements under 
subparagraph (A). 
(5) ADJUSTMENT.—If value is attributed to any 
parcel of unappropriated public land that has been 
selected by the State because of the presence of min-
erals under a lease under the Mineral Leasing Act 
(30 U.S.C. 181 et seq.) that is in a producing or 
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producible status, the value of the parcel shall be re-
duced by the percentage that represents the likely 
Federal-revenue sharing obligation under that Act, 
but the adjustment shall not be considered to reflect 
a property right of the State. 
(g) MISCELLANEOUS PROVISIONS.— 
(1) HAZARDOUS
MATERIALS.—The Secretary 
and the State shall make available for review and in-
spection any record relating to hazardous materials 
on land to be conveyed under this section. 
(2) APPURTENANT WATER RIGHTS.—Any con-
veyance of a State land grant parcel or parcel of un-
appropriated public land under this section may in-
clude the conveyance of water rights appurtenant to 
the land conveyed. 
(3) GRAZING PERMITS.— 
(A) IN GENERAL.—If land conveyed under 
this section is subject to a lease, permit, or con-
tract for the grazing of domestic livestock in ef-
fect on the date of conveyance, the Secretary or 
the State, as applicable, shall allow the grazing 
to continue for the remainder of the term of the 
lease, permit, or contract, subject to the related 
terms and conditions of user agreements, in-
cluding permitted stocking rates, grazing fee 
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levels, access rights, and ownership and use of 
range improvements. 
(B) RENEWAL.—On expiration of any 
grazing lease, permit, or contract described in 
subparagraph (A), the party that has jurisdic-
tion over the land on the date of expiration, 
may elect to renew the lease, permit, or con-
tract if permitted under applicable law. 
(C) CANCELLATION.— 
(i) IN GENERAL.—Nothing in this sec-
tion prevents the Secretary or the State 
from canceling or modifying a grazing per-
mit, lease, or contract if the land subject 
to the permit, lease, or contract is sold, 
conveyed, transferred, or leased for non-
grazing purposes by the Secretary or the 
State. 
(ii) LIMITATION.—Except to the ex-
tent reasonably necessary to accommodate 
surface operations in support of mineral 
development, the Secretary or the State 
shall not cancel or modify a grazing per-
mit, lease, or contract for land conveyed 
under this section because the land subject 
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