Spring Mountain Exchange Act of 1998

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Spring Mountain Exchange Act of 
1998''.

SEC. 2. EXCHANGE OF LANDS AND MINERAL INTERESTS.

    (a) Conveyance by United States.--
            (1) In general.--Subject to subsections (b), (c), and (d) 
        and notwithstanding any other provision of law, not later than 
        90 days after the final determination of lands and interests 
        subject to exchange under this section, the Secretary of the 
        Interior shall convey to Rhodes Design and Development 
        Corporation, subject to any valid existing rights and in 
        exchange for lands and interests conveyed by the Corporation in 
        accordance with subsection (b), all right, title, and interest 
        of the United States in and to approximately 1,463 acres of 
        Federal lands in the State of Nevada depicted on the map 
        entitled ``Spring Mountain Land Exchange, Map 1 dated August 
        ____, 1998''. The Secretary shall make that map available for 
        public inspection in the offices of the Director of the Las 
        Vegas District of the Bureau of Land Management.
            (2) Determination of lands and interests.--The Secretary 
        shall determine the lands and interests that are subject to 
        exchange under this section not later than 90 days after the 
        date of the enactment of this Act.
    (b) Offer and Acceptance.--The Secretary shall make the conveyance 
to the Corporation under subsection (a) only if the Corporation conveys 
to the United States all right, title, and interest of the Corporation 
in and to approximately 490 acres of lands in the State of Nevada 
depicted on a map entitled ``Spring Mountain Land Exchange Map 2 dated 
August ____, 1998''. The Secretary shall make that map available for 
public inspection in the offices of the Director of the Las Vegas 
District of the Bureau of Land Management.
    (c) Equalization Payments.--
            (1) In general.--If the fair market values of lands and 
        interests exchanged under this section are not equal, the 
        Secretary shall ensure that they are equalized by the payment 
        of money to the Secretary or to the Corporation as appropriate 
        in accordance with section 206(b) of the Federal Land Policy 
        and Management Act of 1976 (43 U.S.C. 1716(b)).
            (2) Valuation.--The value of lands and interests shall be 
        determined for purposes of this section--
                    (A) utilizing nationally recognized appraisal 
                standards;
                    (B) in accordance with section 206 of the Federal 
                Land Policy and Management Act of 1976 (43 U.S.C. 
                1716(b)); and
                    (C) without regard to the presence of any species 
                listed as threatened species or endangered species 
                under the Endangered Species Act of 1973 (16 U.S.C. 
                1531 et seq.).
    (d) Payments to State and Local Government.--
            (1) In general.--The Secretary shall require, as a term of 
        any conveyance under this section, that the Corporation shall 
        make direct payments to the State of Nevada and the Southern 
        Nevada Water Authority in accordance with paragraph (2). Such 
        payments shall be considered to be a cost incurred by the 
        Corporation and shall be compensated by the Secretary.
            (2) Amount of payment.--
                    (A) Payment to state.--The amount paid by the 
                Corporation to the State of Nevada shall be equal to 5 
                percent of the fair market value of the Federal lands 
                conveyed by the United States under this section (as 
                determined under subsection (b)), and shall be used by 
                the State only in the general education program of the 
                State.
                    (B) Payment to authority.--The amount paid by the 
                Corporation to the Southern Nevada Water Authority 
                shall be equal to 10 percent of the fair market value 
                of the Federal lands conveyed by the United States 
                under this section (as determined under subsection 
                (b)), and shall be used by the Authority only for water 
                treatment and transmission facility infrastructure in 
                Clark County, Nevada.
    (e) Adjustments to Maps.--The Secretary may make such minor 
corrections in the maps referred to in this section as may be agreed 
upon by the Secretary and the Corporation, after the Secretary notifies 
the Committee on Energy and Natural Resources of the Senate and the 
Committee on Resources of the House of Representatives of any such 
minor corrections.
    (f) Administration of Lands.--
            (1) Cancellation.--If, before the exchange has been carried 
        out pursuant to subsections (a) and (b), the Corporation 
        provides written notification to the Secretary that the 
        Corporation no longer intends to complete the exchange, the 
        status of the lands and interests otherwise subject to the 
        exchange shall revert to the status of such lands and interests 
        as of the day before the date of enactment of this Act, and the 
        lands and interests shall be managed in accordance with 
        applicable law and management plans.
            (2) Administration of lands acquired by the united 
        states.--On acceptance of title by the United States, all land 
        and interests acquired by the United States under this section 
        that are located within the boundaries of a unit of the 
        National Forest System, National Park System, National Wildlife 
        Refuge System, National Wild and Scenic Rivers System, National 
        Trails System, National Wilderness Preservation System, or any 
        other system established by an Act of Congress, or within the 
        boundaries of any national conservation area or national 
        recreation area established by an Act of Congress--
                    (A) shall become part of the unit or area without 
                further administrative or legislative action; and
                    (B) shall be managed in accordance with all laws, 
                regulations, and land use plans applicable to the unit 
                or area.
    (g) Definitions.--As used in this section:
            (1) Corporation.--The term ``Corporation'' means the Rhodes 
        Design and Development Corporation (a corporation established 
        under the laws of the State of Nevada).
            (2) Secretary.--The term ``Secretary'' means the Secretary 
        of the Interior.

Summary: Spring Mountain Exchange Act of 1998 - Requires the Secretary of the Interior to convey to Rhodes Design and Development Corporation certain Federal lands in Clark County, Nevada, in exchange for:  (1) certain Corporation lands in Nevada; and (2) specified payments by the Corporation to the State of Nevada for use in its general education program and to the Southern Nevada Water Authority for water treatment and transmission facility infrastructure.  Provides that such payments shall be considered to be a cost incurred by the Corporation and shall be compensated by the Secretary.