An Act to amend the act of July 2, 1948, so as to repeal portions thereof relating to residual rights in certain land on Santa Rosa Island, Fla.
PL 87-860 (H.R.7932), enacted 10/23/1962

1138 
PUBLIC LAW 87-859-OCT. 23, 1962 
[76 STAT. 
68A Stat. 120. 
26 u s e 368. 
control lias been acquired prior to January 1, 1963, in a transaction 
qualifying as a reorganization under section 868(a) (1) (B).-' 
(f) EFFECTIVE DATE.—Except as provided in subsection (d) (2), the 
amendments made by this section shall apply with respect to taxable 
years beginning after December 31,1961. 
Approved October 23, 1962, 
October 23, 1962 
[H. R. 5260] 
Coconut and 
palm oil. 
Tax suspension, 
extension. 
74 Stat. 73. 
26 u s e 4511 
note. 
Public Law 87-859 
AN ACT 
To continue for an additional three-year period the existing suspensions of 
the tax on the first domestic processing of coconut oil, palm oil, palm-kernel oil, 
and fatty acids, salts, combinations, or mixtures thereof. 
Be it enacted hy the Senate and House of Kepresentatives 
of the 
United States of Ameri<ia in Congress assembled, That— 
(1) Section 3 of Public Law 85-235, as amended (71 Stat. 516), 
approved August 30, 1957 (relating to the temporary suspension 
of the tax on the first domestic processing of coconut oil) ; and 
(2) Public Law 86-37, as amended (73 Stat. 64), approved 
May 29, 1959 (relating to the temporary suspension of the tax 
on the first domestic processing of palm oil, palm-kernel oil, etc.), 
are each amended by striking out "June 30,1963" and inserting in lieu 
thereof "June 30,1966". 
Approved October 23, 1962. 
October 23, 1962 
[H. R. 7932] 
Public Law 87-860 
AN ACT 
To amend the Act of July 2, 1948. so as to rei)eal portions thereof relating to 
residual rights in certain land on Santa Rosa Island, Florida. 
Santa Rosa 
Island, Okaloosa 
County, Fla. 
Residual rights, 
release. 
Be it enacted by the Senate and House of Representatives 
of the 
United States of America in Congress assembled, That (a) the first 
sentence in the first section of the Act entitled "An Act to authorize 
the Secretary of the Army to sell and convey to Okaloosa County, 
State of Florida, all the right, title, and interest of the United States, 
including any restriction on use thereof, in and to a portion of Santa 
Rosa Island, Florida, and for other purposes", approved July 2, 1948 
63 Stat. 921. 
(62 Stat. 1229), is hereby amended by striking the words "for 
recreational purposes". Subparagraphs a, e, and g of the first section. 
Repeals. 
and all of sections 2 and 3 of the Act are hereby repealed. 
(b) The Secretary of the Army shall issue such written instruments 
as may be necessary to bring the conveyance made to Okaloosa County, 
Florida, on May 22, 1950, under authority of the Act of July 2, 1948, 
into conformity with the amendment made by subsection (a) of this 
section. 
Effective date. 
SEC. 2. Tlic first scctiou of this Act shall take effect on the date the 
county of Okaloosa, Florida, shall pay to the Secretary of the Army 
the current fair market value (as determined by the Secretary), of 
the property interest authorized to be conveyed to such county 
under the first section of this Act. 
Approved October 23, 1962.