A bill to direct the Secretary of Agriculture to release a reversionary interest of the United States in certain land located in Oktibbeha County, Mississippi.

(Measure passed House, amended, roll call #407 (418-1))

Directs the Secretary of Agriculture: (1) to release the restriction that certain land located in Oktibbeha County, Mississippi, be used for public purposes; and (2) prior to releasing any restrictions contained in the deed granting such land to Mississippi State College, to enter into an agreement with the College which provides that the release of the restrictions shall be conditioned on the placing of identical restrictions on property of equal value acquired by the College in exchange for the land.

Requires the Secretary of the Interior to convey all mineral interests in such lands to the College.

Directs the Secretary of the Interior to determine the mineral character of such lands and the fair market value of the mineral interests. Requires the College to pay to the United States: (1) any administrative costs incurred by the United States in conveying such mineral interests to the College; and (2) the fair market value of such mineral interests; or (3) one dollar, if the Secretary of the Interior determines that such mineral interests have no value.