Utah Schools and Lands Improvement Act of 1992

Utah Schools and Lands Improvement Act of 1992 - Declares certain lands in the State of Utah, upon the completion of the conveyance from the State and acceptance of title by the United States, to be part of the Navajo and Goshute Indian Reservations. Authorizes the Secretary of the Interior (Secretary) to acquire such lands through exchange of Federal lands.

Declares a specified tract of Federal land located in Nevada to be part of the Goshute Indian Reservation and held in trust for the Goshute Tribe. Prohibits any part of such land from being used for gaming or any related purpose.

Transfers such lands without cost to the Navajo Nation and the Goshute Tribe.

Authorizes the Secretary of: (1) Agriculture to accept specified school and institutional trust lands owned by the State within units of the National Forest System, to become a part of the national forest within which such lands are located; and (2) the Interior to accept all school and institutional trust lands owned by the State and located within units of the National Park System, to become a part of the System.

Requires the Secretary, as part of the exchange process, to compensate the State for the fair market value of certain lands within Capitol Reef National Park that were conveyed to the United States on July 2, 1971, for which the State has never been compensated.

Directs the Secretary to transmit to the State a list of lands, or interests in lands, within the State for transfer to the State in exchange for State lands and interests described above (exchange lands), including only the following Federal lands, or interests in lands: (1) Blue Mountain Telecommunications Site; (2) Beaver Mountain Ski Resort Site; (3) the unleased coal located in the Winter Quarters, Crandall Canyon, Cottonwood Canyon, and Soldier Creek tracts; and (4) all royalties receivable by the United States with respect to coal leases in the Quitchupah (Convulsion Canyon) tract.

Requires the Secretary to offer to the State a portion of the royalties receivable by the United States with respect to Federal geothermal, oil, gas, or other mineral interests in Utah which on August 1, 1992, were under lease and covered by an approved permit to drill or plan of development and plan of reclamation, were in production, and were not under administrative or judicial appeal (the mineral royalties). Specifies that no such offer shall be for royalties aggregating more than 50 percent of the total appraised value of the State exchange lands. Bars the Secretary from making any such offer which would enable the State to receive royalties under this section exceeding $12,500,000 annually. Sets forth additional requirements.

Provides for the appraisal of lands to be exchanged. Directs that all exchanges authorized by this Act be for equal value.

Specifies that if, after two years after this Act's enactment, the parties have not agreed upon the final terms of, including the value of the lands involved in, some or all of the exchanges authorized by this Act, the U.S. District Court for the District of Utah, Central Division, shall have jurisdiction to hear, determine, and render judgement on the value of any and all lands, or interests therein, involved in the exchange. Sets forth related requirements.

Provides that if the State shares revenue from the selected Federal properties the value of such properties shall be the value otherwise established less the percentage which represents the Federal revenue sharing obligation, but such adjustment shall not be considered as reflecting a property right of the State.

Requires that: (1) the mineral royalties be adjusted to reflect net present value as of the effective date of the exchange; and (2) the State be entitled to receive a reasonable rate of interest at a rate equivalent to a five year treasury note on the balance of the value owed by the United States from such date until full value is received by the State and mineral rights revert to the United States.

Sets forth provisions regarding the transfer of title, including rights of inspection.

Expresses the intent of the Congress that the State should establish a funding mechanism, or some other mechanism to assure that counties within the State are treated equitably as a result of exchanges pursuant to this Act.

Requires the United States and the State to bear their own respective costs incurred in the implementation of this Act.

Authorizes appropriations.