A bill to authorize the Secretary of the Interior to consolidate the surface and substance estates of certain lands within 3 conservation system units on the Alaska Peninsula, and for other purposes.
Alaska Peninsula Subsurface Consolidation Act of 1993 - Directs the Secretary of the Interior to determine the value of rights granted to Koniag, Incorporated, purusant to the Alaska Native Claims Settlement Act to receive title to the oil and gas rights and other interests in the subsurface estate of specified public lands in Alaska (selection rights) which Koniag possesses within the boundaries of Aniakchak National Monument and Preserve, Alaska Peninsula National Wildlife Refuge, and Becharof National Wildlife Refuge.
Specifies that the value of such rights shall be equal to the fair market value of: (1) the oil and gas interests in the lands that are the subject of the selection rights; and (2) in the case of the lands for which Koniag is to receive the entire subsurface estate, the subsurface estate of the lands that are the subject of such rights.
Directs the Secretary and Koniag to meet to select a qualified appraiser to conduct an appraisal of the selection rights in conformity with the standards of the Appraisal Foundation of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, utilizing a risk adjusted discounted cash flow methodology.
Sets forth provisions regarding: (1) submission of the appraisal report; (2) determination of the value of the selection rights; and (3) an alternative determination of value if Koniag disagrees with the value determined by the Secretary.
Directs: (1) the Secretary to enter into negotiations for an agreement to exchange Federal lands in Alaska for the Koniag selection rights; and (2) the Secretary of the Treasury, regarding any such rights for which an exchange has not been completed by October 1, 2004, to establish within the Treasury the Koniag Account and, upon relinquishment of such remaining rights to the United States, to credit the Account in the amount of the appraised value of such rights. Requires the Secretary of the Treasury to make amounts in the Account available to Koniag for bidding on and purchasing property sold at public sale.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S5227)
Read twice and referred to the Committee on Energy and Natural Resources.
Referred to Subcommittee on Public Lands, National Parks.
Committee on Energy and Natural Resources requested executive comment from Department of the Interior, and Office of Management and Budget.
Subcommittee on Public Lands, National Parks. Hearings held. Hearings printed: S.Hrg. 103-407.
Committee on Energy and Natural Resources. Ordered to be reported with amendments favorably.
Committee on Energy and Natural Resources. Reported to Senate by Senator Johnston with amendments. Without written report.
Committee on Energy and Natural Resources. Reported to Senate by Senator Johnston with amendments. Without written report.
Placed on Senate Legislative Calendar under General Orders. Calendar No. 700.
By Senator Johnston from Committee on Energy and Natural Resources filed written report. Report No. 103-414.
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By Senator Johnston from Committee on Energy and Natural Resources filed written report. Report No. 103-414.