A bill to convey certain Public lands in the State of Alaska to the University of Alaska, and for other purposes.

Requires the Secretary of the Interior to convey to the University of Alaska, as a grant and in fee simple, a basic Federal entitlement of 350,000 acres of Federal lands in Alaska.

Authorizes the University to submit to the Secretary a list of selected properties to be received under the conditions of this grant. Limits the selections to 385,000 acres.

Requires the Secretary to notify the University of the acceptance of or objection to each selection, including reasons for objections.

Prohibits the Secretary from approving or conveying under this grant any Federal lands: (1) which are included in a Conservation System Unit; or (2) validly selected but not conveyed to Alaska or the corporations organized pursuant to the Alaska Native Claims Settlement Act.

Restricts land conveyance to the University to the extent that the State of Alaska conveys or has conveyed an equivalent amount of acreage to the University after June 7, 1996.