A bill to provide for an exchange of lands with the city of Greeley, Colorado, and The Water Supply and Storage Company to eliminate private inholdings in wilderness areas, to cause instream flows to be created above a Wild and Scenic River, to eliminate potential development on private inholdings within the Forest boundary, to reduce the need for future water reservoirs, to reduce the number of Federal land use authorizations, and to improve the security of the water of the city and the company, and for other purposesl

Directs the Secretary of Agriculture to transfer specified Federal lands to the city of Greeley, Colorado, and The Water Supply and Storage Company, a Colorado mutual ditch company if the city and the company offer to transfer to the United States the Rockwell Ranch and Timberline Lake property and specified company-designated lands.

Specifies exchange terms and conditions, including that: (1) the United States shall grant perpetual access easements to the city and the company to the lands conveyed; (2) the city and the company shall continue to make specified facilities accessible to visitors to the Roosevelt National Forest; (3) all special use permits, easements or other instruments authorizing occupancy of certain identified Federal lands are rescinded; (4) conditions specified in certain easements for Long Draw, Peterson Lake, and Barnes Meadow Reservoirs requiring a joint operations plan providing instream winter flows to the mainstream of the Cache La Poudre River from Chambers Lake and Barnes Meadow shall continue to be fulfilled regardless of land ownership unless mutually agreed otherwise; and (5) the United States Forest Service shall grant a 20-year easement to the city for use of approximately one acre of land under the existing cabin in the vicinity of Jacks Gulch Campground on Pingree Road.

Directs that the Rockwell Ranch, Timberline Lake, and Cameron Pass Lands acquired by the United States under this Act be added to and administered as part of the Roosevelt National Forest.

Modifies the boundary of the Arapaho and Roosevelt National Forests to provide for more efficient administration of certain Federal lands adjoining such Forests.