To establish terms and conditions under which the Secretary of the Interior shall convey leaseholds in certain properties around Canyon Ferry Reservoir, Montana.

Establishes the terms and conditions under which the Secretary of the Interior shall convey to the highest bidder properties including 265 cabin sites and certain small contiguous parcels of the Bureau of Reclamation around Canyon Ferry Reservoir, Montana, to private parties.

Directs the Secretary, consistent with specified statutory provisions, to convey to the Canyon Ferry Recreation Association, Incorporated (CFRA) or another purchaser: (1) all right, title, and interest (except the mineral estate) of the United States in and to the properties, subject to valid existing rights and the operational requirements of the Pick-Sloan Missouri River Basin Program; and (2) perpetual easements for certain necessary access to such properties and its facilities and improvements.

Directs the Secretary, the purchaser, CFRA, and the subsequent owner of each property to: (1) ensure that certain public access is maintained and unobstructed; and (2) covenant that each property's use restrictions be appurtenant to and run with such property, and be binding on each subsequent owner.

Directs the Secretary, the purchaser, CFRA, and the subsequent owner of each property to covenant that future uses of the property shall be limited to the type and intensity of uses in existence on the date of this Act's enactment date, as limited by prohibitions contained in the annual operating plan of the Bureau for the Reservoir in effect on October 1, 1998.

Grants CFRA the right to match the highest bid and purchase the properties. Sets forth provisions regarding terms of conveyance if the highest bidder is other than CFRA and CFRA does not match the highest bid, the rights and options of existing lessees, and applicable requirements if CFRA is the highest bidder or matches the highest bid.

(Sec. 5) Sets forth provisions regarding management of the Silo's campground and concession income, and use of the proceeds of conveyances under this Act.

(Sec. 7) Directs the Secretary to establish the Montana Fish and Wildlife Conservation Trust to acquire publicly accessible land and interests in land in the State for specified purposes. Establishes a Joint State-Federal agency Board. Directs the Secretary to nominate, and the Board to approve, a Citizen Advisory Board.

(Sec. 8) Directs the Board of Commissioners for Broadwater County, Montana, to establish the Canyon Ferry-Broadwater County Trust as a perpetual public trust.

(Sec. 9) Authorizes the Secretary to: (1) investigate, plan, construct, operate, and maintain public recreational facilities on land withdrawn or acquired for the development of the project; (2) conserve the scenery, the natural historic, paleontologic, and archaeologic objects, and the wildlife on the land; (3) provide for public use and enjoyment of the land and water areas created by the project; and (4) investigate, plan, construct, operate, and maintain facilities for the conservation of fish and wildlife resources.

Makes the costs of carrying out this section nonreimbursable and nonreturnable under Federal reclamation law.