To establish terms and conditions under which the Secretary of the Interior shall, for fair market value, convey certain properties around Canyon Ferry Reservoir, Montana, to the lessees of those properties.

Directs the Secretary of the Interior to sell at fair market value 265 cabin sites and related appurtenances around the Canyon Ferry Reservoir, Montana. Requires: (1) a sealed bidding process for such sale; (2) a required minimum bid to be met; and (3) the Canyon Ferry Recreation Association to have the right to match the highest bid offered for such properties. Outlines other conveyance terms, including: (1) allowing individual cabin leaseholders who cannot purchase their site to continue to lease such site for two consecutive five-year periods; and (2) directing the Secretary to complete the conveyance within one year after enactment of this Act.

Directs the Secretary to: (1) negotiate an agreement with the Broadwater County, Montana, Board of Supervisors to transfer management of the Silo's recreation area; and (2) assess the need for creating a harbor adjacent to the eastern shore of the south half of the Reservoir.

Authorizes the County Commissions of Broadwater and Lewis and Clark Counties in Montana to jointly establish the Canyon Ferry Lake Trust for the deposit and use of funds for various improvements to the Reservoir and Canyon Ferry area.