Palmetto Bend Conveyance Act

Palmetto Bend Conveyance Act - Directs the Secretary of the Interior: (1) subject to the conditions of this Act, to convey the Palmetto Bend Reclamation Project (excluding the mineral estate) to the Texas Water Development Board and Lavaca-Navidad River Authority (State); and (2) to report to specified congressional committees if the conveyance has not been completed later within one year and 180 days after the enactment date of this Act.

Directs the State, as a condition of conveyance, to pay the Secretary the adjusted net present value of current repayment obligations on the Project as well as interest. Extinguishes the State's obligation under a specified Bureau of Reclamation contract upon payment of such amount. Requires the State to bear the cost of all boundary surveys, title searches, appraisals, and other transaction costs for the conveyance. Requires State payments to the Secretary to be credited to the Reclamation Fund in the Treasury.

Requires, as a condition of the conveyance, that: (1) the State agree that Project lands, water, and facilities shall continue to be managed and operated for the purposes for which the Project was originally authorized; and (2) management actions affecting the public aspects of the Project be conducted according to a management agreement between recipients of title to the Project and the Texas Parks and Wildlife Department approved by the Secretary. Assigns to the State all U.S. surface use obligations associated with the Project.

Makes the State, after purchase of the Project, ineligible to receive any benefits for the Project under Federal reclamation law.