Missouri River Basin, Middle Loup Division Facilities Conveyance Act

A Missouri River Basin, Middle Loup Division Facilities Conveyance Act - Directs the Secretary of the Interior to convey the Sherman Reservoir, Milburn Diversion Dam, Arcadia Diversion Dam, related canals and other related lands, water rights, acquired land, distribution and diversion facilities, contracts, personal property, and other U.S.-owned associated interests (the Project) to the Farwell Irrigation District, the Sargent Irrigation District, and the Loup Basin Reclamation District (the Districts) in Nebraska in consideration of specified payments to the Secretary by the Districts and the Western Area Power Administration. Cancels for the year 2000 and thereafter payments due and owing from the Districts to the United States under the repayment and water service contracts. Requires such conveyance be made concurrently with the making of the payment by the Districts, but the payment by the Western Area Power Administration shall be made from capacity and energy charges at Pick-Sloan Missouri Basin Program firm power rates received in FY 2000 or the first subsequent fiscal year in which the amount of power sale revenue received exceeds the amount of interest and operation and maintenance obligations of the Western Area Power Administration by at least $2.6 million, to the extent of the excess.

Provides for the conveyance of such Project without regard to whether all necessary legal environmental remedial action on any part of the Project has been completed.

Extinguishes on the date of such conveyance all obligations not canceled between the Secretary and the Districts relating to the Project and the Repayment and Water Service Contracts.

Prohibits the conveyance from being made until the following events have been completed: (1) environmental compliance; and (2) the execution of a memorandum of understanding between the Commissioner of Reclamation and the Districts describing the purchase price and other terms and conditions. Requires the Districts to manage the Project substantially similar to the manner in which it was managed before the conveyance, including by: (1) entering into an agreement with the Nebraska Games and Parks Commission that preserves on a permanent basis the Commission's right to develop, provide, and protect the public interest in Project fish, wildlife, and recreational facilities related to the Projects; (2) entering into an agreement with the University of Nebraska Lincoln-State Museum that provides for the protection of cultural resources consistent with applicable law that authorizes the Districts or others with responsibility to protect significant historic features; and (3) providing to annually make payments to local governments in the amounts in which the Commissioner made to such governments for FY 1999.

Requires all funds paid to the Secretary under this Act to be credited to the Reclamation Fund in the Treasury toward repayment of capital costs of the Project in an amount equal to the associated undiscounted obligation.

Prohibits any payment under this Act from affecting Pick-Sloan Missouri Basin firm power rates.

Requires the Secretary and the Districts, if the conveyance is not substantially completed on or before December 31, 2000, to promptly submit a status report on such conveyance to the appropriate congressional committees.

Provides that the Project shall no longer have a flood control component.