A bill to amend title X of divisio C of the Omnibus Consolidated and Emergency Supplemental Appropriations Act of 1998, relating to the Canyon Ferry Reservoir, Montana.

Amends the Omnibus Consolidated and Emergency Supplemental Appropriations Act, 1999 (the Act) to revise provisions regarding the conveyance of Bureau of Reclamation properties near the Canyon Ferry Reservoir in Montana.

Requires the appraisal of properties under such provisions to use the Canyon Ferry Cabin Site appraisal with a completion date of March 29, 1999, and amended June 11, 1999, with an effective date of valuation of October 15, 1998, for the Bureau. Directs the contract appraisers that conducted the original appraisal having such effective date of valuation to make modifications to permit recalculation of the lot values established in the original appraisal into an updated appraisal, the function of which shall be to provide market values for the sale of each of the 265 Canyon Ferry Cabin Site lots.

Provides for adjustments to the updated appraisal based on changes in property characteristics.

Authorizes periodic updates of the fair market values through appropriate market analyses, subject to the approval of the Canyon Ferry Recreation Association (CFRA) and the Secretary of the Interior.

Grants the Bureau and the 265 Canyon Ferry cabin owners the right to seek reconsideration, before commencement of the updated appraisal, of the assumptions used by the appraisers in arriving at the fair market values derived in the original appraisal.

Requires the original appraisal to remain valid for use by the Bureau in the sale process for a period of at least three years from the date of completion of the updated appraisal to the extent consistent with the Uniform Appraisal Standards for Federal Land Acquisition.

Grants nonpurchasing lessees the right to continue leasing through August 31, 2014. Permits such lessees to close under the terms of the sale at any time before such date. Removes all personal property and improvements, on termination of the lease either by expiration or by violation of lease terms, and requires the cabin site to remain in Federal ownership.

Requires the Secretary to close on the property and prepare all other properties for closing within 45 days if no one (including CFRA) bids for a property.

Directs CFRA and the lessees to purchase at least 75 percent of the properties not later than August 1 of the year that begins at least 36 months (currently, 12 months) after title to the first property is conveyed by the Secretary to a lessee.

Requires the Secretary to allocate all funding necessary to conduct the sales process for the sale of property under the Act. Directs the Secretary to begin: (1) preparing for the sales process on enactment of the Act; and (2) conveying the property not later than one year after the Act's enactment.

Requires the Montana Fish and Wildlife Conservation Trust, acting through the trust manager, to enter into a legally enforceable Recreation Trust Agreement with CFRA. Requires the Agreement to provide that: (1) the Trust shall loan up to $3 million of a property's sale proceeds to CFRA; (2) CFRA shall deposit such borrowed funds in the Canyon Ferry-Broadwater County Trust; (3) CFRA and the individual purchasers shall repay loan principal to the Trust as soon as practicable in accordance with a loan agreement repayment schedule; and (4) CFRA and the purchasers shall make an annual interest payment (at a rate between six and eight percent) on the outstanding loan principal.

Prohibits the trust manager, except as otherwise provided, from disbursing any Trust funds until August 1, 2001, unless Broadwater County, at an earlier date, certifies that the Canyon Ferry-Broadwater County Trust has been fully funded. Bars any closing of property until the Recreation Trust Agreement is entered into.

Prohibits any closing of property until CFRA and Broadwater County enter into a legally enforceable agreement concerning contributions to the Trust. Provides that such agreement shall require that CFRA ensure that $3 million is deposited in the Canyon Ferry- Broadwater County Trust by August 1, 2001. (Current law prohibits any sale of property before such amount is deposited as the initial corpus of such trust.)