To provide that Federal property reversions on land deeded to the Municipality of Anchorage be conveyed to the Municipality in order to unencumber the Municipality's title.

Directs the Secretary of the Interior to convey to the Municipality of Anchorage, Alaska, the reversionary interest of the United States in and to parcels of real property, including improvements thereon, which are owned by the Municipality and located in Anchorage, for the purpose of unencumbering the title of the Municipality.