A bill to repeal the Act of June 23, 1936, to preserve to the city of Los Angeles all of its existing rights, and for other purposes.

Grants to the City of Los Angeles, California, easements and rights-of-way together with the right to continue the City's water and power operations within specified public lands situated in Mono County, California. Confirms certain water rights licenses, affecting Federal lands, issued by the State of California.

Requires the City of Los Angeles to relinquish specified prior grants for this Act to take effect.

Establishes a reversionary interest in the United States should the City of Los Angeles cease to use land granted by this Act.