A bill to prohibit the issuance of phosphate mining leases in Osceola National Forest, Florida.

Prohibits the issuance of phosphate leases in the Osceola National Forest, Florida.

Directs the Secretary of the Interior to determine if any individual or company who has filed a phosphate preference right lease application has made a discovery of valuable deposits. Directs the Comptroller General to determine the present fair market value of any such lease. Directs the Secretary, at the option of a lease applicant to: (1) suspend the issuance of a phosphate preference right lease until such time as Congress permits the issuance of a lease; or (2) extend to the applicant a monetary credit to be used for bonus, rental, or royalty payments on any lease competitively won by the applicant. Provides that if an applicant waives his or her right to petition for the above choice the Secretary shall acquire the preference right to the applicant's lease by purchase or condemnation.