A bill to direct the Secretary of Agriculture to convey, without consideration, to the Sabine River Authority of Texas approximately 34,000 acres of land within the Sabine National Forest, Texas, to be used for the purposes of the Toledo Bend Project, Louisiana and Texas.

(Measure passed House, amended)

Directs the Secretary of Agriculture to convey to the Sabine River Authority of Texas specified Federal lands located within the Sabine National Forest in Texas and within the project boundary of the Toledo Bend Dam and Reservoir, Louisiana and Texas.

Directs the Authority, in exchange for such conveyance, to convey to the United States specified lands at the shoreline of such Dam and adjacent to such National Forest, and the sum of $650,000.

Reserves to the United States all subsurface land rights, including oil and gas.

Makes ownership revert to the United States if such lands are used for any other purpose than the Toledo Bend project.

Requires the Federal Energy Regulatory Commission (FERC) to waive related land-use charges if: (1) such land is conveyed by the United States directly to the project licensee (subject to any appropriate FERC restrictions); (2) the conveying U.S. agency has notified FERC that the United States will have received such conveyance's fair market value; and (3) such fair market value includes the full value of the waiver for the remaining term of the license. Stipulates that if FERC determines that the consideration does not include the full value of the waived land-use charge the conveyance shall not be made.