A bill to establish the Mono Lake National Monument in the State of California, and for other purposes.

Designates the Mono Lake National Monument in California. Provides that the monument area shall become part of the Inyo National Forest. Directs the Secretary of Agriculture to acquire the lands and waters within the monument. Specifies acquisition procedures.

Requires the Secretary to protect the geologic, ecologic, and cultural resources and to provide for recreational use of the monument. Requires the Secretary to permit the full use of the monument for scientific study and research. Permits individuals holding currently valid grazing permits within the monument boundaries to continue to exercise grazing rights. Permits the reissuance of existing permits to the current permit holder as of the enactment of this Act. Requires the Secretary to submit to specified congressional committees a comprehensive management plan for the monument. Requires the construction of a visitor center within the monument. Withdraws federally owned lands and waters within the monument from entry or appropriation under the mining laws, from operation of the mineral leasing laws and the Geothermal Steam Act of 1970, and from disposition under the public land laws.

Requires the Secretary, in cooperation with the Secretary of the Interior, the State of California, the city of Los Angeles, and the Mono County Board of Supervisors, to study and report to specified congressional committees on the consumptive use of water diverted from the Mono Lake basin. Requires the Secretary to contract with the National Academy of Sciences for a study of the biological, ecological, historical, and aesthetic values of Mono Lake and the impacts of declining water levels thereon. Requires the Academy to transmit such study to specified congressional committees and to the Chief of the Forest Service by January 1, 1987.

Authorizes appropriations.