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.

(Reported to Senate from the Committee on Agriculture, Nutrition and Forestry with amendment, S. Rept. 98-629)

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 adjacent to the Toledo Bend Reservoir in Louisiana and Texas.

Directs the Sabine River Authority of Texas to: (1) convey to the United States, in exchange for such lands, certain lands immediately adjacent to federally-owned land in the Sabine National Forest; and (2) deposit a specified sum with the Secretary of Agriculture.

Reserves for the United States all federally-owned subsurface rights (including oil and gas) in the lands conveyed to the Sabine River Authority of Texas. Declares that title shall revest in the United States if such Authority fails to use the land for specified project purposes.

Exempts the Sabine River Authority of Texas and the Sabine River Authority of Louisiana from Federal land-use fees and administration charges.