article: SECTION 1. CANYON FERRY RESERVOIR, MONTANA. (a) Definition of Individual Property Purchaser.--Section 1003 of title X of division C of the Omnibus Consolidated and Emergency Supplemental Appropriations Act, 1999 (112 Stat. 2681-711) is amended-- (1) by redesignating paragraphs (4) through (12) as paragraphs (5) through (13), respectively; and (2) by inserting after paragraph (3) the following: ``(4) Individual property purchaser.--The term `individual property purchaser', with respect to an individual cabin site described in section 1004(b), means a person (including CFRA or a lessee) that purchases that cabin site. (b) Sale of Properties.--Section 1004 of title X of division C of the Omnibus Consolidated and Emergency Supplemental Appropriations Act, 1999, is amended-- (1) in subsection (c)(2) (112 Stat. 2681-713)-- (A) by redesignating subparagraph (B) as subparagraph (C); and (B) by inserting after subparagraph (A) the following: ``(B) Appraisal.-- ``(i) Applicabiity.--In carrying out this paragraph, the requirements of this subparagraph shall apply to the greatest extent practicable and consistent with the Uniform Appraisal Standards for Federal Land Acquisition. ``(ii) Use of earlier appraisal.--The appraisal under subparagraph (A) shall use the Canyon Ferry Cabin Site appraisal with a completion date of March 29, 1999, and amended June 11, 1999, with an effective date of valuation of October 15, 1998, for the Bureau of Reclamation, on the conditions stated in this subparagraph. ``(iii) Modifications.--The contract appraisers that conducted the original appraisal having an effective date of valuation of October 15, 1998, for the Bureau of Reclamation shall make appropriate modifications to permit recalculation of the lot values established in the original appraisal into an updated appraisal, the function of which shall be to provide market values for the sale of each of the 265 Canyon Ferry Cabin site lots. ``(iv) Changes in property characteristics.--If there are any changes in the characteristic of a property that form part of the basis of the updated appraisal (including a change in size, easement considerations, or updated analyses of the physical characteristics of a lot), the contract appraisers shall make an appropriate adjustment to the updated appraisal. ``(v) Updating.--Subject to the approval of CFRA and the Secretary, the fair market values established by the appraisers under this paragraph may be further updated periodically by the contract appraisers through appropriate market analyses. ``(vi) Reconsideration.--The Bureau of Reclamation and the 265 Canyon Ferry cabin owners have the right to seek reconsideration, before commencement of the updated appraisal, of the assumptions that the appraisers used in arriving at the fair market values derived in the original appraisal. ``(vii) Continuing validity.--The October 15, 1998, Canyon Ferry Cabin Site original appraisal, as provided for in this paragraph, shall remain valid for use by the Bureau of Reclamation in the sale process for a period of not less than 3 years from the date of completion of the updated appraisal, to the extent consistent with the Uniform Appraisal Standards for Federal Land Acquisition.''; (2) in subsection (d) (112 Stat. 2681-713)-- (A) in paragraph (1)(D), by adding at the end the following: ``(iii) Remaining leases.-- ``(I) Continuation of leases.--The remaining lessees shall have a right to continue leasing through August 31, 2014. ``(II) Right to close.--The remaining lessees shall have the right to close under the terms of the sale at any time before August 31, 2014. On termination of the lease either by expiration under the terms of the lease or by violation of the terms of the lease, all personal property and improvements will be removed, and the cabin site shall remain in Federal ownership.''; and (B) in paragraph (2)-- (i) in the matter preceding subparagraph (A), by inserting ``or if no one (including CFRA) bids,'' after ``bid''; and (ii) in subparagraph (D)-- (I) by striking ``12 months'' and inserting ``36 months''; and (II) by adding at the end the following: ``If the requirement of the preceding sentence is not met, CFRA may close on all remaining cabin sites or up to the 75 percent requirement. If CFRA does not exercise either such option, the Secretary shall conduct another sale for the remaining cabin sites to close immediately, with proceeds distributed in accordance with section 1008.''; (3) by striking subsection (e) (112 Stat. 2681-714) and inserting the following: ``(e) Administrative Costs.-- ``(1) Allocation of funding.--The Secretary shall allocate all funding necessary to conduct the sales process for the sale of property under this title. ``(2) Reimbursement.--Any reasonable administrative costs incurred by the Secretary (including the costs of survey and appraisals incident to the conveyance under subsection (a)) shall be proportionately reimbursed by the property owner at the time of closing.''; and (4) by striking subsection (f) (112 Stat. 2681-714) and inserting the following: ``(f) Timing.--The Secretary shall-- ``(1) immediately begin preparing for the sales process on enactment of this Act; and ``(2) not later than 1 year after the date of enactment of this Act, and in accordance with all applicable laws, begin conveying the property described in subsection (b).''. (c) Montana Fish and Wildlife Conservation Trust.--Section 1007(b) of title X of division C of the Omnibus Consolidated and Emergency Supplemental Appropriations Act, 1999 (112 Stat. 2681-715), is amended-- (1) in subsection (c)-- (A) in paragraph (1), in the matter preceding subparagraph (A), by striking ``trust manager'' and inserting ``trust manager (referred to in this section as the `trust manager')''; (B) in paragraph (2)(A), in the matter preceding clause (i), by striking ``agency Board'' and inserting ``Agency Board (referred to in this section as the `Joint State-Federal Agency Board')''; and (C) in paragraph (3)(A), by striking ``Advisory Board'' and inserting ``Advisory Board (referred to in this section as the `Citizen Advisory Board')''; and (2) by adding at the end the following: ``(f) Recreation Trust Agreement.-- ``(1) In general.--The Trust, acting through the trust manager, in consultation with the Joint State-Federal Agency Board and the Citizen Advisory Board, shall enter into a legally enforceable agreement with CFRA (referred to in this section as the `Recreation Trust Agreement'). ``(2) Contents.--The Recreation Trust Agreement shall provide that-- ``(A) on receipt of proceeds of the sale of a property under section 1004, the Trust shall loan up to $3,000,000 of the proceeds to CFRA; ``(B) CFRA shall deposit all funds borrowed under subparagraph (A) in the Canyon Ferry-Broadwater County Trust; ``(C) CFRA and the individual purchasers shall repay the principal of the loan to the Trust as soon as reasonably practicable in accordance with a repayment schedule specified in the loan agreement; and ``(D) until such time as the principal is repaid in full, CFRA and the individual purchasers shall make an annual interest payment on the outstanding principal of the loan to the Trust at an interest rate determined in accordance with paragraph (4)(C). ``(3) Treatment of interest payments.--All interest payments received by the Trust under paragraph (2)(D) shall be treated as earnings under subsection (d)(2). ``(4) Fiduciary responsibility.--In negotiating the Recreation Trust Agreement, the trust manager shall act in the best interests of the Trust to ensure-- ``(A) the security of the loan; ``(B) timely repayment of the principal; and ``(C) payment of a fair interest rate, of not less than 6 nor more than 8 percent per year, based on the length of the term of a loan that is comparable to the term of a traditional home mortgage. ``(g) Restriction on Disbursement.--Except as provided in subsection (f), the trust manager shall not disburse any funds from the Trust until August 1, 2001, as provided for in the Recreation Trust Agreement, unless Broadwater County, at an earlier date, certifies that the Canyon Ferry-Broadwater County Trust has been fully funded in accordance with this title. ``(h) Condition to Sale.--No closing of property under section 1004 shall be made until the Recreation Trust Agreement is entered into under subsection (f)''. (d) Canyon Ferry-Broadwater County Trust.--Section 1008(b) of title X of division C of the Omnibus Consolidated and Emergency Supplemental Appropriations Act, 1999 (112 Stat. 2681-718), is amended-- (1) by striking paragraph (1) and inserting the following: ``(1) Agreement.-- ``(A) Condition to sale.--No closing of property under section 1004 shall be made until CFRA and Broadwater County enter into a legally enforceable agreement (referred to in this paragraph as the `Contributions Agreement') concerning contributions to the Trust. ``(B) Contents.--The Contributions Agreement shall require that on or before August 1, 2001, CFRA shall ensure that $3,000,000 in value is deposited in the Canyon Ferry-Broadwater County Trust from 1 or more of the following sources: ``(i) Direct contributions made by the purchasers on the sale of each cabin site. ``(ii) Annual contributions made by the purchasers. ``(iii) All other monetary contributions. ``(iv) In-kind contributions, subject to the approval of the County. ``(v) All funds borrowed by CFRA under section 1007(f). ``(vi) Assessments made against the cabin sites made under a county park district or any similar form of local government under the laws of the State of Montana. ``(vii) Any other contribution, subject to the approval of the County.''; (2) striking paragraph (3); (3) by redesignating paragraph (2) as paragraph (3); and (4) by inserting after paragraph (1) the following: ``(2) Alternative funding source.--If CFRA agrees to form a county park district under section 7-16-2401 et seq., of the Montana Code Annotated, or any other similar form of local government under the laws of the State of Montana, for the purpose of providing funding for the Trust pursuant to the Contributions Agreement, CFRA and Broadwater County may amend the Contributions Agreement as appropriate, so long as the monetary obligations of individual property purchases under the Contributions Agreement as amended are substantially similar to those specified in paragraph (1).''. (e) Technical Corrections.--Title X of division C of the Omnibus Consolidated and Emergency Supplemental Appropriations Act, 1999 is amended-- (1) in section 1001 (112 Stat. 2681-710), by striking ``section 4(b)'' and inserting ``section 1004(b)''; (2) in section 1003 (112 Stat. 2681-711)-- (A) in paragraph (1), by striking ``section 8'' and inserting ``section 1008''; (B) in paragraph (6), by striking ``section 7'' and inserting ``section 1007''; (C) in paragraph (8)-- (i) in subparagraph (A), by striking ``section 4(b)'' and inserting ``1004(b)''; and (ii) in subparagraph (B), by striking ``section 4(b)(1)(B)'' and inserting ``section 1004(b)(1)(B)''; and (D) in paragraph (9), by striking ``section 4'' and inserting ``section 104''; and (3) in section 1004 (112 Stat. 2681-712)-- (A) in subsection (b)(3)(B)(ii)(II), by striking ``section 4(a)'' and inserting ``section 1004(a)''; and (B) in subsection (d)(2)(G), by striking ``section 6'' and inserting ``section 1006''.
summary: Requires the appraisal of properties under such provisions to use the Canyon Ferry Cabin Site appraisal with a completion date of March 29, 1999, and amended June 11, 1999, with an effective date of valuation of October 15, 1998, for the Bureau. Directs the contract appraisers that conducted the original appraisal having such effective date of valuation to make modifications to permit recalculation of the lot values established in the original appraisal into an updated appraisal, the function of which shall be to provide market values for the sale of each of the 265 Canyon Ferry Cabin Site lots. Provides for adjustments to the updated appraisal based on changes in property characteristics. Authorizes periodic updates of the fair market values through appropriate market analyses, subject to the approval of the Canyon Ferry Recreation Association (CFRA) and the Secretary of the Interior. Grants the Bureau and the 265 Canyon Ferry cabin owners the right to seek reconsideration, before commencement of the updated appraisal, of the assumptions used by the appraisers in arriving at the fair market values derived in the original appraisal. Requires the original appraisal to remain valid for use by the Bureau in the sale process for a period of at least three years from the date of completion of the updated appraisal to the extent consistent with the Uniform Appraisal Standards for Federal Land Acquisition. Grants nonpurchasing lessees the right to continue leasing through August 31, 2014. Permits such lessees to close under the terms of the sale at any time before such date. Removes all personal property and improvements, on termination of the lease either by expiration or by violation of lease terms, and requires the cabin site to remain in Federal ownership. Requires the Secretary to close on the property and prepare all other properties for closing within 45 days if no one (including CFRA) bids for a property. Directs CFRA and the lessees to purchase at least 75 percent of the properties not later than August 1 of the year that begins at least 36 months (currently, 12 months) after title to the first property is conveyed by the Secretary to a lessee. Requires the Secretary to allocate all funding necessary to conduct the sales process for the sale of property under the Act. Directs the Secretary to begin: (1) preparing for the sales process on enactment of the Act; and (2) conveying the property not later than one year after the Act's enactment. Requires the Montana Fish and Wildlife Conservation Trust, acting through the trust manager, to enter into a legally enforceable Recreation Trust Agreement with CFRA. Requires the Agreement to provide that: (1) the Trust shall loan up to $3 million of a property's sale proceeds to CFRA; (2) CFRA shall deposit such borrowed funds in the Canyon Ferry-Broadwater County Trust; (3) CFRA and the individual purchasers shall repay loan principal to the Trust as soon as practicable in accordance with a loan agreement repayment schedule; and (4) CFRA and the purchasers shall make an annual interest payment (at a rate between six and eight percent) on the outstanding loan principal. Prohibits the trust manager, except as otherwise provided, from disbursing any Trust funds until August 1, 2001, unless Broadwater County, at an earlier date, certifies that the Canyon Ferry-Broadwater County Trust has been fully funded. Bars any closing of property until the Recreation Trust Agreement is entered into. Prohibits any closing of property until CFRA and Broadwater County enter into a legally enforceable agreement concerning contributions to the Trust. Provides that such agreement shall require that CFRA ensure that $3 million is deposited in the Canyon Ferry- Broadwater County Trust by August 1, 2001. (Current law prohibits any sale of property before such amount is deposited as the initial corpus of such trust.)