PUBLIC LAW 106-65 —OCT. 5, 1999 113 STAT. 847 "(2) The term of a lease under paragraph (1) may not exceed 10 years, unless the Secretary of Defense approves a term in excess of 10 years for purposes of this section. "(3) A lease under this subsection may provide that, upon termination of the lease term, the United States shall have the right of first refusal to acquire the facility covered by the lease. "(e) REQUIREMENT FOR COMPETITION.— The Secretary of the Navy shall use competitive procedures for purposes of selecting the recipient of real or personal property under subsection (b) and the lessee of real or personal property under subsection (c). "(f) CONSIDERATION. — (1) As consideration for the conveyance of real or personal property under subsection (b), or for the lease of real or personal property under subsection (c), the Secretary of the Navy shall accept cash, real property, personal property, or services, or any combination thereof, in an aggregate amount equal to not less than the fair market value of the real or personal property conveyed or leased. "(2) Subject to subsection (i), the services accepted by the Secretary under paragraph (1) may include the following: "(A) The construction or improvement of facilities at Ford Island. "(B) The restoration or rehabilitation of real property at Ford Island. "(C) The provision of property support services for property or facilities at Ford Island. "(g) NOTICE AND WAIT REQUIREMENTS.—The Secretary of the Navy may not carry out a transaction authorized by this section until— "(1) the Secretary submits to the appropriate committees of Congress a notification of the transaction, including— "(A) a detailed description of the transaction; and "(B) a justification for the transaction specifying the manner in which the transaction will meet the purposes of this section; and "(2) a period of 30 calendar days has elapsed following the date on which the notification is received by those committees. "(h) FORD ISLAND IMPROVEMENT ACCOUNT. —(1) There is established on the books of the Treasury an account to be known as the 'Ford Island Improvement Account'. "(2) There shall be deposited into the account the following amounts: "(A) Amounts authorized and appropriated to the account. "(B) Except as provided in subsection (c)(4)(B), the amount of any cash payment received by the Secretary for a transaction under this section. "(i) USE OF ACCOUNT. — (1) Subject to paragraph (2), to the extent provided in advance in appropriations Acts, funds in the Ford Island Improvement Account may be used as follows: "(A) To carry out or facilitate the carrsdng out of a transaction authorized by this section. "(B) To carry out improvements of property or facilities at Ford Island. "(C) To obtain property support services for property or facilities at Ford Island. "(2) To extent that the authorities provided under subchapter IV of this chapter are available to the Secretary of the Navy,
�
