116 STAT. 2126 PUBLIC LAW 107-295—NOV. 25, 2002 14 USC 2 note. Deadline. Hampton Township, Michigan, as identified under paragraph (2). No submerged lands may be conveyed under this section. (2) IDENTIFICATION OF PROPERTY. —The Secretary, in consultation with the Commandant of the Coast Guard, shall identify, describe, and determine the property to be conveyed under this section. (3) SURVEY.—The exact acreage and legal description of the property conveyed under paragraph (1), as identified under paragraph (2), and any easements or rights-of-way reserved by the United States under subsection (b), shall be determined by a survey satisfactory to the Secretary. The cost of the survey shall be borne by BaySail. (b) TERMS AND CONDITIONS OF CONVEYANCE.—The conveyance of property under this section shall be made subject to any terms and conditions the Secretary considers necessary, including the reservation of easements and other rights on behalf of the United States. (c) REVERSIONARY INTEREST. — (1) IN GENERAL.—During the 5-year period beginning on the date the Secretary makes the conveyance authorized by subsection (a), the real property conveyed pursuant to this section, at the option of the Secretary, shall revert to the United States and be placed under the administrative control of the Secretary if— (A) BaySail sells, conveys, assigns, exchanges, or encumbers the property conveyed or any part thereof; (B) BaySail fails to maintain the property conveyed in a manner consistent with the terms and conditions under subsection (b); (C) BaySail conducts any commercial activity at the property conveyed, or any part thereof, without approval of the Secretary; or (D) at least 30 days before the reversion, the Secretary provides written notice to the owner that the property or any part thereof is needed for national security purposes. (2) ADDITIONAL PERIOD. —The Secretary may, before the last day of the 5-year period described in paragraph (1), authorize an additional 5-year period during which paragraph (1) shall apply. SEC. 425. CONVEYANCE OF PROPERTY IN TRAVERSE CITY, MICHIGAN. Section 1005(c) of the Coast Guard Authorization Act of 1996 (110 Stat. 3957) is amended by striking "the Traverse City Area Public School District" and inserting "a public or private nonprofit entity for an educational or recreational purpose". SEC. 426. ANNUAL REPORT ON COAST GUARD CAPABILITIES AND READINESS TO FULFILL NATIONAL DEFENSE RESPON- SIBILITIES. Not later than February 15 each year, the Secretary of the department in which the Coast Guard is operating shall submit to the Committee on Transportation and Infrastructure of the House of Representatives and the Committee on Commerce, Science, and Transportation of the Senate a report, prepared in conjunction with the Commandant of the Coast Guard, setting forth the capabilities and readiness of the Coast Guard to fulfill its national defense responsibilities.
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