123STA T . 1 985PUBLIC LA W 111 – 53 — AU G .19 , 2 0 09 (4)NO O BLIGAT IO N TOL E A S E .—TheSta te s ha l l no t b e obl i-g ate d to lease o r other w ise de v elo p oil shale reso u r c es in which the U nited States retains an interest under this subsection. ( 5 ) V AL U ATION.— F ederal land in which the Secretar y reserves an interest under this subsection shall be appraised— ( A ) without regard to the presence o f oil shale
and ( B ) in accordance with subsection (d). (g) W IT HDR A W ALO F FEDERAL L AND P RIOR TO EXC HANGE.— Sub j ect to valid e x isting rights , during the period beginning on the date of enact m ent of this Act and ending on the earlier of the date that the Federal land is removed from the exchange or the date on which the Federal land is conveyed under this Act, the Federal land is withdrawn from— ( 1 ) disposition (other than disposition under section 4) under the public land laws; ( 2 ) location, entry, and patent under the mining laws; and ( 3 ) the operation of— (A) the mineral leasing laws; (B) the G eothermal Steam Act of 1 970 (30 U.S. C . 1001 et se q .); and (C) the first section of the Act of J uly 31, 1947 (com- monly k nown as the ‘ ‘ M aterials Act of 1947 ’ ’) (30 U.S.C. 6 01). (h) A P PURTENANT WATER R IGHTS.—Any conveyance of a parcel of Federal land or non-Federal land under this Act shall include the conveyance of water rights appurtenant to the parcel conveyed. (i) E Q UAL VALUE EXCHANGE.— (1) I N GENERAL.—The value of the Federal land and non- Federal land to be exchanged under this Act— (A) shall be equal; or (B) shall be made equal in accordance with paragraph (2). (2) EQUALI Z ATION.— (A) SURPLUS OF FEDERAL LAND.—If the value of the Federal land exceeds the value of the non-Federal land, the value of the Federal land and non-Federal land shall be equali z ed, as determined to be appropriate and accept- able by the Secretary and the State, by one or more of the following
(i) By reducing the acreage of the Federal land to be conveyed. (ii) By adding additional State land to the non- Federal land to be conveyed. (iii) Consistent with section 206(b) of the Federal Land Policy and Management Act (43 U.S.C. 1716), by cash equalization of not more than 5 percent of the total value of the lands or interests in lands to be transferred out of Federal ownership. (B) SURPLUS OF NON-FEDERAL LAND.—If the value of the non-Federal land exceeds the value of the Federal land, the value of the Federal land and non-Federal land shall be equalized, as determined to be appropriate and acceptable by the Secretary and the State, by one or both of the following: (i) By reducing the acreage of the non-Federal land to be conveyed. Timep e r i od.
