394
Conditions.
Mineral interests.
Nonrefundable deposit.
"Administrative costs."
PUBLIC LAW 90-410-JULY 21, 1968
[82 STAT.
Secretary of Agriculture is authorized and directed to release on behalf of the United States with respect to lands designated pursuant to seotion 2 hereof, the conditions in those two deeds dated July 29, 1955, conveying lands in the counties of Monroe and Decatur in the State of Iowa to the State of Iowa acting by and through its State board of regents for the use and benefit of the agricultural experiment station of the Iowa State College of Agriculture and Mechanic Arts, now Iowa State University, which require that the lands so conveyed be used for public purposes and provide for a reversion of such lands to the United States if at any time they cease to be so used. SEC. 2. The Secretary shall release the conditions referred to in the first seotion of this Act only with respect to lands covered by and described in an agreement or agreements entered into between the Secretary and the university in which the university, in consideration of the release of such conditions as to such lands, agrees— (1) that all the proceeds from the sale, lease, exchange, or disposition of such lands shall be used by the university for the acquisition of lands to be held for university purposes, or for the development or improvement of any lands so acquired; (2) that all the proceeds from the sale, lease, or other disposition of lands covered by any such agreement shall be maintained by the university in a separate fund and that the record of all transactions involving such funds shall be open to inspection by the Secretary of Agriculture. SEC. 3. Upon application, all the undivided mineral interests of the United States in any parcel or tract of land released pursuant to this Act from the conditions as to such lands shall be conveyed to the State of Iowa for the use and benefit of Iowa State University or its successors in title by the Secretary of the Interior. In areas where the Secretary of the Interior determines that there is no active mineral development or leasing, and that the lands have no mineral value, the mineral interests covered by a single application shall be sold for a consideration of $1. I n other areas the mineral interests shall be sold at the fair market value thereof as determined by the Secretary of the Interior after taking into consideration such appraisals as he deems necessary or appropriate. SEC. 4. Each application made under the provisions of section 3 of this Act shall be accompanied by a nonrefundable deposit to be applied to the administrative costs as fixed by the Secretary of the Interior. If the conveyance is made, the applicant shall pay to the Secretary of the Interior the full administrative costs, less the deposit. If a conveyance is not made pursuant to an application filed under this Act, the deposit shall constitute full sa/tisfaction of such administrative costs notwithstanding that the administrative costs exceed the deposit. SEC. 5. The term "administrative costs" as used in this Act includes, in addition to other items, all costs which the Secretary of the Interior determines are included in a determination of (1) the mineral character of the land in question, and (2) the fair market , value of the mineral interest. SEC. 6. Amounts paid to the Secretary of the Interior under the provisions of this Act shall be paid into the Treasury of the United States as miscellaneous receipts. Approved July 21, 1968.
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