PUBLIC LAW 97-401—DEC. 31, 1982
96 STAT. 2019
this section. Such reversionary interests arise when the patentee violates provisions which (1) require that such lands be used for specified purposes, or (2) prohibit transfer of such lands by the patentee. All documents of conveyance issued under this subsection shall provide that if the land is conveyed by the patentee, the proceeds of such sale shall be paid to the United States, to be distributed in accordance with section 4 of this Act. (b) The lands referred to in subsection (a) are the following parcels in range 47 east of the principal meridian, Montana: In townships 7 and 8 north, tract C (conveyed by patent numbered 1,023,689) and tract T (conveyed by patent numbered 25-76-0099), and in township 8 north, lot 20 in section 33 (conveyed by patent numbered 25-76-0100). SEC. 4. (a) Notwithstanding any other provision of law, if the city or any other patentee or grantee transfers any lands described in this Act, such transfer shall be at fair market value for the land and improvements thereon. (b) Proceeds from the sale of the land, excluding the value of any improvements on the land and less any sums paid to the United States at the time of original conveyance out of Federal ownership, shall be deposited in the general fund of the Treasury of the United States, to be distributed as follows: At the end of each Federal fiscal year, the United States shall return 5 per centum of the net receipts collected in that fiscal year from the sale of lands described in this Act to the State of Montana, and 10 per centum of such receipts to the county or the city in which the lands are located in amounts proportional to the receipts generated from the sale of such land in each county or city during the fiscal year. SEC. 5. All documents of conveyance issued pursuant to this Act shall be subject to valid existing rights. Approved December 31, 1982.
LEGISLATIVE HISTORY—S. 187: HOUSE REPORT No. 97-904 (Comm. on Interior and Insular Affairs). SENATE REPORT No. 97-181 (Comm. on Energy and Natural Resources). CONGRESSIONAL RECORD: Vol. 127 (1981): Sept. 22, considered and passed Senate. Vol. 128 (1982): Sept. 30, considered and passed House, amended. Dec. 17, Senate concurred in House amendment.
Fair market value.
Sale proceeds, distribution.
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