text: SECTION 1. CANYON FERRY RESERVOIR, MONTANA.
  
      (a) Definition of Individual Property Purchaser.--Section 1003 of 
  title X of division C of the Omnibus Consolidated and Emergency 
  Supplemental Appropriations Act, 1999 (112 Stat. 2681-711) is amended--
              (1) by redesignating paragraphs (4) through (12) as 
          paragraphs (5) through (13), respectively; and
              (2) by inserting after paragraph (3) the following:
              ``(4) Individual property purchaser.--The term `individual 
          property purchaser', with respect to an individual cabin site 
          described in section 1004(b), means a person (including CFRA or 
          a lessee) that purchases that cabin site.
      (b) Sale of Properties.--Section 1004 of title X of division C of 
  the Omnibus Consolidated and Emergency Supplemental Appropriations Act, 
  1999, is amended--
              (1) in subsection (c)(2) (112 Stat. 2681-713)--
                      (A) by redesignating subparagraph (B) as 
                  subparagraph (C); and
                      (B) by inserting after subparagraph (A) the 
                  following:
                      ``(B) Appraisal.--
                              ``(i) Applicabiity.--In carrying out this 
                          paragraph, the requirements of this 
                          subparagraph shall apply to the greatest extent 
                          practicable and consistent with the Uniform 
                          Appraisal Standards for Federal Land 
                          Acquisition.
                              ``(ii) Use of earlier appraisal.--The 
                          appraisal under subparagraph (A) shall use the 
                          Canyon Ferry Cabin Site appraisal with a 
                          completion date of March 29, 1999, and amended 
                          June 11, 1999, with an effective date of 
                          valuation of October 15, 1998, for the Bureau 
                          of Reclamation, on the conditions stated in 
                          this subparagraph.
                              ``(iii) Modifications.--The contract 
                          appraisers that conducted the original 
                          appraisal having an effective date of valuation 
                          of October 15, 1998, for the Bureau of 
                          Reclamation shall make appropriate 
                          modifications to permit recalculation of the 
                          lot values established in the original 
                          appraisal into an updated appraisal, the 
                          function of which shall be to provide market 
                          values for the sale of each of the 265 Canyon 
                          Ferry Cabin site lots.
                              ``(iv) Changes in property 
                          characteristics.--If there are any changes in 
                          the characteristic of a property that form part 
                          of the basis of the updated appraisal 
                          (including a change in size, easement 
                          considerations, or updated analyses of the 
                          physical characteristics of a lot), the 
                          contract appraisers shall make an appropriate 
                          adjustment to the updated appraisal.
                              ``(v) Updating.--Subject to the approval of 
                          CFRA and the Secretary, the fair market values 
                          established by the appraisers under this 
                          paragraph may be further updated periodically 
                          by the contract appraisers through appropriate 
                          market analyses.
                              ``(vi) Reconsideration.--The Bureau of 
                          Reclamation and the 265 Canyon Ferry cabin 
                          owners have the right to seek reconsideration, 
                          before commencement of the updated appraisal, 
                          of the assumptions that the appraisers used in 
                          arriving at the fair market values derived in 
                          the original appraisal.
                              ``(vii) Continuing validity.--The October 
                          15, 1998, Canyon Ferry Cabin Site original 
                          appraisal, as provided for in this paragraph, 
                          shall remain valid for use by the Bureau of 
                          Reclamation in the sale process for a period of 
                          not less than 3 years from the date of 
                          completion of the updated appraisal, to the 
                          extent consistent with the Uniform Appraisal 
                          Standards for Federal Land Acquisition.'';
              (2) in subsection (d) (112 Stat. 2681-713)--
                      (A) in paragraph (1)(D), by adding at the end the 
                  following:
                              ``(iii) Remaining leases.--
                                      ``(I) Continuation of leases.--The 
                                  remaining lessees shall have a right to 
                                  continue leasing through August 31, 
                                  2014.
                                      ``(II) Right to close.--The 
                                  remaining lessees shall have the right 
                                  to close under the terms of the sale at 
                                  any time before August 31, 2014. On 
                                  termination of the lease either by 
                                  expiration under the terms of the lease 
                                  or by violation of the terms of the 
                                  lease, all personal property and 
                                  improvements will be removed, and the 
                                  cabin site shall remain in Federal 
                                  ownership.''; and
                      (B) in paragraph (2)--
                              (i) in the matter preceding subparagraph 
                          (A), by inserting ``or if no one (including 
                          CFRA) bids,'' after ``bid''; and
                              (ii) in subparagraph (D)--
                                      (I) by striking ``12 months'' and 
                                  inserting ``36 months''; and
                                      (II) by adding at the end the 
                                  following: ``If the requirement of the 
                                  preceding sentence is not met, CFRA may 
                                  close on all remaining cabin sites or 
                                  up to the 75 percent requirement. If 
                                  CFRA does not exercise either such 
                                  option, the Secretary shall conduct 
                                  another sale for the remaining cabin 
                                  sites to close immediately, with 
                                  proceeds distributed in accordance with 
                                  section 1008.'';
              (3) by striking subsection (e) (112 Stat. 2681-714) and 
          inserting the following:
      ``(e) Administrative Costs.--
              ``(1) Allocation of funding.--The Secretary shall allocate 
          all funding necessary to conduct the sales process for the sale 
          of property under this title.
              ``(2) Reimbursement.--Any reasonable administrative costs 
          incurred by the Secretary (including the costs of survey and 
          appraisals incident to the conveyance under subsection (a)) 
          shall be proportionately reimbursed by the property owner at 
          the time of closing.''; and
              (4) by striking subsection (f) (112 Stat. 2681-714) and 
          inserting the following:
      ``(f) Timing.--The Secretary shall--
              ``(1) immediately begin preparing for the sales process on 
          enactment of this Act; and
              ``(2) not later than 1 year after the date of enactment of 
          this Act, and in accordance with all applicable laws, begin 
          conveying the property described in subsection (b).''.
      (c) Montana Fish and Wildlife Conservation Trust.--Section 1007(b) 
  of title X of division C of the Omnibus Consolidated and Emergency 
  Supplemental Appropriations Act, 1999 (112 Stat. 2681-715), is 
  amended--
              (1) in subsection (c)--
                      (A) in paragraph (1), in the matter preceding 
                  subparagraph (A), by striking ``trust manager'' and 
                  inserting ``trust manager (referred to in this section 
                  as the `trust manager')'';
                      (B) in paragraph (2)(A), in the matter preceding 
                  clause (i), by striking ``agency Board'' and inserting 
                  ``Agency Board (referred to in this section as the 
                  `Joint State-Federal Agency Board')''; and
                      (C) in paragraph (3)(A), by striking ``Advisory 
                  Board'' and inserting ``Advisory Board (referred to in 
                  this section as the `Citizen Advisory Board')''; and
              (2) by adding at the end the following:
      ``(f) Recreation Trust Agreement.--
              ``(1) In general.--The Trust, acting through the trust 
          manager, in consultation with the Joint State-Federal Agency 
          Board and the Citizen Advisory Board, shall enter into a 
          legally enforceable agreement with CFRA (referred to in this 
          section as the `Recreation Trust Agreement').
              ``(2) Contents.--The Recreation Trust Agreement shall 
          provide that--
                      ``(A) on receipt of proceeds of the sale of a 
                  property under section 1004, the Trust shall loan up to 
                  $3,000,000 of the proceeds to CFRA;
                      ``(B) CFRA shall deposit all funds borrowed under 
                  subparagraph (A) in the Canyon Ferry-Broadwater County 
                  Trust;
                      ``(C) CFRA and the individual purchasers shall 
                  repay the principal of the loan to the Trust as soon as 
                  reasonably practicable in accordance with a repayment 
                  schedule specified in the loan agreement; and
                      ``(D) until such time as the principal is repaid in 
                  full, CFRA and the individual purchasers shall make an 
                  annual interest payment on the outstanding principal of 
                  the loan to the Trust at an interest rate determined in 
                  accordance with paragraph (4)(C).
              ``(3) Treatment of interest payments.--All interest 
          payments received by the Trust under paragraph (2)(D) shall be 
          treated as earnings under subsection (d)(2).
              ``(4) Fiduciary responsibility.--In negotiating the 
          Recreation Trust Agreement, the trust manager shall act in the 
          best interests of the Trust to ensure--
                      ``(A) the security of the loan;
                      ``(B) timely repayment of the principal; and
                      ``(C) payment of a fair interest rate, of not less 
                  than 6 nor more than 8 percent per year, based on the 
                  length of the term of a loan that is comparable to the 
                  term of a traditional home mortgage.
      ``(g) Restriction on Disbursement.--Except as provided in 
  subsection (f), the trust manager shall not disburse any funds from the 
  Trust until August 1, 2001, as provided for in the Recreation Trust 
  Agreement, unless Broadwater County, at an earlier date, certifies that 
  the Canyon Ferry-Broadwater County Trust has been fully funded in 
  accordance with this title.
      ``(h) Condition to Sale.--No closing of property under section 1004 
  shall be made until the Recreation Trust Agreement is entered into 
  under subsection (f)''.
      (d) Canyon Ferry-Broadwater County Trust.--Section 1008(b) of title 
  X of division C of the Omnibus Consolidated and Emergency Supplemental 
  Appropriations Act, 1999 (112 Stat. 2681-718), is amended--
              (1) by striking paragraph (1) and inserting the following:
              ``(1) Agreement.--
                      ``(A) Condition to sale.--No closing of property 
                  under section 1004 shall be made until CFRA and 
                  Broadwater County enter into a legally enforceable 
                  agreement (referred to in this paragraph as the 
                  `Contributions Agreement') concerning contributions to 
                  the Trust.
                      ``(B) Contents.--The Contributions Agreement shall 
                  require that on or before August 1, 2001, CFRA shall 
                  ensure that $3,000,000 in value is deposited in the 
                  Canyon Ferry-Broadwater County Trust from 1 or more of 
                  the following sources:
                              ``(i) Direct contributions made by the 
                          purchasers on the sale of each cabin site.
                              ``(ii) Annual contributions made by the 
                          purchasers.
                              ``(iii) All other monetary contributions.
                              ``(iv) In-kind contributions, subject to 
                          the approval of the County.
                              ``(v) All funds borrowed by CFRA under 
                          section 1007(f).
                              ``(vi) Assessments made against the cabin 
                          sites made under a county park district or any 
                          similar form of local government under the laws 
                          of the State of Montana.
                              ``(vii) Any other contribution, subject to 
                          the approval of the County.'';
              (2) striking paragraph (3);
              (3) by redesignating paragraph (2) as paragraph (3); and
              (4) by inserting after paragraph (1) the following:
              ``(2) Alternative funding source.--If CFRA agrees to form a 
          county park district under section 7-16-2401 et seq., of the 
          Montana Code Annotated, or any other similar form of local 
          government under the laws of the State of Montana, for the 
          purpose of providing funding for the Trust pursuant to the 
          Contributions Agreement, CFRA and Broadwater County may amend 
          the Contributions Agreement as appropriate, so long as the 
          monetary obligations of individual property purchases under the 
          Contributions Agreement as amended are substantially similar to 
          those specified in paragraph (1).''.
      (e) Technical Corrections.--Title X of division C of the Omnibus 
  Consolidated and Emergency Supplemental Appropriations Act, 1999 is 
  amended--
              (1) in section 1001 (112 Stat. 2681-710), by striking 
          ``section 4(b)'' and inserting ``section 1004(b)'';
              (2) in section 1003 (112 Stat. 2681-711)--
                      (A) in paragraph (1), by striking ``section 8'' and 
                  inserting ``section 1008'';
                      (B) in paragraph (6), by striking ``section 7'' and 
                  inserting ``section 1007'';
                      (C) in paragraph (8)--
                              (i) in subparagraph (A), by striking 
                          ``section 4(b)'' and inserting ``1004(b)''; and
                              (ii) in subparagraph (B), by striking 
                          ``section 4(b)(1)(B)'' and inserting ``section 
                          1004(b)(1)(B)''; and
                      (D) in paragraph (9), by striking ``section 4'' and 
                  inserting ``section 104''; and
              (3) in section 1004 (112 Stat. 2681-712)--
                      (A) in subsection (b)(3)(B)(ii)(II), by striking 
                  ``section 4(a)'' and inserting ``section 1004(a)''; and
                      (B) in subsection (d)(2)(G), by striking ``section 
                  6'' and inserting ``section 1006''.
target: Requires the appraisal of properties under such provisions to use the Canyon Ferry Cabin Site appraisal with a completion date of March 29, 1999, and amended June 11, 1999, with an effective date of valuation of October 15, 1998, for the Bureau. Directs the contract appraisers that conducted the original appraisal having such effective date of valuation to make modifications to permit recalculation of the lot values established in the original appraisal into an updated appraisal, the function of which shall be to provide market values for the sale of each of the 265 Canyon Ferry Cabin Site lots.
  Provides for adjustments to the updated appraisal based on changes in property characteristics.
  Authorizes periodic updates of the fair market values through appropriate market analyses, subject to the approval of the Canyon Ferry Recreation Association (CFRA) and the Secretary of the Interior.
  Grants the Bureau and the 265 Canyon Ferry cabin owners the right to seek reconsideration, before commencement of the updated appraisal, of the assumptions used by the appraisers in arriving at the fair market values derived in the original appraisal.
  Requires the original appraisal to remain valid for use by the Bureau in the sale process for a period of at least three years from the date of completion of the updated appraisal to the extent consistent with the Uniform Appraisal Standards for Federal Land Acquisition.
  Grants nonpurchasing lessees the right to continue leasing through August 31, 2014. Permits such lessees to close under the terms of the sale at any time before such date. Removes all personal property and improvements, on termination of the lease either by expiration or by violation of lease terms, and requires the cabin site to remain in Federal ownership.
  Requires the Secretary to close on the property and prepare all other properties for closing within 45 days if no one (including CFRA) bids for a property.
  Directs CFRA and the lessees to purchase at least 75 percent of the properties not later than August 1 of the year that begins at least 36 months (currently, 12 months) after title to the first property is conveyed by the Secretary to a lessee.
  Requires the Secretary to allocate all funding necessary to conduct the sales process for the sale of property under the Act. Directs the Secretary to begin: (1) preparing for the sales process on enactment of the Act; and (2) conveying the property not later than one year after the Act's enactment.
  Requires the Montana Fish and Wildlife Conservation Trust, acting through the trust manager, to enter into a legally enforceable Recreation Trust Agreement with CFRA. Requires the Agreement to provide that: (1) the Trust shall loan up to $3 million of a property's sale proceeds to CFRA; (2) CFRA shall deposit such borrowed funds in the Canyon Ferry-Broadwater County Trust; (3) CFRA and the individual purchasers shall repay loan principal to the Trust as soon as practicable in accordance with a loan agreement repayment schedule; and (4) CFRA and the purchasers shall make an annual interest payment (at a rate between six and eight percent) on the outstanding loan principal.
  Prohibits the trust manager, except as otherwise provided, from disbursing any Trust funds until August 1, 2001, unless Broadwater County, at an earlier date, certifies that the Canyon Ferry-Broadwater County Trust has been fully funded. Bars any closing of property until the Recreation Trust Agreement is entered into.
  Prohibits any closing of property until CFRA and Broadwater County enter into a legally enforceable agreement concerning contributions to the Trust. Provides that such agreement shall require that CFRA ensure that $3 million is deposited in the Canyon Ferry- Broadwater County Trust by August 1, 2001. (Current law prohibits any sale of property before such amount is deposited as the initial corpus of such trust.)
feat_title: A bill to amend title X of divisio C of the Omnibus Consolidated and Emergency Supplemental Appropriations Act of 1998, relating to the Canyon Ferry Reservoir, Montana.