Page:United States Statutes at Large Volume 100 Part 5.djvu/575

 PUBLIC LAW 99-661—NOV. 14, 1986

100 STAT. 4049

subsection (a) shall be carried out under competitive contracting procedures. (2) In no event may property referred to in subsection (a) be sold for less than fair market value of such property. The value of the property to be conveyed and the consideration to be received shall be determined by appraisals approved by the Secretary. The Secretary may pay for such appraisals from any deposit made by the prospective purchaser, or the Secretary may be reimbursed for the cost of such appraisals from any such deposit. Any portion of the deposit used for such purpose shall be nonrefundable. (d) REPORT REQUIREMENTS.—(1) The Secretary may not enter into Contracts. any contract for the sale of any or all of the property referred to in subsection (a) unless— (A) the Secretary has submitted a report to the appropriate Reports. committees of Congress containing the information required in section 2667a(b) of title 10, United States Code; and (B) a period of 21 days has expired following the date on which the report referred to in such section is received by those committees. (2) Any report submitted under paragraph (1) shall include— (A) the price and a description of terms agreed to with the successful bidder; and (B) a description of the procedures used in selecting a buyer for the real property. (e) USE OF EXCESS FUNDS.—If the fair market value of the property to be conveyed to a purchaser is greater than the fair market value hxsnu) boiifi of the facilities to be constructed by the purchaser for the United States, the difference in cash shall be deposited into the general fund of the Treasury. (f) LEGAL DESCRIPTION OF REAL PROPERTY.—The exact acreage and legal description of the real property to be conveyed under this section shall be determined by surveys approved by the Secretary. Such surveys shall be provided by the purchaser or paid for by the Secretary from a deposit made by the prospective purchaser at the time of award. Any portion of the deposit used for surveys shall be nonrefundable. (g) ADDITIONAL TERMS.—The Secretary may require such additional terms and conditions in connection with any transaction authorized by this section as the Secretary considers appropriate to protect the interests of the United States. SEC. 2736. LAND EXCHANGE, LONG BEACH NAVAL STATION, CALIFORNIA

(a) AUTHORITY TO EXCHANGE.—Subject to subsections (b) through (d), the Secretary of the Navy may exchange approximately 16 acres of real property (and improvements thereon) adjacent to Admiral Kidd Park at the Long Beach Naval Station, California, to the City of Long Beach, California, for real property (and improvements thereon) located on Hill Street, between Webster Avenue and the Terminal Island Freeway, in Long Beach, California. (b) CONDITION.—If the fair market value of the real property and improvements conveyed to the City under subsection (a) exceeds the fair market value of the real property and improvements conveyed to the United States, the City shall pay to the United States an amount equal to the difference. The Secretary shall deposit any funds received under this subsection as miscellaneous receipts in the Treasury.

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