Page:United States Statutes at Large Volume 101 Part 3.djvu/511

 PUBLIC LAW 100-241—FEB. 3, 1988

101 STAT. 1809

"(i) developed or leased or sold to a third party; "(ii) held by a Native Corporation in which neither— "(I) the Settlement Common Stock of the corporation, "(II) the Settlement Common Stock of the corporation and other stock of the corporation held by holders of Settlement Common Stock, nor "(III) the Settlement Common Stock of the corporation and other stock of the corporation held by holders of Settlement Common Stock and by Natives and descendants of Natives, represents a majority of either the total equity of the corporation or the total voting power of the corporation for the purposes of electing directors; or "(iii) held by a Settlement Trust with respect to which any of the conditions set forth in section 39 of the Alaska Native Claims Settlement Act have been violated. "(B) The exemptions described in clauses (iii), (iv), and (v) of paragraph (I)(A) shall not apply to any land, or interest in land— "(i) to the extent that such land or interest is expressly pledged as security for any loan or expressly committed to any commercial transaction in a valid agreement, and "(ii) to the extent necessary to enforce a judgment in any action at law or in equity (or any arbitration award) arising out of any claim made pursuant to section 7(i) or section 14(c) of the Alaska Native Claims Settlement Act. "(C) If the exemptions listed in paragraph (1) are terminated with respect to land, or an interest in land, as a result of development (or a lease to a third party), and such land, or interest in land, subsequently reverts to an undeveloped state (or the third-party lease is terminated), then the exemptions shall again apply to such land, or interest in land, in accordance with the provisions of this subsection. "(5) TAX RECAPTURE UPON SUBDIVISION PLAT RECORDATION.—(A)

Upon the recordation with an appropriate government authority of an approved subdivision plat submitted by, or on behalf of, a Native individual. Native Corporation, or Settlement Trust with respect to land described in paragraph (1), such individual, corporation, or trust shall pay in accordance with this paragraph all State and local property taxes on the smallest practicable tract integrally related to the subdivision project that would have been incurred by the individual, corporation, or trust on such land (excluding the value of subsurface resources and timber) in the absence of the exemption described in paragraph (IXAXii) during the thirty months prior to the date of the recordation of the plat. "(B) State and local property taxes specified in subparagraph (A) of this paragraph (together with interest at the rate of 5 per centum per annum commencing on the date of recordation of the subdivision plat) shall be paid in equal semi-annual installments over a two-year period commencing on the date six months after the date of recordation of the subdivision plat. "(C) At least thirty days prior to final approval of a plat of the type described in subparagraph (A), the government entity with jurisdiction over the plat shall notify the submitting individual, corporation, or trust of the estimated tax liability that would be incurred as a result of the recordation of the plat at the time of final approval. '(6) SAVINGS.—(A) No provision of this subsection shall be construed to impair, or otherwise affect, any valid contract or other

Contracts.

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