Page:United States Statutes at Large Volume 110 Part 1.djvu/659

 PUBLIC LAW 104-106—FEB. 10, 1996 110 STAT. 635 ownership interest of any other entity having any right, title, and interest in and to lands within the boundaries of Naval Petroleum Reserve Numbered 1 and which are subject to the unit plan contract. (d) TRANSFER OF OTHERWISE NONTRANSFERABLE PERMIT. —The Secretary may transfer to the purchaser or purchasers (as the case may be) of Naval Petroleum Reserve Numbered 1 the incidental take permit regarding the reserve issued to the Secretary by the United States Fish and Wildlife Service and in effect on the effective date if the Secretary determines that transfer of the permit is necessary to expedite the sale of the reserve in a manner that maximizes the value of the sale to the United States. The transferred permit shall cover the identical activities, and shall be subject to the same terms and conditions, as apply to the permit at the time of the transfer. SEC. 3414. CONDITIONS ON SALE PROCESS. (a) NOTICE REGARDING SALE CONDITIONS. —The Secretary may not enter into any contract for the sale of Naval Petroleum Reserve Numbered 1 under section 3412 until the end of the 31-day period beginning on the date on which the Secretary submits to the appropriate congressional committees a written notification— (1) describing the conditions of the proposed sale; and (2) containing an assessment by the Secretary of whether it is in the best interests of the United States to sell the reserve under such conditions. (b) AUTHORITY TO SUSPEND SALE.—(1) The Secretary may suspend the sale of Naval Petroleum Reserve Numbered 1 under section 3412 if the Secretary and the Director of the Office of Management and Budget jointly determine that— (A) the sale is proceeding in a manner inconsistent with achievement of a sale price that reflects the full value of the reserve; or (B) a course of action other than the immediate sale of the reserve is in the best interests of the United States. (2) Immediately after making a determination under paragraph Notification. (1) to suspend the sale of Naval Petroleum Reserve Numbered 1, the Secretary shall submit to the appropriate congressional committees a written notification describing the basis for the determination and requesting a reconsideration of the merits of the sale of the reserve. (c) EFFECT OF RECONSIDERATION NOTICE. —After the Secretary submits a notification under subsection (b), the Secretary may not complete the sale of Naval Petroleum Reserve Numbered 1 under section 3412 or any other provision of law unless the sale of the reserve is authorized in an Act of Congress enacted after the date of the submission of the notification. SEC. 3415. TREATMENT OF STATE OF CALIFORNLV CLAIM REGARDING RESERVE. (a) RESERVATION OF FUNDS. —After the costs incurred in the conduct of the sale of Naval Petroleum Reserve Numbered 1 under section 3412 are deducted, nine percent of the remaining proceeds from the sale of the reserve shall be reserved in a contingent fund in the Treasury for payment to the State of California for the Teachers' Retirement Fund of the State in the event that, and to the extent that, the claims of the State against the United

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