Page:United States Statutes at Large Volume 112 Part 4.djvu/959

 PUBLIC LAW 105-279—OCT. 23, 1998 112 STAT. 2691 "(1) DEFINITION OF C0MPA>fY. —In this subsection, the term 'company' means a company referred to in subsection (c) or its assigns or successors. "(2) EXCHANGE REQUIRED. —Within 60 days after the date of enactment of this subsection, the Secretary of the Interior shall acquire by exchange the mineral and geothermal interests in the Monument of each company. "(3) MONETARY CREDITS.— "(A) ISSUANCE.—In exchange for all mineral and geothermal interests acquired by the Secretary of the Interior from each company under paragraph (2), the Secretary of the Interior shall issue to each such company monetary credits with a value of $2,100,000 that may be used for the payment of— "(i) not more than 50 percent of the bonus or other payments made by successful bidders in any sales of mineral, oil, gas, or geothermal leases under the Mineral Leasing Act (30 U.S.C. 181 et seq.), the Outer Continental Shelf Lands Act (43 U.S.C. 1331 et seq.), or the Geothermal Steam Act of 1970 (30 U.S.C. 1001 et seq.) in the contiguous 48 States; "(ii) not more than 10 percent of the bonus or other payments made by successful bidders in any sales of mineral, oil, gas, or geothermal leases in Alaska under the laws specified in clause (i); "(iii) not more than 50 percent of any royalty, rental, or advance royalty payment made to the United States to maintain any mineral, oil or gas, or geothermal lease in the contiguous 48 States issued under the laws specified in clause (i); or "(iv) not more than 10 percent of any royalty, rental, or advance royalty payment made to the United States to maintain any mineral, oil or gas, or geothermal lease in Alaska issued under the laws specified in clause (i). "(B) VALUE OF CREDITS.— The total credits of $4,200,000 in value issued under subparagraph (A) are deemed to equal the fair market value of all mineral and geothermal interests to be conveyed by exchange under paragraph (2). "(4) ACCEPTANCE OF CREDITS. — The Secretary of the Interior shall accept credits issued under paragraph (3)(A) in the same manner as cash for the payments described in such paragraph. The use of the credits shall be subject to the laws (including regulations) governing such payments, to the extent the laws are consistent with this subsection. " (5) TREATMENT OF CREDITS FOR DISTRIBUTION TO STATES.— All amounts in the form of credits accepted by the Secretary of the Interior unJier paragraph (4) for the payments described in paragraph (3)(A) shall be considered to be money received for the purpose of section 35 of the Mineral Leasing Act (30 U.S.C. 191) and section 20 of the Geothermal Steam Act of 1970 (30 U.S.C. 1019). "(6) EXCHANGE ACCOUNT.— "(A) ESTABLISHMENT. —Notwithstanding any other provision of law, not later than 30 days after the completion of the exchange with a company required by paragraph

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