Page:United States Statutes at Large Volume 113 Part 2.djvu/825

 PUBLIC LAW 106-113—APPENDIX E 113 STAT. 150LA-307 TITLE IV—CANYON FERRY RESERVOIR, MONTANA SEC. 401. 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. SEC. 402. 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), by striking subparagraph (B) and inserting the following: "(B) APPRAISAL.— "(i) IN GENERAL. — The appraisal under subparagraph (A) shall be based on 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. "(ii) 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. "(iii) 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. "(iv) 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. "(v) RECONSIDERATION. — The Bureau of Reclamation and the 265 Canyon Ferr}^ 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.

�