Page:United States Statutes at Large Volume 92 Part 1.djvu/868

 92 STAT. 814

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PUBLIC LAW 95-395—SEPT. 30, 1978 (e) "public settlement lands" means the lands described in paragraph 2 of the Settlement Agreement that are to be conveyed by the State of Rhode Island to the State Corporation pursuant to legislation as described in section 7 of this Act; (f) "settlement lands''means those lands defined in subsections (d) and (e) of this section; (g) "Secretary" means the Secretary of the Interior; (h) "settlement agreement" means the document entitled "Joint Memorandum of Understanding Concerning Settlement of the Rhode Island Indian Land Claims", executed as of February 28, 1978, by representatives of the State of Rhode Island, of the town of Charlestown, and of the parties to the lawsuits, as filed with the Secretary of the State of Rhode Island; (i) "State Corporation" means the corporation created or to be created by legislation enacted by the State of Rhode Island as described in section 7 of this Act; and (j) "transfer" includes but is not limited to any sale, grant, lease, allotment, partition, or conveyance, any transaction the purpose of which was to effect a sale, grant, lease, allotment, partition, or conveyance, or any event or events that resulted in a change of possession or control of land or natural resources. RHODE ISLAND INDIAN CLAIMS SETTLEMENT TUND

25 USC 1703.

SEC. 4. There is hereby established in the United States Treasury a fund to be known as the Rhode Island Indian Claims Settlement Fund into which $3,500,000 shall be deposited following the appropriation authorized by section 11 of this Act. OPTION AGREEMENTS TO PURCHASE PRIVATE SETTLEMENT LANDS

25 USC 1704. .

S E C 5, (a) The Secretary shall accept assignment of reasonable twoyear option agreements negotiated by the Governor of the State of Rhode Island or his designee for the purchase of the private settlement hinds: Provided, That the terms and conditions specified in such options are reasonable and that the total price for the acquisition of such lands, including reasonable costs of acquisition, will not exceed the amount specified in section 4. If the Secretary does not determine that any such option agreement is unreasonable within sixty days of its submission, the Secretary will be deemed to have accepted the assignment of the option. (b) Payment for any option entered into pursuant to subsection (a) shall be in the amount of 5 per centum of the fair market value of the land or natural resources as of the date of the agreement and shall be paid from the fund established by section 4 of this Act. (c) The total amount of the option fees paid pursuant to subsection (b) shall not exceed $175,000. (d) The option fee for each option agreement shall be applied to the agreed purchase price in the agreement if the purchase of the defendant's land or natural resources is completed in accordance with the terms of the option agreement. (e) The payment for each option may be retained by the party granting the option if the property transfer contemplated by the option agreement is not completed in accordance with the terms of the option agreement.

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