LEASE OF NON-EXCESS PERSONAL PROPERTY OF MILITARY DEPARTMENTS.

SEC. 1061. LEASE OF NON-EXCESS PERSONAL PROPERTY OF MILITARY DEPARTMENTS. (a) Receipt of Fair Market Value.—Subsection (b)(4) of section 2667 of title 10, United States Code, is amended by striking out “, in the case of the lease of real property,”. (b) Competitive Selection.—Such section is further amended— (1) by redesignating subsection (g) as subsection (h); and (2) by inserting after subsection (f) the following new subsection: “(g) (1) If a proposed lease under subsection (a) involves only personal property, the lease term exceeds one year, and the fair market value of the lease interest exceeds $100,000, as determined by the Secretary concerned, the Secretary shall use competitive procedures to select the lessee. “(2) Not later than 45 days before entering into a lease described in paragraph (1), the Secretary concerned shall submit to Congress written notice describing the terms of the proposed lease and the competitive procedures used to select the lessee.”. (c) Clerical Amendments.—(1) The heading of such section is amended to read as follows: “§ 2667. Leases: non-excess property of military departments”. (2) The table of sections at the beginning of chapter 159 of title 10, United States Code, is amended by striking out the item relating to section 2667 and inserting in lieu thereof the following new item: “2667. Leases: non-excess property of military departments ”. (d) Conforming Amendment.—Section 2490a(f)(2) of title 10, United States Code, is amended by striking out “section 2667(g)” and inserting in lieu thereof “section 2667(h)”.