SELECTION OF CERTAIN REVERSIONARY INTERESTS HELD BY THE UNITED STATES.

SEC. 103. SELECTION OF CERTAIN REVERSIONARY INTERESTS HELD BY THE UNITED STATES.(a) In General.—All reversionary interests held by the United States in land owned by the State or any political subdivision of the State and any Federal land leased by the State under the Act of August 23, 1950 (25 U.S.C. 293b), or the Act of June 4, 1953 (25 U.S.C. 293a), that is prioritized for conveyance by the State under section 906(h)(2) of the Alaska National Interest Lands Conservation Act (43 U.S.C. 1635(h)(2))—(1) are deemed to be selected; and (2) may, with the concurrence of the Secretary or the head of the Federal agency with administrative jurisdiction over the land, be conveyed under section 6 of Public Law 85–508 (commonly known as the “Alaska Statehood Act”) (72 Stat. 340).(b) Effect on Entitlement.—If, before the date of enactment of this Act, the entitlement of the State has not been charged with respect to a parcel for which a reversionary interest is conveyed under subsection (a), the total acreage of the parcel shall be charged against the remaining entitlement of the State. (c) Minimum Acreage Requirement Not Applicable.—The minimum acreage requirement under subsections (a) and (b) of section 6 of Public Law 85–508 (commonly known as the “Alaska Statehood Act”) (72 Stat. 340) shall not apply to the selection of reversionary interests under subsection (a). (d) State Waiver.—On conveyance to the State of any reversionary interest selected under subsection (a), the State shall be deemed to have waived all right to any future credit should the reversion not occur.(e) Limitation.—This section shall not apply to—(1) reversionary interests in land acquired by the United States through the use of amounts from the Exxon Valdez Oil Spill Trust Fund; or 118 STAT. 3578(2) reversionary interests in any land conveyed to the State as a result of the “Terms and Conditions for Land Consolidation and Management in Cook Inlet Area” as ratified by section 12 of Public Law 94–204 (43 U.S.C. 1611 note).