ENTITLEMENT FOR THE UNIVERSITY OF ALASKA.

SEC. 105. ENTITLEMENT FOR THE UNIVERSITY OF ALASKA.(a) In General.—As of January 1, 2003, the remaining State entitlement for the benefit of the University of Alaska under the Act of January 21, 1929 (45 Stat. 1091, chapter 92), is 456 acres.(b) Reversionary Interests.—The Act of January 21, 1929 (45 Stat. 1091, chapter 92), is amended by adding at the end the following:“Sec. 3. (a) The State of Alaska (referred to in this Act as the ‘State’), acting on behalf of, and with the approval of, the University of Alaska, may select—“(1) any mineral interest (including an interest in oil or gas) in land located in the State, the unreserved portion of which is owned by the University of Alaska; or “(2) any reversionary interest held by the United States in land located in the State, the unreserved portion of which is owned by the University of Alaska.“(b) The total acreage of any parcel of land for which a partial interest is conveyed under subsection (a) shall be charged against the remaining entitlement of the State under this Act. “(c) In taking title to a reversionary interest, the State, with the approval of the University of Alaska, waives all right to any future acreage credit if the reversion does not occur. “Sec. 4. The Secretary may survey any vacant, unappropriated, and unreserved land in the State for purposes of allowing selections under this Act. “Sec. 5. The authorized outstanding selections under this Act shall be not more than—“(1) 125 percent of the remaining entitlement; plus “(2) the number of acres of land that are in conflict with land owned by the University of Alaska, as identified in Native allotment applications on record with the Bureau of Land Management.” .