Alaska Peninsula Subsurface Consolidation Act of 1995

Summary

Alaska Peninsula Subsurface Consolidation Act of 1995 - Directs the Secretary of the Interior to determine the value of rights granted to Koniag, Incorporated, pursuant to the Alaska Native Claims Settlement Act to receive title to the oil and gas rights and other interests in the subsurface estate of specified public lands in Alaska (selection rights) which Koniag possesses within the boundaries of Aniakchak National Monument and Preserve, Alaska Peninsula National Wildlife Refuge, and Becharof National Wildlife Refuge. Specifies that the value of such rights shall be equal to the fair market value of: (1) the oil and gas interests in the lands that are the subject of the selection rights; and (2) in the case of the lands for which Koniag is to receive the entire subsurface estate, the subsurface estate of the lands that are the subject of such rights. Directs the Secretary and Koniag to meet to select a qualified appraiser to conduct an appraisal of the selection rights in conformity with the standards of the Appraisal Foundation of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, utilizing a risk adjusted discounted cash flow methodology. Sets forth provisions regarding: (1) submission of the appraisal report; (2) determination of the value of the selection rights; and (3) an alternative determination of value if Koniag disagrees with the value determined by the Secretary. Directs: (1) the Secretary to enter into negotiations for an agreement to exchange Federal lands in Alaska for the Koniag selection rights; and (2) the Secretary of the Treasury, regarding any such rights for which an exchange has not been completed by October 1, 2004, to establish within the Treasury the Koniag Account and, upon relinquishment of such remaining rights to the United States, to credit the Account in the amount of the appraised value of such rights. Requires the Secretary of the Treasury to make amounts in the Account available to Koniag for bidding on and purchasing property sold at public sale.

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3 official files

• Introduced in Senate

  summary · EN · 10 March 1995

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• Introduced in Senate (text)

  Introduced in Senate · EN · 1 March 1995

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 1 March 1995

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