[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4166 Enrolled Bill (ENR)]

        H.R.4166

                       One Hundred Fifth Congress

                                 of the

                        United States of America


                          AT THE SECOND SESSION

          Begun and held at the City of Washington on Tuesday,
the twenty-seventh day of January, one thousand nine hundred and ninety-
                                  eight


                                 An Act


 
 To amend the Idaho Admission Act regarding the sale or lease of school 
                                  land.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SALE, LEASE, OR EXCHANGE OF IDAHO SCHOOL LAND.

    The Act of July 3, 1890 (commonly known as the ``Idaho Admission 
Act'') (26 Stat. 215, chapter 656), is amended by striking section 5 
and inserting the following:

``SEC. 5. SALE, LEASE, OR EXCHANGE OF SCHOOL LAND.

    ``(a) Sale.--
        ``(1) In general.--Except as provided in subsection (c), all 
    land granted under this Act for educational purposes shall be sold 
    only at public sale.
        ``(2) Use of proceeds.--
            ``(A) In general.--Proceeds of the sale of school land--
                ``(i) except as provided in clause (ii), shall be 
            deposited in the public school permanent endowment fund and 
            expended only for the support of public schools; and
                ``(ii)(I) may be deposited in a land bank fund to be 
            used to acquire, in accordance with State law, other land 
            in the State for the benefit of the beneficiaries of the 
            public school permanent endowment fund; or
                ``(II) if the proceeds are not used to acquire other 
            land in the State within a period specified by State law, 
            shall be transferred to the public school permanent 
            endowment fund.
            ``(B) Earnings reserve fund.--Earnings on amounts in the 
        public school permanent endowment fund shall be deposited in an 
        earnings reserve fund to be used for the support of public 
        schools of the State in accordance with State law.
    ``(b) Lease.--Land granted under this Act for educational purposes 
may be leased in accordance with State law.
    ``(c) Exchange.--
        ``(1) In general.--Land granted for educational purposes under 
    this Act may be exchanged for other public or private land.
        ``(2) Valuation.--The values of exchanged lands shall be 
    approximately equal, or, if the values are not approximately equal, 
    the values shall be equalized by the payment of funds by the 
    appropriate party.
        ``(3) Exchanges with the united states.--
            ``(A) In general.--A land exchange with the United States 
        shall be limited to Federal land within the State that is 
        subject to exchange under the law governing the administration 
        of the Federal land.
            ``(B) Previous exchanges.--All land exchanges made with the 
        United States before the date of the enactment of this 
        paragraph are approved.
    ``(d) Reservation for School Purposes.--Land granted for 
educational purposes, whether surveyed or unsurveyed, shall not be 
subject to preemption, homestead entry, or any other form of entry 
under the land laws of the United States, but shall be reserved for 
school purposes only.''.

                               Speaker of the House of Representatives.

                            Vice President of the United States and    
                                               President of the Senate.