[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 3678 Introduced in Senate (IS)]

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115th CONGRESS
  2d Session
                                S. 3678

 To amend the Federal Assets Sale and Transfer Act of 2016 to provide 
   flexibility with respect to the leaseback of certain Federal real 
                   property, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           November 29, 2018

  Mr. Peters (for himself and Mr. Lankford) introduced the following 
bill; which was read twice and referred to the Committee on Environment 
                            and Public Works

_______________________________________________________________________

                                 A BILL


 
 To amend the Federal Assets Sale and Transfer Act of 2016 to provide 
   flexibility with respect to the leaseback of certain Federal real 
                   property, and for other purposes.

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

SECTION 1. LEASEBACK RESTRICTION.

    Section 12(b)(4) of the Federal Assets Sale and Transfer Act of 
2016 (40 U.S.C. 1303 note; Public Law 114-287) is amended--
            (1) by inserting ``for a period of greater than 3 years'' 
        before the period at the end;
            (2) by striking ``None of the'' and inserting the 
        following:
                    ``(A) In general.--None of the''; and
            (3) by adding at the end the following:
                    ``(B) Requirements.--A leaseback under this 
                paragraph--
                            ``(i) shall expire on or before the last 
                        day of the 3-year period beginning on the date 
                        of the sale of the respective property;
                            ``(ii) may not contain any options to 
                        extend or renew the leaseback;
                            ``(iii) may only be entered into once for 
                        purposes of temporarily housing the Federal 
                        agency in the property at the time of the sale; 
                        and
                            ``(iv) shall only be for the purpose of 
                        facilitating the sale of the respective 
                        property.''.
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