112 STAT. 3062 PUBLIC LAW 105-329—OCT. 30, 1998 or assigns) of the natural gas pipeline and related facilities located in the Lost Spring Canyon Addition on the date of enactment of this paragraph.". 16 USC 272g (e) EFFECT ON SCHOOL TRUST LAND. — note. (1) FINDINGS. —Congress finds that— (A) a parcel of State school trust land, more specifically described as section 16, township 23 south, range 22 east, of the Salt Lake base and meridian, is partially contained within the Lost Spring Canyon Addition included within the boundaries of Arches National Park by the amendment by subsection (a); (B) the parcel was originally granted to the State of Utah for the purpose of generating revenue for the public schools through the development of natural and other resources located on the parcel; and (C) it is in the interest of the State of Utah and the United States for the parcel to be exchanged for Federal land of equivalent value outside the Lost Spring Canyon Addition to permit Federal management of all lands witiiin the Lost Spring Canyon Addition. (2) LAND EXCHANGE.— Public Law 92-155 (16 U.S.C. 272 et seq.) is amended by adding at the end the following: 16 USC 272g. "SEC. 8. LAND EXCHANGE INVOLVING SCHOOL TRUST LAND. "(a) EXCHANGE REQUIREMENT.— "(1) IN GENERAL.—If, not later than 1 year after the date of enactment of this section, and in accordance with this section, the State of Utah offers to transfer all right, title, and interest of the State in and to the school trust land described in subsection (b)(1) to the United States, the Secretary— "(A) shall accept the offer on behalf of the United States; and Deadline. "(B) not later than 180 days after the date of acceptance, shall convey to the State of Utah all right, title, and interest of the United States in and to the land described in subsection (b)(2). "(2) SIMULTANEOUS CONVEYANCES. —Title to the school trust land shall be conveyed at the same time as conveyance of title to the Federal lands by the Secretary. "(3) VALDD EXISTING RIGHTS. —The land exchange under this section shall be subject to valid existing rights, and each party shall succeed to the rights and obligations of the other party with respect to any lease, right-of-way, or permit enciimbering the exchanged land. " (b) DESCRIPTION OP PARCELS.— "(1) STATE CONVEYANCE. — The school trust land to be conveyed by the State of Utah under subsection (a) is section 16, Township 23 South, Range 22 East of the Salt Lake base and meridian. "(2) FEDERAL CONVEYANCE. — The Federal land to be conveyed by the Secretary consists of approximately 639 acres, described as lots 1 through 12 located in the Sy2NV'2 and the Ny2Ny2Ny2Sy2 of section 1, Township 25 South, Range 18 East, Salt Lake base and meridian. "(3) EQUIVALENT VALUE. —The Federal land described in paragraph (2) shall be considered to be of equivalent value to that of the school trust land described in paragraph (1).
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