Page:United States Statutes at Large Volume 112 Part 5.djvu/64

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112 STAT. 2822 PUBLIC LAW 105-296—OCT. 27, 1998 Oct. 27, 1998 [H.R. 4166] Public Law 105-296 105th Congress 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 ffiAHO 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)(l) 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.—