States that exact acreage and description of the parcel to be conveyed shall be determined by a survey satisfactory to the Secretary and to Rural Enterprises..
Sets forth conditions of the conveyance that require Rural Enterprises to agree to: (1) honor the terms of any lease of the parcel in existence on the date of the conveyance; and (2) bear the costs of the conveyance and attendant survey.
Retains a Federal easement to the parcel, including telephone and telegraph rights, in order to maintain a sewage connection to the electrical substation and lagoon facility located adjacent to the parcel.
Authorizes the Southwestern Power Administration to remove the undepreciated value of the conveyed facilities from its repayable investment obligation.
States that the fair market value of the land to be conveyed shall be determined by an appraisal acceptable to the Secretary that is conducted by an appraiser agreed upon by the Secretary and Rural Enterprises.