Makes any Federal entity that operates a Government station assigned within a specified band of frequencies and that incurs relocation costs due to reallocation to non-Federal use eligible for reimbursement from the Spectrum Relocation Fund established in this Act. Requires the National Telecommunications and Information Administration to notify the Federal Communications Commission (FCC) of estimated relocation costs at least six months prior to the commencement of any auction of eligible frequencies.
Amends the Communications Act of 1934 to require the FCC: (1) in designing competitive bidding under such auctions, to have as an objective the recovery of 110 percent of the estimated relocation costs; (2) prescribe methods by which the total cash proceeds from any auction equals at least 110 percent of such costs; and (3) prohibit the FCC from concluding any auction under which such goal is not reached. Authorizes the FCC to grant a license for the advance use of eligible frequencies pending an auction, on the condition that the licensee cannot cause harmful interference to the Federal entity until the entity's authorization has been terminated.
Establishes the Fund. Exempts the Fund from sequestration under the Balanced Budget and Emergency Deficit Control Act of 1985.