Directs the Secretary of the Interior to make full payment to each unit of general local government in which entitlement land is located pursuant to current Federal law relating to payment for such land.
Instructs the Secretary, if funds are not appropriated in amounts required for the Secretary to make full payment to a local government entity as required above, to convey to that local entity Federal land with a fair market value equal to the deficiency in the payment within the geographic boundary of that local government, with the exception of: (1) a unit of the National Park System; (2) a National Wilderness Area; and (3) a unit of the National Wildlife Refuge System.
Requires conveyances under this Act to be completed not more than 90 days after the Secretary receives written notification of the selection from the local government.