Authorizes Utah to relinquish for the benefit of the Ute Indian Tribe of the Uintah and Ouray Reservation certain of its school trust or subsurface mineral lands south of the border between Grand County and Uintah County, Utah, in exchange for certain federal subsurface mineral lands north of that border.
Directs the Secretary of the Interior to reserve an overriding interest in that portion of the mineral estate composed of minerals subject to leasing under the Mineral Leasing Act in the mineral lands conveyed to Utah. Delineates the extent of that interest.
Requires Utah to reserve, for the benefit of its school trust, an overriding interest in that portion of the mineral estate composed of minerals subject to leasing under the Mineral Leasing Act in the mineral lands it relinquished to the federal government. Delineates the extent of that interest.
Terminates the overriding interests reserved by the Secretary and Utah 30 years after this Act's enactment.