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<PRE>[DOCID: f:s587enr.txt]
        S.587

                       One Hundred Fifth Congress

                                 of the

                        United States of America


                          AT THE FIRST SESSION

          Begun and held at the City of Washington on Tuesday,
 the seventh day of January, one thousand nine hundred and ninety-seven


                                 An Act


 
   To require the Secretary of the Interior to exchange certain lands 
                  located in Hinsdale County, Colorado.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. LARSON AND FRIENDS CREEK EXCHANGE.

    (a) In General.--In exchange for conveyance to the United States of 
an equal value of offered land acceptable to the Secretary of the 
Interior that lies within, or in proximity to, the Handies Peak 
Wilderness Study Area, the Red Cloud Peak Wilderness Study Area, or the 
Alpine Loop Backcountry Bi-way, in Hinsdale County, Colorado, the 
Secretary of the Interior shall convey to Lake City Ranches, Ltd., a 
Texas limited partnership (referred to in this section as ``LCR''), 
approximately 560 acres of selected land located in that county and 
generally depicted on a map entitled ``Larson and Friends Creek 
Exchange'', dated June 1996.
    (b) Contingency.--The exchange under subsection (a) shall be 
contingent on the granting by LCR to the Secretary of a permanent 
conservation easement, on the approximately 440-acre Larson Creek 
portion of the selected land (as depicted on the map), that limits 
future use of the land to agricultural, wildlife, recreational, or open 
space purposes.
    (c) Appraisal and Equalization.--
        (1) In general.--The exchange under subsection (a) shall be 
    subject to--
            (A) the appraisal requirements and equalization payment 
        limitations set forth in section 206 of the Federal Land Policy 
        and Management Act of 1976 (43 U.S.C. 1716); and
            (B) reviews and approvals relating to threatened species 
        and endangered species, cultural and historic resources, and 
        hazardous materials under other Federal laws.
        (2) Costs of appraisal and review.--The costs of appraisals and 
    reviews shall be paid by LCR.
        (3) Crediting.--The Secretary may credit payments under 
    paragraph (2) against the value of the selected land, if 
    appropriate, under section 206(f) of the Federal Land Policy and 
    Management Act of 1976 (43 U.S.C. 1716(f)).

                               Speaker of the House of Representatives.

                            Vice President of the United States and    
                                               President of the Senate.

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