308 



22 



1 1908 (16 U.S.C. 500) and under chapter 69 of title 31 



2 of the United States Code, for each year (or portion of 



3 a year) after such acquisition, the Secretary shall make 



4 annual payments under this section to the local govem- 



5 ment of each poUtical subdivision within the boundaries 



6 of which such lands are located which local government 



7 would have received real property tax revenues if such 



8 lands were privately rather than publicly held. 



9 (b) Amount of Payment. — The amount of the pay- 



10 ment to be made to a local government under this section 



1 1 for any lands referred to in subsection (a) shall be equiva- 



12 lent to the real property tax which would be paid to the 



13 local government with respect to such lands in the fiscal 



14 year concerned if the lands were in private ownership and 



15 were to be used for timber production. For any parcel of 



16 property, such amount shall be referred to for purposes 



17 of this section as the "tax-equivalency amount". 



18 (c) Uses of Payments. — ^At least one-half of all 



19 moneys paid to the local political subdivisions as the tax- 



20 equivalency amount under this Act shall be dedicated for 



21 the purpose of public education. Local political subdivi- 



22 sions receiving payments under this Act shall provide an 



23 annual accounting to the Secretary for all uses of such 



24 payments. 



•HR SlU IH 



