Public Law 75–488

That the Panama Railroad

Lands held by, on Manzanillo Island; sale authorized.

Company be, and is hereby, authorized to sell, and convey in whole or in part, at public or private sale, at not less than the appraised value to be fixed as hereinafter provided, all of its right, title, and interest in and to the lands situated within that portion of Manzanillo Island, Republic of Panama, lying within the area bounded by a line described as follows:

Beginning at the point where the Canal Zone-Republic of Panama

Description.

(city of Colon) boundary line intersects the western shore line of the arm of Manzanillo Bay known as “Boca Chica” or “Folks River”; thence following the Canal Zone-city of Colon boundary line northerly to Eleventh Street and westerly on Eleventh Street to the center of Front Avenue; thence northerly along the center of Front Avenue and its prolongation to the center of Second Street; thence easterly along the center of Second Street to the center of Melendez Avenue (“G” Street); thence southerly along the center of Melendez Avenue to the center of Seventh Street: thence easterly along the center of Seventh Street to the center of Roosevelt Avenue; thence southerly along the center of Roosevelt Avenue to the center of Ninth Street: thence easterly along the center of Ninth Street to the shore line of Manzanillo Bay; thence southerly along the shore line of Manzanillo Bay to the intersection with the center of Eleventh Street prolonged: thence westerly along the center of Eleventh Street to the center or Melendez Avenue; thence southerly along the center of Melendez Avenue to the center of Sixteenth Street; thence easterly along the center of Sixteenth Street to the shore line of Folks River; thence southerly, westerly, northwesterly, and southerly along the shore line of Folks River to the point of beginning; excepting, however, lot 22, block 26, as shown on Panama Canal drawing 2021–6, and lot 1189, as shown on Panama Canal drawing 7/019, which lie within the said area.

Sec. 2.

The Secretary of War shall designate a board of three appraisers, who shall appraise the value of each tract or lot within the said area separately, and file the same with the president of the

Periodic appraisements.

Panama Railroad Company. From time to time, at intervals of not less than one year, the Secretary of War, if deemed advisable by him, may, through a similar board, order a reappraisement of the unsold tracts. Such appraisement and any reappraisement shall be open to public inspection.

Sec. 3.

The Panama Railroad Company is also authorized, with the approval of the President of the United States to convey in whole or in part all its right, title, and interest in and to the said lands, in exchange for a grant by the Republic of Panama to the United States of all the rights, power, and authority within various other areas situated on Manzanillo Island which the United States would possess and exercise if it were the sovereign of the territory included within the said areas, to the entire exclusion of the exercise by the Republic of Panama of any such sovereign rights, power, or authority.

Sec. 4.

Any conveyance of any lot or tract by the Panama Railroad Company, as aforesaid, shall be deemed to release any and all reversionary rights of the United States in said property.

Sec. 5.

The Panama Railroad Company shall, on or before August 16, 1966, deposit the net proceeds from sales of the land in question in the Treasury of the United States to the credit of “Miscellaneous receipts.”