Public Law 85–265

That there is hereby granted to the Territory of Alaska all right, title, and interest of the United States, in and to section 16, township 13 north, range 3 west, Seward meridian, containing 640.08 acres, and in and to the minerals in said lands, including all right, title, and interest under any lease, permit, or contract covering said lands and minerals.

Sec. 2.

Notwithstanding the provisions of section 1 of the Act of

Management and disposal.

March 4, 1915 (38 Stat. 1214; 48 U. S. C. 353), as amended, the Territory of Alaska may manage and dispose of the lands and minerals described in section 1 of this Act in any manner as the Legislature of Alaska may by law direct: Provided, That the proceeds or income hereafter derived from said lands and minerals, over and above their cost of management or disposal, shall be set apart as permanent funds, to be invested and the income expended for the exclusive use and benefit of the public schools in Alaska in the same manner as provided for in section 1 of the Act of March 4, 1915, supra: And provided further, That the Territory of Alaska may not sell or convey any part or all of said property to any person or organization other than a political subdivision of said Territory for less than fair market value.

Sec. 3.

Nothing in this Act shall affect any valid rights and obligations

Prior rights.

under the laws of the United States and under the laws of the Territory of Alaska existing at the date of enactment of this Act.

Sec. 4.

Enactment of this Act shall not entitle the Territory of Alaska to designate other land for reservation in accordance with section 1 of the Act of March 4, 1915, supra, in lieu of the land granted by this Act.

Sec. 5.

The Secretary of the Interior is authorized and directed

Patent.

to issue to the Territory of Alaska, a patent for the lands and minerals described in section 1 of this Act.