,,ii #aaf? ,,congress #b;d ,session ,s4 #cccj ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,febru>y #be1 #bjbj,mr4 ,udall 7= himself & ,mr4 ,grassley7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,en]gy & ,natural ,res\rces ,a ,,bill ,to am5d ! ,m9]al ,leas+ ,act to increase c]ta9 royalty rates1 m9imum bid am\nts1 & r5tal rates1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,fair ,returns = ,public ,l&s ,act ( #bjbj4 #b4 ,increas$ on%ore oil & gas royalty rates ,section #ag ( ! ,m9]al ,leas+ ,act 7#cj ,u4,s4,c4 #bbf7 is am5d$-- 7#a7 by /rik+ #ab4e ea* place x appe>s & ins]t+ #ah4ge2 & 7#b7 by /rik+ #aba_/b p] c5tum ea* place x appe>s & ins]t+ #ah4ge p]c5t4 #c4 ,increas$ m9imum bid am\nt ,section #ag7;b7 ( ! ,m9]al ,leas+ ,act 7#cj ,u4,s4,c4 #bbf7;b77 is am5d$-- 7#a7 9 p>agraph 7#a77;,b7-- 7,a7 by /rik+ ! subp>agraph designation & all t foll[s ?r\gh ! p]iod at ! end ( ! fir/ s5t5ce & ins]t+ ! foll[+3 7,b7 ,national m9imum acceptable bid 7i7 ,9 g5]al ,except z provid$ 9 clauses 7ii7 & 7v71 ! national m9imum acceptable bid %all be #aj p] acre4 2 7,b7 9 ! second s5t5ce-- 7i7 by /rik+ ,!reaft]1 ! ,secret>y & ins]t+ ! foll[+3 7ii7 ,adju/m5t ,! ,secret>y 2 7ii7 by /rik+ is necess>y3 7i7 to enhance & ins]t+ ! foll[+3 is necess>y-- 7,i7 to enhance 2 & 7iii7 by /rik+ 7ii7 to promote & ins]t+ ! foll[+3 7,,ii7 to promote 2 7,c7 9 ! ?ird s5t5ce1 by /rik+ ,n9ety days & ins]t+ ! foll[+3 7iii7 ,notification #ij days 2 7,d7 9 ! f\r? s5t5ce1 by /rik+ ,! proposal & ins]t+ ! foll[+3 7iv7 ,,nepa ,! proposal 2 & 7,e7 by add+ at ! end ! foll[+3 7v7 ,exception ,to ensure a return ( fair m>ket value1 z det]m9$ by ! ,secret>y1 ! ,secret>y may e/abli% 9 a notice ( competitive lease sale a m9imum acceptable bid applicable to ! lease sale or "o or m p>cels )9 ! lease sale t is high] ?an ! national m9imum bid "u clause 7i74 2 & 7#b7 9 subsection 7b77#b77;,c71 by /rik+ #b p] acre & ins]t+ 8#aj p] acre''4 #d4 ,increas$ on%ore oil & gas r5tal rates ,section #ag7;d7 ( ! ,m9]al ,leas+ ,act 7#cj ,u4,s4,c4 #bbf7;d77 is am5d$1 9 ! fir/ s5t5ce-- 7#a7 by /rik+ #a4ej p] acre & ins]t+ #c p] acre2 & 7#b7 by /rik+ #b p] acre & ins]t+ #e p] acre4 #e4 ,fee = expression ( int]e/ ,section #ag ( ! ,m9]al ,leas+ ,act 7#cj ,u4,s4,c4 #bbf7 is am5d$ by add+ at ! end ! foll[+3 7q7 ,fee = expression ( int]e/ 7#a7 ,9 g5]al ,! ,secret>y %all *>ge any p]son :o submits1 9 accordance ) proc$ures e/abli%$ by ! ,secret>y to c>ry out ?is subsection1 an expression ( int]e/ 9 leas+ l& available = disposition "u ?is section = exploration =1 & developm5t (1 oil or gas a fee1 9 an am\nt det]m9$ by ! ,secret>y "u p>agraph 7#b74 7#b7 ,am\nt ,! fee au?oriz$ "u p>agraph 7#a7 %all be e/abli%$ by ! ,secret>y 9 an am\nt t is det]m9$ by ! ,secret>y to be appropriate to cov] ! aggregate co/ ( process+ an expression ( int]e/ "u ?is subsection1 b n less ?an #ae p] acre ( ! area cov]$ by ! applicable expression ( int]e/4 4 #f4 ,adju/m5t ,section #ag ( ! ,m9]al ,leas+ ,act 7#cj ,u4,s4,c4 #bbf7 7z am5d$ by section #e7 is am5d$ by add+ at ! end ! foll[+3 7r7 ,adju/m5t to c]ta9 fees ,! ,secret>y %all-- 7#a7 n lat] ?an #d ye>s aft] ! date ( enactm5t ( ! ,fair ,returns = ,public ,l&s ,act ( #bjbj1 & at lea/ once e #d ye>s !reaft]1 promulgate regulations adju/+ ea* ( ! p]-acre doll> am\nts ( fees impos$ "u subsections 7b71 7d71 & 7q7 & subsections 7e7 & 7f7 ( section #ca to reflect ! *ange 9 ! ,consum] ,price ,index = ,all ,urban ,consum]s publi%$ by ! ,bureau ( ,labor ,/ati/ics2 & 7#b7 z ! ,secret>y det]m9es to be necess>y to enhance f9ancial returns to ! ,unit$ ,/ates or to promote m effici5t managem5t ( oil & gas res\rces on ,f$]al l&1 promulgate regulations adju/+ any ( ! applicable p]-acre doll> am\nts ( fees impos$ "u subsection 7b71 7d71 or 7q7 or subsection 7e7 or 7f7 ( section #ca1 z applicable4 4 #g4 ,re9/atem5t ( competitive leases ,section #ca ( ! ,m9]al ,leas+ ,act 7#cj ,u4,s4,c4 #ahh7 is am5d$-- 7#a7 9 subsection 7e7-- 7,a7 by /rik+ p>agraph 7#b7 & ins]t+ ! foll[+3 7#b7 paym5t ( back r5tals & ! inclusion 9 a re9/at$ lease ( a requirem5t = future r5tals at a rate ( n less ?an #bj p] acre p] ye>2 2 7,b7 9 p>agraph 7#c7-- 7i7 9 subp>agraph 7,a7-- 7,i7 by /rik+ ! subp>agraph designation2 7,,ii7 by /rik+ issu$ pursuant to ! provisions ( section #ag7;b7 ( ?is ,act2 7,,iii7 by /rik+ #afb_/c & ins]t+ #be2 & 7,,iv7 by ins]t+ & aft] ! semicolon2 & 7ii7 by /rik+ subp>agraph 7,b72 & 7,c7 9 ! second s5t5ce ( ! undesignat$ matt] foll[+ p>agraph 7#d71 by /rik+ 1 b n to exce$ #ejj2 & 7#b7 9 subsection 7f7-- 7,a7 9 p>agraph 7#c71 by /rik+ #e & ins]t+ #aj2 & 7,b7 9 p>agraph 7#d71 by /rik+ #aba_/b & ins]t+ #be4 #h4 ,fiscal re=m /udy & report 7a7 ,9 g5]al ,! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all (f] to ent] into an arrangem5t ) ! ,national ,academy ( ,sci5ces "u :i* ! ,national ,academy ( ,sci5ces1 9 coop]ation ) ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates1 %all conduct a /udy evaluat+ ! effici5cy & effectiv5ess ( ! implem5tation ( ?is ,act & ! am5dm5ts made by ?is ,act4 7b7 ,consid]ations ,! /udy conduct$ "u subsection 7a7 %all include consid]ation (-- 7#a7 ! sy/ems ( ! ,dep>tm5t ( ! ,int]ior = collect+ & audit+ paym5ts "u ?is ,act & ! am5dm5ts made by ?is ,act2 7#b7 ! p]=mance ( ! /ew>d%ip ( ! ,dep>tm5t ( ! ,int]ior & ! disposition ( receipts by ! ,dep>tm5t ( ! ,int]ior 9 c>ry+ out ?is ,act & ! am5dm5ts made by ?is ,act2 & 7#c7 ! p]=mance ( ! valuation approa* c>ri$ out "u ?is ,act & ! am5dm5ts made by ?is ,act1 includ+ a review ( :e!r o!r approa*es c\ld m fully capture =egone rev5ue ( leas+ 9 l[-m>ket conditions 9 light ( o!r possible economic uses at diff]5t po9ts 9 ! future4 7c7 ,report ,if ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates ent]s into an arrangem5t ) ! ,national ,academy ( ,sci5ces "u subsection 7a71 n e>li] ?an #c1 b n lat] ?an #e1 ye>s aft] ! date ( enactm5t ( ?is ,act1 ! ,comptroll] ,g5]al %all submit to ,congress a report t describes ! results ( ! /udy conduct$ "u t subsection4