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S. 3678 (115th): A bill to amend the Federal Assets Sale and Transfer Act of 2016 to provide flexibility with respect to the leaseback of certain Federal real property, and for other purposes.

The text of the bill below is as of Nov 29, 2018 (Introduced).


II

115th CONGRESS

2d Session

S. 3678

IN THE SENATE OF THE UNITED STATES

November 29, 2018

(for himself and Mr. Lankford) introduced the following bill; which was read twice and referred to the Committee on Environment and Public Works

A BILL

To amend the Federal Assets Sale and Transfer Act of 2016 to provide flexibility with respect to the leaseback of certain Federal real property, and for other purposes.

1.

Leaseback restriction

Section 12(b)(4) of the Federal Assets Sale and Transfer Act of 2016 (40 U.S.C. 1303 note; Public Law 114–287) is amended—

(1)

by inserting for a period of greater than 3 years before the period at the end;

(2)

by striking None of the and inserting the following:

(A)

In general

None of the

; and

(3)

by adding at the end the following:

(B)

Requirements

A leaseback under this paragraph—

(i)

shall expire on or before the last day of the 3-year period beginning on the date of the sale of the respective property;

(ii)

may not contain any options to extend or renew the leaseback;

(iii)

may only be entered into once for purposes of temporarily housing the Federal agency in the property at the time of the sale; and

(iv)

shall only be for the purpose of facilitating the sale of the respective property.

.