(b) Minimum requirements
(1) Agreement of qualifying entityThe criteria established under subsection (a) shall include a requirement that a qualifying entity shall agree—
(B)
to use the eligible facility for substantially the same purposes for which the eligible facility is being used at the time the Secretary evaluates the potential transfer; and
(C)
to provide, as consideration for the assets to be conveyed, compensation to the reclamation fund established by section 391 of this title, in an amount that is the equivalent of the net present value of any repayment obligation to the United States or other income stream that the United States derives from the eligible facility to be transferred, as of the date of the transfer.
(2) Determinations of SecretaryThe criteria established under subsection (a) shall include a requirement that the Secretary shall—
(A)
be able to enter into an agreement with the qualifying entity with respect to the legal, institutional, and financial arrangements relating to the conveyance;
(B) determine that the proposed transfer—
(iv)
protects the public aspects of the eligible facility, including water rights managed for public purposes, such as flood control or fish and wildlife;
(C) if the eligible facility proposed to be transferred is a dam or diversion works (not including canals or other project features that receive or convey water from the diverting works) diverting water from a water body containing a species listed as a threatened species or an endangered species or critical habitat under the Endangered Species Act of 1973 (16 U.S.C. 1531 et seq.), determine that—
(i)
the eligible facility continues to comply with the Endangered Species Act of 1973 (16 U.S.C. 1531 et seq.) in a manner that provides no less protection to the listed species as existed under Federal ownership; and
(3) Status of reclamation landThe criteria established under subsection (a) shall require that any land to be conveyed out of Federal ownership under this chapter is—
(B) land withdrawn by the Secretary, only if—
(i)
the Secretary determines in writing that the withdrawn land is encumbered by facilities to the extent that the withdrawn land is unsuitable for return to the public domain; and
(ii)
the qualifying entity agrees to pay fair market value based on historical or existing uses for the withdrawn land to be conveyed.