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RCED-96-28R 1 (1995-10-17)

handle is hein.gao/gaobackyy0001 and id is 1 raw text is: GAO United States General Accounting Office Washington, D.C. 20548 Resources, Community, and Economic Development Division B-270191 October 17, 1995 The Honorable John McCain United States Senate Dear Senator McCain: You asked us to review draft legislation proposing the sale of the six Naval Petroleum and Oil Shale Reserves.' This report follows your earlier request that we review draft legislation to sell one of these six reserves, namely, Naval Petroleum Reserve Number 1 (NPR-l).2 Specifically, you asked us to review the proposed method of sale to determine if it will provide an equal opportunity to all prospective purchasers and will yield the maximum proceeds to the federal government. In addition, you asked for any suggestions that we might have to improve this legislation to ensure that the government receives the best value for these reserves. As requested, we have also included separate comments on each of the two versions of section 7421b of the draft legislation. Because the legislation we reviewed is in draft form and subject to change, our views are preliminary and could change on the basis of the language of the legislation in its final form. In summary, the method of sale as proposed in the draft legislation, involving the publication of a notice of intent to sell the reserves, appears consistent with efforts to provide equal opportunity to all prospective purchasers. The proposed method of sale--by stipulating acceptance of the highest responsible offer or offers that meet or exceed the minimum acceptable price, which is to be determined after considering, among other things, the net present value that the Department of the Treasury would receive from the reserves if the reserves were not sold-- appears consistent with efforts to yield a fair market value to the government. 'This proposal is to be incorporated in the Fiscal Year 1996 Defense Authorization Act and the Budget Reconciliation Act of 1996. 2See Sale of NPR-l (GAO/RCED-95-255R, Aug. 1, 1995). GAO/RCED-96-28R, Sale of NPRs & Oil Shale Reserves

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