(1) On or before December 31, 2014, the United States shall:
(a) extinguish title to public lands; and
(b) transfer title to public lands to the state.
(2) If the state transfers title to any public lands with respect to which the state receives title under Subsection (1)(b), the state shall:
(a) retain 5% of the net proceeds the state receives from the transfer of title; and
(b) pay 95% of the net proceeds the state receives from the transfer of title to the United States.
(3) In accordance with Utah Constitution Article X, Section 5, the amounts the state retains in accordance with Subsection (2)(a) shall be deposited into the permanent State School Fund.