; (2) a portion of the conveyed property remains under Federal ownership; and (3) the Secretary enters into an agreement regarding the easement with the applicable qualifying entity. (c) Interests in water The Federal interest in associated water rights and uses relating to a conveyed property, if any, shall be conveyed under this section in accordance with applicable State law pursuant to a written agreement between the Secretary and the applicable qualifying entity. 5. Eligibility criteria (a) Establishment The Secretary shall establish criteria for determining whether a facility is eligible for conveyance under this Act. (b) Minimum requirements (1) Agreement of qualifying entity The criteria established under subsection (a) shall include a requirement that a qualifying entity shall agree— (A) to accept title to the eligible facility; (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 the first section of the Act of June 17, 1902 (32 Stat. 388, chapter 1093), 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 Secretary The 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; and (B) determine that the proposed transfer— (i) would not have an unmitigated significant effect on the environment; (ii) is consistent with the responsibilities of the Secretary— (I) to protect land and water resources held in trust for federally recognized Indian Tribes