; conveyance required During the 10-year period beginning on the date of the enactment of this Act, if a State elects pursuant to subsection (b) to select and acquire eligible portions of the National Forest System in that State under the terms and conditions of this Act and notifies the Secretary of such selection, then the Secretary shall convey the eligible portions of the National Forest System so selected to the State in accordance with subsection (d). All conveyances shall be subject to valid existing rights. (b) Form of election The election by a State to select and acquire eligible portions of the National Forest System in that State pursuant to subsection (a) shall be executed in the form of a bill enacted into law by the legislature of that State. Such a law shall provide, at a minimum, the following: (1) That the State elects to acquire eligible portions of the National Forest System in that State— (A) pursuant to purchase for fair-market value; (B) in exchange for State lands of equal value; (C) in satisfaction of land selection rights pursuant to the law by which the State was admitted to the Union