; conveyances Subject to subsection (e), if the State and the University submit to the Secretary 1 or more joint letters stating that the State and the University concur with the conveyance of all or a portion of the available State selected land identified for conveyance under subsection (b)(1), the Secretary shall convey to the Board of Regents of the University, subject to valid existing rights, the applicable identified available State selected land, to be held in trust for the exclusive use and benefit of the University. (d) Administration of conveyed land All available State selected land conveyed to the University under this Act, together with the income therefrom and the proceeds from any dispositions thereof, shall be administered by the University in trust to meet the necessary expenses of higher education programs, similar to prior Federal land grants to the University. (e) Terms and conditions (1) Maximum acreage The Secretary shall convey not more than a total of 360,000 acres of available State selected land to the University under this Act. (2) Letters of concurrence For purposes of subsection (c) and subject to the maximum acreage limitation under paragraph (1), the State and the University may submit to the Secretary 1 or more joint letters of concurrence identifying parcels of available State selected land for conveyance as a subset of the total acres to be conveyed under this Act. (3) Acreage charged against Alaska Statehood Act entitlement The total acreage of all parcels of available State selected land conveyed to the University under this Act shall be charged against the remaining entitlement of the State under Public Law 85–508 (commonly known as the Alaska Statehood Act ) (48 U.S.C. note prec. 21). (4) Survey costs In accordance with Public Law 85–508 (commonly known as the Alaska Statehood Act ) (48 U.S.C. note prec. 21), the Secretary shall be responsible for the costs of the survey under subsection (b)(3). (f) Intent of Congress It is the intent of Congress that any conveyance