; and (ii) make or accept an equalization payment, or waive an equalization payment, if such a payment or waiver of a payment complies with the requirements of section 206(b) of that Act ( 43 U.S.C. 1716(b) ) (and any regulations implementing that section). (B) Impacts on local governments In selecting public land to offer to the State, the Secretary concerned may— (i) consider the financial impacts of exchanging specific Federal land on local governments; and (ii) attempt to minimize the financial impact of the exchange on local governments. (C) Existing authorizations (i) Federal land transferred to the state (I) In general Any Federal land transferred to the State under this subsection shall be conveyed subject to any valid existing rights, contracts, leases, permits, and rights-of-way, unless the holder of the right, contract, lease, permit, or right-of-way requests an earlier termination in accordance with existing law. (II) Assumption by State The State shall assume all benefits and obligations of the Forest Service or the Bureau of Land Management, as applicable, under the existing rights, contracts, leases, permits, and rights-of-way described in subclause (I). (ii) State land transferred to the united states (I) In general Any State land transferred to the United States under this subsection shall be conveyed and taken into trust for the benefit of the Fort Belknap Indian Community subject to any valid existing rights, contracts, leases, permits, and rights-of-way, unless the holder of the right, contract, lease, permit, or right-of-way requests an earlier termination in accordance with existing law. (II) Assumption by BIA The Bureau of Indian Affairs shall— (aa) assume all benefits and obligations of the State under the existing rights, contracts, leases, permits, and rights-of-way described in subclause (I)