To validate certain conveyances made by the Union Pacific Railroad Company of lands located in Reno, Nevada, that were originally conveyed by the United States to facilitate construction of transcontinental railroads, and for other purposes.

Validates the conveyance made by: (1) the Union Pacific Railroad Company pursuant to the Memorandum of Understanding for Reno Rail Corridor, entered into on December 1, 1998, to the City of Reno, Nevada, of land originally granted by the United States to the predecessor of the Union Pacific Railroad Company to facilitate construction of transcontinental railroads; and (2) CTB Inc., a Nevada Corporation, to the City of Reno, Nevada, of certain land deeded dated October 22, 2002. Releases all right, title, and interest of the United States in and to such lands to the City of Reno, Nevada, without consideration.