Northern Arizona National Forest Land Exchange Act of 2003

[AI summary unavailable — showing source text] Northern Arizona National Forest Land Exchange Act of 2003 - Directs the Secretary of Agriculture to convey certain land in the Prescott, Coconino, and Kaibab National Forests, Arizona, and certain other land in Yavapai County, Arizona, to the Yavapai Ranch Limited Partnership or the Northern Yavapai, L.L.C. (both referred to respectively as the "YLRP"), in exchange for land within the boundaries of the Prescott National Forest, Arizona. Grants to the YLRP perpetual, unrestricted, and nonexclusive easements that run with and benefit land transferred to the YLRP. Provides for the establishment of conservation easements on certain of the land transferred to the YLRP to conserve water in the Verde Valley, Arizona, and to minimize adverse water impacts from future development of the parcels. Reserves for the YLRP unrestricted easements and water rights for not more than three existing wells and related equipment on the land it is transferring to Federal control, with certain water rights from the wells to be reserved for the United States. Prescribes that if any part of either territory being transferred is unacceptable to the entity receiving it due to the presence of hazardous materi…