City of North Las Vegas Public Land Acquisition Act of 1998

City of North Las Vegas Public Land Acquisition Act of 1998 - Authorizes the Secretary of the Interior to dispose of specified lands under the jurisdiction of the Bureau of Land Management in Clark County, Nevada. Permits Nevada or the unit of local government in whose jurisdiction the lands are located, to elect to obtain any such lands for local public purposes. Requires the Secretary, upon application by a unit of local government or regional governmental entity, to issue right-of-way grants on Federal lands in Clark County, Nevada, for all reservoirs, canals, channels, ditches, pipes, pipelines, tunnels, and other facilities and systems needed for: (1) the impoundment, storage, treatment, transportation, or distribution of water (other than water from the Virgin river) or wastewater; or (2) flood control management. Directs that, of the gross proceeds of sales of lands in a fiscal year: (1) five percent be paid directly to Nevada for use in the State's general education program; (2) ten percent be paid directly to the Southern Nevada Water Authority for water treatment and transmission facility infrastructure in Clark County; and (3) the remainder be deposited in a special account for use pursuant to the special account provisions specified under this Act. Requires that, in the case of a land exchange, the non-Federal party provide direct payments to Nevada and the Southern Nevada Water Authority. Allows amounts deposited in the special account to be expended by the Secretary for: (1) the acquisition of environmentally sensitive land in Nevada, with priority given to lands located within Clark County; (2) capital improvements at the Lake Mead National Recreation Area, the Desert National Wildlife Refuge, the Red Rock Canyon National Conservation Area and other areas administered by the Bureau in Clark County, and the Spring Mountains National Recreation Area; (3) development of a multispecies habitat conservation plan in Clark County; (4) development of parks, trails, and natural areas in Clark County pursuant to a cooperative agreement with a unit of local government; and (5) reimbursement of costs incurred by the Bureau's local offices in arranging sales or exchanges under this Act. Requires the Secretary to: (1) coordinate the use of the special account with the Secretary of Agriculture, Nevada, local governments, and other interested persons to ensure accountability and demonstrated results; and (2) submit an annual report on all transactions under this Act to the Senate Committee on Energy and Natural Resources and the House Committee on Resources. Authorizes the Secretary to: (1) acquire with proceeds of the special account environmentally sensitive land and interests; and (2) transfer, upon request by a grantee of lands within Clark County that are subject to a lease or patent issued under the Recreation and Public Purposes Act, the reversionary interest in such lands to other non-Federal lands.