SB 29

Bill Subjects

Abstract

(1) Existing law creates the Los Angeles Memorial Coliseum Commission as a joint powers agreement between the City of Los Angeles, the County of Los Angeles, and the Sixth District Agricultural Association, referred to as the California Science Center. This bill would require the California Science Center to sell the parcel of land that the Los Angeles Memorial Coliseum and the Los Angeles Memorial Sports Arena occupy and the state's share of the Los Angeles Memorial Sports Arena structure by authorizing the Department of General Services to establish a process to solicit bids for the fair market sale of the parcel of the land and the Los Angeles Memorial Sports Arena structure. Any buyer or buyers who specify that they will continue with the same use of the parcel of land and the Los Angeles Memorial sports Arena structure would be exempt from any applicable state and local environmental laws and regulations with regard to improvements, construction, or remodeling. (2) The California Constitution provides that the proceeds from the sale of surplus state property be used to pay the principal and interest on bonds issued pursuant to the Economic Recovery Bond Act until the principal and interest on those bonds are fully paid, after which these proceeds are required to be deposited into the Special Fund for Economic Uncertainties. Existing statutory law similarly requires that the net proceeds received from any real property disposition be paid into the Deficit Recovery Bond Retirement Sinking Fund Subaccount, a continuously appropriated fund, until the bonds issued pursuant to the act are retired. By increasing the amount transferred into a continuously appropriated fund, this bill would make an appropriation. This bill would terminate the Los Angeles Memorial Coliseum Commission upon the completion of the sale of the land that the Los Angeles Memorial Coliseum and the Los Angeles Memorial Sports Arena occupy. (3) This bill would declare that it is to take effect immediately as an urgency statute.