SB 1119

Bill Subjects

Abstract

Existing law authorizes the Director of General Services to sell or exchange, at fair market value based upon an appraisal approved by the Department of General Services, all or part of a specified parcel of state property only to the County of Napa upon those terms, conditions, reservations, and exceptions the director determines are in the best interest of the state, by January 1, 2015, and subject to other requirements. Existing law requires reimbursement of the Department of General Services for any cost or expense incurred in the disposition of the property from the proceeds of the disposition of the property. Existing law requires the proceeds from this sale to be deposited in the Deficit Recovery Bond Retirement Sinking Fund Subaccount until the bonds associated with this subaccount are finally paid. This bill would apply the authorization described above to apply to the Napa County Regional Park and Open Space District instead of Napa County and would extend the period within which the sale described above may be made to January 1, 2021. The bill would revise the reference to the Deficit Recovery Bond Retirement Sinking Fund Subaccount, given that the principal and interest on the bonds have been provided and no more bonds are outstanding. Consistent with requirements of the California Constitution, the bill would direct that proceeds be paid into the Special Fund for Economic Uncertainties, which is continuously appropriated. By depositing money in a continuously appropriated fund, the bill would make an appropriation. This bill would make legislative findings and declarations as to the necessity of a special statute for the Napa County Regional Park and Open Space District.