Today's Law As Amended

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AB-1943 Tidelands: City of Eureka.(2013-2014)

As Amends the Law Today
As Amends the Law on Nov 21, 2014


 Section 3 of Chapter 1086 of the Statutes of 1970, as amended by Section 1 of Chapter 1068 of the Statutes of 1982, is amended to read:

Sec. 3.
 (a) The city shall establish the Humboldt Bay Fund in the manner as may be approved by the State Lands Commission, and the city shall deposit therein all moneys received directly from, or indirectly attributable to, the tide and submerged lands granted to the city. An annual statement of financial condition and operations, to conform with those requirements as the State Lands Commission may prescribe, shall be submitted to the State Lands Commission by the city on or before December 31 of each year for the preceding fiscal year. In furtherance of its management and administration over granted tide and submerged lands, the State Lands Commission shall audit, or cause to be audited, the operations and all books and records of the city. Further, the city shall prepare and submit to the State Lands Commission, for its review and approval, an annual budget with respect to all revenues and expenditures regarding tide and submerged lands granted to the city. All moneys received from the Controller pursuant to Section 18 of this act shall be deposited in the Humboldt Bay Fund and may be used by the city for the purposes for which revenues accruing from or out of the use of the granted tidelands may be used pursuant to the provisions of this act.
(b) On June 30, 2015, and at the end of every fiscal year thereafter, 4 percent of all gross revenue generated from the trust lands described in subdivision (a) shall be transmitted to the State Lands Commission and deposited in the Kapiloff Land Bank Fund for expenditure by the commission pursuant to Division 7 (commencing with Section 8600) of the Public Resources Code for management of the commission’s granted lands program.