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AB-1164 Surplus state real property: disposal.(2019-2020)

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Date Published: 06/03/2019 09:00 PM
AB1164:v97#DOCUMENT

Amended  IN  Senate  June 03, 2019
Amended  IN  Assembly  April 04, 2019

CALIFORNIA LEGISLATURE— 2019–2020 REGULAR SESSION

Assembly Bill
No. 1164


Introduced by Assembly Member Gloria

February 21, 2019


An act relating to state real property, and making an appropriation therefor.


LEGISLATIVE COUNSEL'S DIGEST


AB 1164, as amended, Gloria. Surplus state real property: disposal.
(1) Existing law authorizes the Director of General Services to dispose of surplus state real property subject to a prescribed process and legislative authorization. Existing law requires that surplus state property not needed by a state agency be offered to local agencies and then to nonprofit affordable housing sponsors prior to being offered to private entities or individuals.
This bill would authorize the director to dispose of a property known as the San Diego State Office Building, as specified, pursuant to these provisions. If State Public Works Board bonds involving this property are outstanding at the time the director disposes of the property, the bill would require the board to approve the transaction and that all costs associated with the defeasance of the bonds be paid from the proceeds of the transaction.
(2) The California Constitution requires 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, a continuously appropriated fund. The final payment of principal and interest on these bonds was made in the 2015–16 fiscal year.
By increasing the amount transferred into the Special Fund for Economic Uncertainties, a continuously appropriated fund, this bill would make an appropriation.
Vote: 2/3   Appropriation: YES   Fiscal Committee: YES   Local Program: NO  

The people of the State of California do enact as follows:


SECTION 1.

 (a) The Director of General Services may sell, exchange, sell combined with an exchange, or lease for fair market value, upon those terms and conditions as the Director of General Services determines are in the best interests of the state, pursuant to Section 11011.1 of the Government Code, all or any part of the property known as the San Diego State Office Building, consisting of approximately 2.7 acres, including two city blocks bound by Front Street, Ash Street, State Street, and A Street, located at 1350 Front Street, San Diego, San Diego County.
(b) To the extent that bonds issued by the State Public Works Board that involve the property to be sold pursuant to this section are outstanding at the time the purchase, lease, or exchange agreement for a property identified in this section is ready for execution, the board shall approve the purchase, lease, or exchange agreement, and all costs associated with the defeasance of the bonds shall be paid from the proceeds from the transaction.