SECTION 1.
(a) The Chino Valley Unified School District may transfer surplus property owned by the school district, located adjacent to Chaparral Elementary School and bordered by Pomona Rincon Road and Bird Farm Road, to the City of Chino Hills, in the County of San Bernardino, pursuant to this section.(b) The property may be transferred to the city upon payment to the district by the city in an amount specified by the school district, and the execution of an agreement between the school district and the city for development of the property into a park. The Chino Valley Unified School District shall remit to the State Allocation Board the greater of the following:
(1) Fifty percent of the amount realized from the sale of the property.
(2) An amount equal to the apportionment for site acquisition provided by the State Allocation Board pursuant to Section 17072.12 of the Education Code adjusted to the pro rata share of the property being sold by the district.
Revenues received by the Chino Valley Unified School District as a result of this property transfer shall be deposited into the capital outlay fund of the school district. Notwithstanding any other provision of law, the deed or other instrument of transfer shall provide that the property shall revert to the state if the use of the property changes to a use
not consistent with parks and recreation purposes.
(c) The property was purchased by the Chino Valley Unified School District from the state at less than fair market value, pursuant to subdivision (k) of Section 11011.1 of the Government Code, with a reversion to the state if the property is not used for school purposes. If the conditions of subdivision (b) are met, then the use of the property shall be deemed to be for school purposes and shall not be subject to reversion to the state because of its use for parks and recreation purposes.
(d) The Chino Valley Unified School District is not eligible to receive an apportionment of funds that are derived from the sale of state general obligation bonds for a project involving the property transferred pursuant to this section.