California has quite a few formal acts in statute. Public Sources Code Division 7.7, Chapter 1 supplies the College Land Financial institution Act, which is contained in Sections 8700 to 8716. Chapter 1 was added in 2011 by Chapter 485. Part 8700 names the act.
Part 8701 units forth six legislative findings and declarations, together with that it’s important that every one remaining faculty lands and attendant pursuits be managed and enhanced to offer an financial base for assist of the general public faculty system. It’s in the perfect curiosity of the state that faculty lands be managed as a income supply and it’s the intent of the Legislature that truthful market worth be a major criterion in figuring out if proposed makes use of or tendencies of land must be authorized.
Part 8702 supplies definitions for the next time period: “fee”; “fund”; “faculty land”; and, “trustee.” Part 8703 supplies that acquisitions could also be made by negotiated settlement with, or buy from, the house owners of the excellent pursuits. Nothing on this division confers any authority to train the facility of eminent area for the needs of this division, though that energy is statutorily vested within the fee.
Part 8704 requires a trustee to make all affordable makes an attempt to accumulate the mineral and different subsurface rights in any acquisition pursuant to this division. If the trustee is unable to accumulate the mineral and different subsurface rights, the trustee might buy actual property upon the trustee expressly discovering that the advantages to be derived from the acquisition are substantial and that acquisition of the property with out the subsurface rights is in the perfect pursuits of the state for the needs set forth on this division.
Part 8705 supplies the trustee has the unique jurisdiction and authority to manage the fund and the curiosity in actual property acquired pursuant to this division, together with the choice, acquisition, and conveyance of actual property by the trustee as supplied on this division.
Part 8706 requires the state, in its sovereign capability, to simply accept any conveyance, and the land should thereafter be held by the state as land of the authorized character of college lands topic to the college land belief beneath the jurisdiction of the fee. Part 8707 requires the fee to simply accept the conveyances on the a part of the state and authorize their acknowledgment and recordation.
Part 8708 requires moneys within the fund to be deposited within the Pooled Cash Funding Fund and the curiosity deposited within the fund. Part 8709 supplies that, along with the acquisition worth to be paid, the prices and bills attributable to the acquisition could also be paid from the fund. Part 8709.5 supplies that bills attributable to administration and remediation efforts on state faculty lands are payable from the fund.
Part 8710 specifies that an motion beneath this chapter shouldn’t be topic to the California Environmental High quality Act, the Subdivision Map Act, or the Property Acquisition Legislation. Part 8711 creates within the State Treasury the College Land Financial institution Fund. Part 8712 supplies that the trustee might purchase actual property or any curiosity in actual property with the target of facilitating administration of college lands for the aim of producing income.
Part 8713 requires the trustee to behave solely at an open, scheduled public assembly. Part 8715 supplies that the provisions of this division should not supposed as unique, and can’t limit the fee in in any other case assembly some other duties and jurisdiction the fee presently has by legislation. Part 8716 supplies that the trustee might settle for presents of actual property or cash for the needs of this division.