and used to offset the costs of administration, pres-
ervation, restoration, operation, maintenance, repair,
and related expenses incurred by the Trust with re-
spect to such properties under its jurisdiction. Upon
the request of the Trust, the Secretary of the Treas-
ury shall invest excess moneys of the Trust in public
debt securities with maturities suitable to the needs
of the Trust.
(7) The Trust may sue and be sued in its own
name to the same extent as the Federal Govern-
ment. Litigation arising out of the activities of the
Trust shall be conducted by the Attorney General,
as needed; the Trust may retain private attorneys to
provide advice and counsel.
(8) The Trust shall have all necessary and
proper powers for the exercise of the authorities in-
vested in it.
(9) For the purpose of compliance with applica-
ble laws and regulations concerning properties trans-
ferred to the Trust by the Secretary, the Trust shall
negotiate directly with regulatory authorities.
(e) INSURANCE.—The Trust shall procure insurance
against any loss in connection with the properties man-
aged by it or its authorized activities as is reasonable and
customary.
(f) BUILDING CODE COMPLIANCE.—The Trust shall
ensure that all properties under its jurisdiction are
brought into compliance with all applicable Federal build-
ing codes and regulations within 10 years after the enact-
ment of this Act.
(g) TAXES.—The Trust shall be exempt from all
taxes and special assessments of every kind in the State
of California, and its political subdivisions, including the
city and county of San Francisco to the same extent as
the Secretary.
(h) FINANCIAL INFORMATION AND REPORT.—(1) Fi-
nancial statements of the Trust shall be audited annually
in accordance with section 9105 of title 31 of the United
States Code.
(2) At the end of each calendar year, the Trust shall
submit to the Secretary and the Congress a comprehensive
and detailed report of its operations, activities, and accom-
plishments for the prior fiscal year. The report also shall
include a section that describes in general terms the
Trust’s goals for the current fiscal year.
(i) SAVINGS CLAUSE.—Nothing in this section shall
preclude the Secretary from exercising any of the Sec-
retary’s lawful powers within the Presidio.
(j) LEASING.—In managing and leasing the prop-
erties transferred to it, the Trust should consider the ex-
tent to which prospective tenants maximize the contribu-
tion to the implementation of the General Management
Plan and to the generation of revenues to offset costs of
the Presidio. The Trust shall give priority to the following
categories of tenants: tenants that enhance the financial
viability of the Presidio thereby contributing to the preser-
vation of the scenic beauty and natural character of the
area; tenants that facilitate the cost-effective preservation
of historic buildings through their reuse of such buildings,
or tenants that promote through their activities the gen-
eral programmatic content of the plan.
(k) REVERSION.—In the event of failure or default,
all interests and assets of the Trust shall revert to the
United States to be administered by the Secretary.
(l) AUTHORIZATION OF APPROPRIATIONS.—There is
authorized to be appropriated such sums as may be nec-
essary to carry out the activities of the Trust.
(m) SEPARABILITY OF PROVISIONS.—If any provi-
sions of this Act or the application thereof to any body,
agency, situation, or circumstance is held invalid, the re-
mainder of the Act and the application of such provision
to other bodies, agencies, situations, or circumstances
shall not be affected thereby.
Æ