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of 4 years, except that of the members first appointed,
3 shall serve for a term of 2 years. Any vacancy in
the Board shall be filled in the same manner in which
the original appointment was made, and any member
appointed to fill a vacancy shall serve for the remain-
der of the term for which his or her predecessor was
appointed. No appointed member may serve more
than 8 years in consecutive terms.
(3) QUORUM.—Four members of the Board shall
constitute a quorum for the conduct of business by the
Board.
(4) ORGANIZATION
AND
COMPENSATION.—The
Board shall organize itself in such a manner as it
deems most appropriate to effectively carry out the
authorized activities of the Trust. Board members
shall serve without pay, but may be reimbursed for
the actual and necessary travel and subsistence ex-
penses incurred by them in the performance of the du-
ties of the Trust.
(5) LIABILITY OF DIRECTORS.—Members of the
Board of Directors shall not be considered Federal
employees by virtue of their membership on the
Board, except for purposes of the Federal Tort Claims
Act and the Ethics in Government Act, and the provi-
sions of chapter 11 of title 18, United States Code.
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(6) MEETINGS.—The Board shall meet at least
three times per year in San Francisco and at least
two of those meetings shall be open to the public.
Upon a majority vote, the Board may close any other
meetings to the public. The Board shall establish pro-
cedures for providing public information and oppor-
tunities for public comment regarding policy, plan-
ning, and design issues through the Golden Gate Na-
tional Recreation Area Advisory Commission.
(7) STAFF.—The Trust is authorized to appoint
and fix the compensation and duties of an executive
director and such other officers and employees as it
deems necessary without regard to the provisions of
title 5, United States Code, governing appointments
in the competitive service, and may pay them without
regard to the provisions of chapter 51, and subchapter
III of chapter 53, title 5, United States Code, relating
to classification and General Schedule pay rates, ex-
cept that no officer or employee may receive a salary
which exceeds the salary payable to officers or em-
ployees of the United States classified at level IV of
the Executive Schedule.
(8) NECESSARY POWERS.—The Trust shall have
all necessary and proper powers for the exercise of the
authorities vested in it.
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(9) TAXES.—The Trust and all properties ad-
ministered by the Trust shall be exempt from all taxes
and special assessments of every kind by the State of
California, and its political subdivisions, including
the city and county of San Francisco.
(10) 
GOVERNMENT
CORPORATION.—(A) 
The
Trust shall be treated as a wholly owned Government
corporation subject to chapter 91 of title 31, United
States Code (commonly referred to as the Government
Corporation Control Act). Financial statements of the
Trust shall be audited annually in accordance with
section 9105 of title 31 of the United States Code.
(B) At the end of each calendar year, the Trust
shall submit to the Committee on Energy and Natural
Resources of the United States Senate and the Com-
mittee on Resources of the House of Representatives a
comprehensive and detailed report of its operations,
activities, and accomplishments for the prior fiscal
year. The report also shall include a section that de-
scribes in general terms the Trust’s goals for the cur-
rent fiscal year.
SEC. 4. DUTIES AND AUTHORITIES OF THE TRUST.
(a) OVERALL REQUIREMENTS OF THE TRUST.—The
Trust shall manage the leasing, maintenance, rehabilita-
tion, repair and improvement of property within the Pre-