ship on the Board, except for purposes of the Federal Tort
Claims Act and other statutes defining legal liability.
(f) STAFF.—The Board of Directors shall have the
power to appoint and fix the compensation and duties of
an Executive Director and such other officers and employ-
ees of the Trust as may be necessary for the efficient ad-
ministration of the Trust. Officers and employees of the
Trust may be appointed and compensated without regard
to the provisions of title 5, United States Code, governing
appointments in the competitive service, and may be paid
without regard to the provisions of chapter 51, and sub-
chapter III of chapter 53, title 5, United States Code (re-
lating to classification and General Schedule pay rates),
except that no such officer or employee may receive a sal-
ary which exceeds the salary payable to officers or employ-
ees of the United States classified a level IV of the Execu-
tive Schedule.
(g) EXPERTS AND CONSULTANTS.—The Board of Di-
rectors is authorized to procure the services of experts or
consultants, or organizations, including but not limited to
urban planners, architects, engineers, and appraisers.
(h) AUTHORITIES.—In exercising its powers and du-
ties, the Trust shall act in accordance with both the ap-
proved General Management Plan, as amended (herein-
after in this Act referred to as the ‘‘Plan’’) and the Act
entitled ‘‘An Act to establish the Golden Gate National
Recreation Area in the State of California, and for other
purposes’’, approved October 27, 1972 (Public Law 92–
589: 86 Stat. 1299; 16 U.S.C. 460bb), and have the fol-
lowing authorities:
(1) The Trust shall manage, maintain, improve
and repair those properties within the Presidio
which are transferred to the Trust by the Secretary.
(2) The Trust shall publish and disseminate in-
formation and make known to potential occupants,
by advertisement, solicitation, or other means, the
availability of the property within the Presidio which
the Trust manages.
(3) The Trust may prepare or cause to be pre-
pared plans, specifications, designs, and estimates of
costs for the rehabilitation, improvement, alteration,
or repair of any property managed by the Trust, and
from time to time may modify such plans, specifica-
tions, designs, or estimates.
(4)(A) The Trust may negotiate and enter into
agreements, including contracts, leases, and coopera-
tive agreements, with any person including any gov-
ernmental entity) for the occupancy of any property
within the Presidio which the Trust manages.
(B) Agreements under this paragraph shall be
subject to procedures established by the Secretary
under paragraph (5).
(C) Agreements under this paragraph may be
entered into without regard to section 321 of the Act
of June 30, 1932 (40 U.S.C. 303b).
(5) The Secretary shall establish procedures for
agreements under paragraph (4), including a re-
quirement that in entering into such agreements the
Trust shall obtain such competition as is practicable
in the circumstances.
(6) The Trust shall establish (through ease-
ments, covenants, regulations, agreements, or other-
wise) such restrictions, standards, and requirements
as are necessary to assure the maintenance, protec-
tion, and aesthetic character of the property man-
aged by the Trust.
(7) The Trust may make commercially reason-
able loans to the occupants of property managed by
the Trust for the preservation, restoration, mainte-
nance, or repair of such property.
(8) The Trust may provide technical assistance
to the occupants of property managed by the Trust,
to assist such occupants in making repairs or im-
provements to the property or applying for loans
under paragraph (7) of this section.
(9) The Trust and the Secretary may solicit
and the Trust may accept donations of funds, prop-
erty, supplies, or services from individuals, founda-
tions, corporations, and other private entities, and
from public entities, for the purpose of carrying out
its duties.
(10) The Trust may retain any revenues from
leases or other agreements concerning property man-
aged by the Trust, including preexisting leases or
agreements and any donations, and use the proceeds
without further appropriation to offset any costs for
any function of the Trust authorized by this Act, ex-
cept for those moneys transferred to the Secretary
as stipulated in paragraph (11).
(11) The Secretary and the Trust shall agree
on an amount of revenues received by the Trust to
be transferred to the Secretary, to be applied by the
Secretary, without further appropriation or offset to
appropriation, for common operating and mainte-
nance expenses at the Presidio.
(12)(A) The Trust may not (directly or indi-
rectly) borrow funds from any source other than the
Secretary of the Treasury as provided in this para-
graph.
(B) Except as provided in subparagraph (F), if
at any time the funds available to the Trust are in-
sufficient to enable the Trust to discharge its re-
sponsibilities under this Act, the Trust may issue
obligations to the Secretary of the Treasury, but
only if the Secretary of the Treasury agrees to pur-
chase such obligations after determining that the
projects to be funded from the proceeds thereof are
credit worthy.
(C) The aggregate amount of obligations issued
under this paragraph which are outstanding at any
one time may not exceed $150,000,000.
(D) Obligations issued under this paragraph—
(i) shall be in such forms and denomina-
tions, bearing such maturities, and subject to
such terms and conditions, as may be pre-
scribed by the Secretary of the Treasury, and
(ii) shall bear interest at a rate determined
by the Secretary of the Treasury, taking into
consideration current market yields on out-
standing marketable obligations of the United
States of comparable maturities.
(E) No funds appropriated to the Trust may be
used for repayment of principal or interest on, or re-
demption of, obligations issued under this para-
graph.
(F) The Secretary of the Treasury may pur-
chase obligations issued under this paragraph only
to the extent provided in advance in appropriation
Acts.
(13) Upon the request of the Trust, the Sec-
retary of the Treasury shall invest excess moneys of
the Trust in public debt securities with maturities
suitable to the needs of the Trust, as determined by
the Trust, and bearing interest at rates determined
by the Secretary of the Treasury, taking into consid-
eration current market yields on outstanding mar-
ketable obligations of the United States of com-
parable maturity.
(14) The Trust may enter into and perform
such contracts and other transactions with any per-
son, firm, association, organization, corporation or
governmental entity as may be necessary or appro-
priate to the conduct of activities authorized under
this Act.
(15) The Trust may execute all instruments
necessary or appropriate in the exercise of any of its
functions under this Act, and may delegate to the
Executive Director such of its powers and respon-
sibilities as it deems appropriate and useful for the
administration of the Trust.
(16) The Trust may obtain by purchase, rental,
donation, or otherwise, such goods and services as
may be needed to carry out its duties. In the event
of the termination of the Trust, all property and un-
expended funds shall be transferred to the Depart-
ment of the Interior, except that such funds shall
only be expended for the purposes of this Act.
(17) The Trust shall procure insurance against
any loss in connection with the properties managed
by it as is reasonable and customary; and shall pro-
cure such additional insurance for losses arising out
of any of its authorized activities as is reasonable
and customary.
(18) The Trust may sue and be sued in its
name. All litigation arising out of the activities of
the Trust shall be conducted by the Attorney Gen-
eral; the Trust may retain private attorneys to pro-
vide advice and counsel on transactional issues.
(19) The Trust may adopt, amend, and repeal
bylaws, rules, and regulations governing the manner
in which its business may be conducted and the pow-
ers vested in it may be exercised.
(20) The Trust shall have perpetual succession.
(21) The Trust shall have an official seal se-
lected by the Board which shall be judicially noticed.
(22) The Trust shall have all necessary and
proper powers for the exercise of the authorities in-
vested in it.
(23) For purposes of complying with section
106 of the National Historic Preservation Act, the
Trust may work directly with the National Park
Service, the State Historic Preservation Office, and
the Advisory Council on Historic Preservation and
enter into programmatic agreements, where appro-
priate.
(i) USE OF FEDERAL PERSONNEL, FACILITIES, AND
SERVICES.—The Secretary and the heads of other Federal
departments and agencies may provide personnel, facili-
ties, and other administrative services to the Trust to as-
sist it in carrying out its duties under this Act. Further-
more, the Secretary and the heads of other Federal de-
partments and agencies may loan or transfer to the Trust
excess or surplus personal property deemed necessary for
the management of the Presidio.
(j) TAXES.—Since the exercise of the powers granted
by this section will be in all respects for the benefit of
the people, the Trust is hereby declared to be devoted to
an essential public and governmental function and purpose
and shall be exempt from all taxes and special assessments
of every kind of the State of California, and its political
subdivisions, including the City and County of San Fran-
cisco.
(k) VOLUNTEERS.—The Secretary may accept, with-
out regard to the Civil Service classification laws, rules,
or regulations, the services of the Trust, the Board, and
the officers, and employees and consultants of the Board,
without compensation from the Department of the Inte-
rior, as volunteers in the performance of the functions au-
thorized herein, in the manner provided for under the Vol-
unteers in the Parks Act of 1969 (16 U.S.C. 18g et seq.).
(l) SAVINGS CLAUSE.—Nothing in this section shall
preclude the Secretary from exercising any of his or her
lawful powers within the Presidio.
(m) AFFIRMATIVE ACTION.—The Trust shall ensure
that affirmative steps are taken, consistent with other
Federal law, to afford equal access and equal opportuni-
ties for leases, concessions, contracts, subcontracts, and
other contracting and employment opportunities to mi-
norities, women, and other socially and economically dis-
advantaged individuals, commensurate with local availabil-
ity.
(n) FINANCIAL RECORDS.—The financial records of
the Trust shall be available for inspection by the Sec-
retary, the Inspector General of the Department of the
Interior, and the Comptroller General at any time and
shall be audited by a reputable firm of certified public ac-
countants not less frequently than once each year. Such
audit shall be made available to the Secretary and the
Congress. The Trust shall be subject to the provisions of
the Government Corporation Control Act (31 U.S.C. 9109
et seq.), including the budget and credit provisions, except
that the Trust shall submit its budget through and in con-
sultation with the Secretary.
(o) 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. If the Trust has difficulty securing a tenant
for a property under its control, it may enter into negotia-
tion with a prospective tenant whose proposed use may
be inconsistent with the approved General Management
Plan. The Trust may not enter into a lease which is incon-
sistent with the approved General Management Plan un-
less the Secretary makes a finding that the proposed lease
will not have a detrimental effect on the natural, histori-
cal, scenic and recreational values for which the Golden
Gate National Recreation Area was established. For major
leasing actions, the Trust shall submit the proposed lease
to the Secretary of the Interior or his designee for a period
of 10 working days for his review of the lease for consist-
ency with the General Management Plan. Before executing
the lease, the Trust shall consider issues of consistency
raised by the Secretary or his designee.
(p) APPLICATION OF OTHER LAWS.—(1) All general
penal statutes relating to the larceny, embezzlement, or
conversion of public moneys or property of the United
States shall apply to the moneys and property of the
Trust.
(2)(A) Except as provided in subparagraphs (B) and
(C), Federal laws and regulations governing procurement
by Federal agencies shall apply to the Trust.
(B) The Secretary may authorize the Trust, in exer-
cising authority under section 303(g) of the Federal Prop-
erty and Administrative Services Act of 1949 (40 U.S.C.
253(g)) relating to simplified purchase procedures, to use
as the dollar limit of each purchase or contract under that
subsection an amount which does not exceed $500,000.
(C) The Secretary may authorize the Trust, in carry-
ing out the requirement of section 18 of the Office of Fed-
eral Procurement Policy Act (41 U.S.C. 416) to furnish
to the Secretary of Commerce for publication notices of
proposed procurement actions, to use as the applicable
dollar threshold for each expected procurement an amount
which does not exceed $1,000,000.
(q) GOLDEN GATE NATIONAL RECREATION AREA
ADVISORY COMMISSION.—The Trust shall maintain liai-
son with the Golden Gate National Recreation Area Advi-
sory Commission in matters relating to the General Man-
agement Plan, and shall meet with the Commission at
least annually.
(r) 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.
(s) REPORT.—The Trust shall transmit to the Sec-
retary and the Congress, annually each January, a com-
prehensive and detailed report of its operations, activities,
and accomplishments 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. The
portion of the report containing the audited financial
statement may be submitted at a later date, but no later
than the first day of March of such year.