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(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
bring all properties under its jurisdiction into compliance
with Federal building codes and regulations appropriate
to use and occupancy within 10 years after the enactment
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.
(h) FINANCIAL INFORMATION
AND REPORT.—(1)
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 Corpora-
tion Control Act). Financial statements of the Trust shall
be audited annually in accordance with section 9105 of
title 31 of the United States Code.
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(2) At the end of each calendar year, the Trust shall
submit to the Congress a comprehensive and detailed re-
port 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.
(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 for the Presidio 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 en-
hance the financial viability of the Presidio thereby con-
tributing to the preservation of the scenic beauty and nat-
ural 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 general programmatic content of the
plan.
(k) REVERSION.—If the Trust reasonably determines
by a two-thirds vote of its Board of Directors that it has
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materially failed to, or cannot, carry out the provisions
of this Act, all lands and facilities administered by the
Trust shall revert to the Secretary of Defense to be dis-
posed of in accordance with section 2905(b) of the Defense
Authorization Act of 1990 (104 Stat. 1809), except that—
(1) the terms and conditions of all agreements
and loans regarding such lands and facilities entered
into by the Trust shall be binding on any successor
in interest; and
(2) the city of San Francisco shall have the
first right of refusal to accept all lands and facilities
formerly administered by the Trust.
(l) LIMITATIONS ON FUNDING.—(1) From amounts
made available to the Secretary for the operation of areas
within the Golden Gate National Recreation Area, not
more than $25,000,000 shall be available to carry out this
Act in each fiscal year after the enactment of this Act
until the plan is submitted under paragraph (2). Such
sums shall remain available until expended.
(2) Within one year after establishment of the Trust,
the Trust shall submit to Congress a plan which includes
a schedule of annual decreasing Federally appropriated
funding such as will achieve total self-sufficiency for the
Trust within 12 complete fiscal years after establishment
of the Trust. That plan shall provide for annual reductions