HR 1296 RS
agreement shall expire at the end of 12 years
after the date of enactment of this Act.
(B) The authority, subject to available ap-
propriations, to make loans to the occupants of
property managed by the Trust for the preser-
vation, restoration, maintenance, or repair of
such property.
(C) The authority to issue obligations to
the Secretary of the Treasury, but only if the
Secretary of the Treasury agrees to purchase
such obligations after determining that the
projects to be funded from the proceeds thereof
are credit worthy and that a repayment sched-
ule is established. The Secretary of the Treas-
ury is authorized to use as a public debt trans-
action the proceeds from the sale of any securi-
ties issued under chapter 31 of title 31, United
States Code, and the purposes for which securi-
ties may be issued under such chapter are ex-
tended to include any purchase of such notes or
obligations acquired by the Secretary of the
Treasury under this subsection. The aggregate
amount of obligations issued under this sub-
paragraph which are outstanding at any one
time may not exceed $50,000,000. Obligations
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issued under this subparagraph shall be in such
forms and denominations, bearing such matu-
rities, and subject to such terms and conditions,
as may be prescribed by the Secretary of the
Treasury, and shall bear interest at a rate de-
termined by the Secretary of the Treasury, tak-
ing into consideration current market yields on
outstanding marketable obligations of the Unit-
ed States of comparable maturities. No funds
appropriated to the Trust may be used for re-
payment of principal or interest on, or redemp-
tion of, obligations issued under this paragraph.
All obligations purchased under authority of
this subparagraph must be authorized in ad-
vance in appropriations Acts.
(D) The Trust shall be deemed to be a
public agency for the purpose of entering into
joint exercise of powers agreements pursuant to
California government code section 6500 and
following.
(5) The Trust may solicit and accept donations
of funds, property, supplies, or services from individ-
uals, foundations, corporations, and other private or
public entities for the purpose of carrying out its du-
ties. The Trust shall maintain philanthropic liaison
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with the Golden Gate National Park Association, the
fund raising association for the Golden Gate Na-
tional Recreation Area.
(6) Notwithstanding section 1341 of title 31 of
the United States Code, all proceeds received by the
Trust shall be retained by the Trust, and such pro-
ceeds shall be available, without further appropria-
tion, for the preservation, restoration, operation and
maintenance, improvement, repair and related ex-
penses incurred with respect to Presidio properties
under its jurisdiction. Upon the request of the
Trust, the Secretary of the Treasury shall invest ex-
cess 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; except that the Trust may retain private
attorneys to provide advice and counsel, and to rep-
resent the Trust in proceedings to enforce and de-
fend the contractual obligations of the Trust.
(8) The Trust shall have all necessary and
proper powers for the exercise of the authorities in-
vested in it.
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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