propriation and used to offset the costs of preservation,
restoration, maintenance, improvement, repair and related
expenses including administration of the above, incurred
by the Secretary with respect to Presidio properties, with
the balance used to offset other costs incurred by the Sec-
retary in the administration of the Presidio.
‘‘(5) Each lessee of a lease entered into under this
subsection shall keep such records as the Secretary may
prescribe to enable the Secretary to determine that all
terms of the lease have been and are being faithfully per-
formed. The Secretary and the Comptroller General and
their duly authorized representatives shall, for the purpose
of audit and examination, have access to financial records
pertinent to the lease and all the terms and conditions
thereof.
‘‘(6) The Secretary shall annually prepare and submit
to Congress a report on property leased under this sub-
section.
‘‘(7) In addition to other available authorities, the
Secretary may, in his discretion, enter into cooperative
agreements and permits for any of the purposes of the
recreation area set out in section 1 of this Act.’’.
SEC. 3. THE PRESIDIO TRUST.
(a) ESTABLISHMENT.—There is established within
the Department of the Interior a non-profit public benefit
government corporation to be known as the Presidio Trust
(hereinafter in this Act referred to as the ‘‘Trust’’). The
Trust shall manage, in accordance with the purposes set
forth in section 1 of 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 with this Act, the leasing, maintenance, reha-
bilitation, repair and improvement of property within the
Presidio which is transferred to the Trust by the Secretary
of the Interior (hereinafter in this Act referred to as the
‘‘Secretary’’). The Trust may participate in the develop-
ment of programs and activities at the properties that
have been transferred to the Trust.
(b) TRANSFER.—Except as provided in this sub-
section, the Secretary shall transfer to the Trust, under
such terms and conditions as the Secretary deems appro-
priate, a leasehold in the following properties within the
Presidio under the control of the Secretary: the
Letterman-LAIR complex, Fort Scott, Main Post, Cavalry
Stables, Presidio Hill, Wherry Housing, East Housing, the
structures at Crissy Field, and such other properties,
within the Presidio as the Secretary and the Trust deems
appropriate. Any such property shall be transferred within
60 days after a request is made by the Trust. The lease-
hold shall be of sufficient term to enable the Trust to ob-
tain necessary and beneficial financing arrangements and
to carry out the purposes of this Act. The Secretary may
withhold transfer to the Trust of any buildings necessary
to house or support activities of the National Park Service.
The Secretary may not transfer to the Trust any property
irrevocably permitted to the Department of Army. The
Secretary shall transfer, with any transferred property, all
leases, concessions, licenses and other agreements affect-
ing such transferred property. The Secretary may transfer
any properties within the Presidio to the Trust not re-
quested by the Trust subject to terms and conditions mu-
tually agreed to by the Secretary and the Trust. All pro-
ceeds received by the Presidio Trust from the leasing of
properties managed by the Trust within the Presidio shall
be retained by the Trust without further appropriation
and used to offset the costs of administration, preserva-
tion, restoration, operation, maintenance, repair, and re-
lated expenses incurred by the Trust with respect to such
properties.
(c) BOARD OF DIRECTORS.—(1) The powers and
management of the Trust shall be vested in a Board of
Directors consisting of 13 members, as follows:
(A) The Director of the National Park Service.
(B) Secretary of the Army.
(C) Administrator of the Environmental Protec-
tion Agency.
(D) Ten individuals, who are not employees of
the Federal Government, appointed by the Secretary
within 6 months after the date of the enactment of
this Act, 6 of whom shall have knowledge and expe-
rience in one or more of the fields of the environ-
ment, energy, transportation, international affairs,
health, science, education, or any other such field re-
lated to the activities at the Presidio; 4 of whom
shall have knowledge and experience in one or more
of the fields of city planning, finance, real estate,
labor or historic preservation. With respect to the 10
individuals, 5 shall meet the additional requirement
of possessing extensive knowledge of the region in
which the Presidio is located.
Each member of the Board of Directors specified in sub-
paragraphs (A) through (C) paragraph (1) may designate
(through written notice to the Secretary and Chairman of
the Board) an alternative senior official (classified as Sen-
ior Executive Service) of his or her department or agency
who may serve on the Board in his or her stead. The Sec-
retary of the Army shall serve on the Board until such
time as the Sixth Army Headquarters ceases to maintain
a presence at the Presidio. In such an event, the Secretary
of Energy shall replace the Secretary of the Army on the
Board.
(d) TERMS OF BOARD MEMBERS.—Each member of
the Board of Directors appointed under subparagraph (D)
of subsection (c)(1) shall serve for a term of 5 years from
the expiration of his or her predecessor’s term; except that
the Secretary, in making the initial appointments to the
Board under subparagraph (D), shall appoint 3 Directors
to a term of 2 years and 3 Directors to a term of 3 years.
Any vacancy on the Board of Directors 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 remainder of the term for which his or her
predecessor was appointed. Each member shall continue
to serve after the expiration of his or her term until his
or her successor is appointed. No appointed director may
serve more than 10 years in consecutive terms.
(e) ORGANIZATION AND COMPENSATION.—(1) The
Board of Directors shall elect at the initial meeting a
Chairman and a Vice Chairman from among the members
of the Board of Directors. The Director of the National
Park Service shall serve as Chairman until such time as
the Board holds such election.
(2) The Board of Directors may establish an Execu-
tive Committee within the Board and other such commit-
tees within the Board as it deems appropriate, and dele-
gate such powers to such committees as the Board deter-
mines appropriate to carry out its functions and duties.
Any such committees established by the Board may meet
and take action on behalf of the Board between meetings
to the extent the Board delegates such authority. Delega-
tions to such committees shall not relieve the Board of
full responsibility for the carrying out of its functions and
duties, and shall be revocable by the Board in its exclusive
judgment.
(3) Members of the Board of Directors shall serve
without pay, but may be reimbursed for the actual and
necessary traveling and subsistence expenses incurred by
them in the performance of the duties of the Trust.
(4) The Board of Directors shall meet at the call of
the Chairman, who shall require it to meet not less often
than once every 6 months. A majority of the members of
the Board of Directors (or their designated alternates)
shall constitute a quorum. The Board shall hold at least
one public meeting per year at the Presidio at which time
the Board shall report on its operations, accomplishments
and goals for the upcoming year.
(5) Members of the Board of Directors shall not be
considered Federal employees by virtue of their member-