the Treasury, taking into consideration current
market yields on outstanding marketable obliga-
tions of the United States of comparable matu-
rities. No funds appropriated to the Trust may
be used for repayment of principal or interest
on, or redemption of, obligations issued under
this paragraph. All obligations purchased under
authority of this subparagraph must be author-
ized in advance in appropriations Acts.
(D) The Trust shall be deemed to be a pub-
lic agency for the purpose of entering into joint
exercise of powers agreements pursuant to Cali-
fornia government code section 6500 and follow-
ing.
(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
with the Golden Gate National Park Association, the
fund raising association for the Golden Gate National
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 excess mon-
eys of the Trust in public debt securities with matu-
rities 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 Government.
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 represent the
Trust in proceedings to enforce and defend the con-
tractual obligations of the Trust.
(8) The Trust shall have all necessary and prop-
er powers for the exercise of the authorities invested
in it.
(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 managed
by it or its authorized activities as is reasonable and cus-
tomary.
(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 Cali-
fornia, 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 cor-
poration 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 au-
dited annually in accordance with section 9105 of title 31
of the United States Code.
(2) At the end of each calendar year, the Trust shall
submit to the Congress a comprehensive 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 cur-
rent 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 properties
transferred to it, the Trust should consider the extent to
which prospective tenants maximize the contribution 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 follow-
ing categories of tenants: tenants that enhance the financial
viability of the Presidio thereby contributing to the preser-
vation of the scenic beauty and natural 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
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 disposed of
in accordance with section 2905(b) of the Defense Author-
ization Act of 1990 (104 Stat. 1809), except that—
(1) the terms and conditions of all agreements
and loans regarding such lands and facilities entered