State militia: armories: leases and sales.

Existing law establishes a statutory process for the identification of surplus state property and for the use of proceeds from their sale or lease for the payment of principal and interest on state deficit recovery bonds and, thereafter, for the deposit of those proceeds into the Special Fund for Economic Uncertainties. Existing law authorizes the Director of General Services, with the approval of the Adjutant General, to lease and sell real property held for armory purposes, subject to legislative approval. Existing law establishes the Armory Fund and requires that the proceeds from the sale or lease of armories be deposited in the fund, for use, upon appropriation by the Legislature, for specified purposes related to armories. This bill would provide that the disposition of armory properties shall not be subject to the statutory provisions that require proceeds from the sale or lease of surplus state property be applied to retire state deficit recovery bonds and thereafter be deposited in the Special Fund for Economic Uncertainties.