Land use: mitigation lands.

The Planning and Zoning Law authorizes a state or local agency, where that agency requires a project proponent to transfer property to mitigate adverse project impacts upon natural resources, to in turn authorize a government entity, special district, or any of certain types of parties to hold title to, and manage, the transferred property. Existing law also allows a state or local agency that has required such a transfer of property for mitigation purposes to identify the funding needs for the long-term stewardship of the property, and establishes various requirements with respect to the amount and management of any endowment conveyed or secured for purposes of funding the protection of the property. This bill would where a governmental entity or specified district is the transferee of the property, specify that an endowment or other financial mechanism is not required if the governmental entity or special district provides evidence to the local or state agency that it possesses an investment-grade, as defined, credit rating by a nationally recognized statistical rating organization or other equivalent evidence of financial reliability, and enters into a contractual agreement, containing certain elements, with the local or state agency enforcing the mitigation requirements. This bill would require a participating governmental entity or special district to submit an annual report to the Department of Fish and Wildlife of the governmental entity's or special district's accounts receivables and discharged accounts, as specified.