Tidelands: City of Eureka.

Existing law grants to the City of Eureka all the right, title, and interest of the state in and to certain tidelands and submerged lands located in Humboldt Bay in trust for certain purposes. Existing law requires the City of Eureka to establish the Humboldt Bay Fund and to deposit in the fund all moneys received directly from, or indirectly attributable to, those trust lands. Existing law requires the City of Eureka, prior to June 30 of each year, to pay to the Controller a specified amount of the money deposited by the city into the Humboldt Bay Fund during the preceding fiscal year in lieu of all obligations incurred by the city, as specified. Existing law requires that the city submit to the commission, on or before September 30 of each year for the preceding fiscal year, an annual statement of financial condition and operations. This bill would instead require that the annual statement of financial condition and operations be submitted to the commission on or before December 31 of each year for the preceding fiscal year. Existing law, the Kapiloff Land Bank Act, creates the Land Bank Fund, and continuously appropriates moneys in the fund, subject to a statutory trust, to the State Lands Commission, acting as the Land Bank Trustee, to acquire real property or any interest in real property for the purposes of public trust title settlements. This bill would delete the requirement that the City of Eureka pay to the Controller a specified amount of the money deposited by the city into the Humboldt Bay Fund during the preceding fiscal year and would instead require, on June 30, 2015, and at the end of every fiscal year thereafter, that 4% of all gross revenues generated from the trust lands be transmitted to the commission and deposited in the Land Bank Fund for expenditure by the commission pursuant to the act, thereby making an appropriation.