University of California: real property sales.

Existing provisions of the California Constitution provide that the University of California constitutes a public trust and requires the university to be administered by the Regents of the University of California, a corporation in the form of a board, with full powers of organization and government, subject to legislative control only for specified purposes, including such competitive bidding procedures as may be applicable to the university by statute for the letting of construction contracts, sales of real property, and purchasing of materials, goods, and services. Existing law requires the Regents of the University of California to accept in public a bid for the sale of University of California real property that offers the combination of price and terms which it deems to be in the best interest of the university. Public notice, as specified, is required when the regents sell real property valued in excess of $500,000. This bill would amend the public notice requirements to apply only when the property to be sold is valued in excess of $1,000,000. This bill would also authorize the regents to consider the bidder's qualifications, as specified, in addition to terms and price in determining which bid or proposal is in the best interests of the university. The bill would also authorize the regents to reject all bids and proposals and would exempt additional property, such as property acquired by foreclosure, from the requirements of these provisions.