SECTION 1. FINDINGS.

    The Congress finds that--
            (1) the Presidio, located amidst the incomparable scenic 
        splendor of the Golden Gate, is one of America's great natural 
        and historic sites;
            (2) the Presidio is the oldest continuously operating 
        military post in the Nation dating from 1776, and was 
        designated as National Historic Landmark in 1962;
            (3) preservation of the cultural and historic integrity of 
        the Presidio for public use recognizes its significant role in 
        the history of the United States;
            (4) the Presidio, in its entirety, is a part of the Golden 
        Gate National Recreation Area, in accordance with Public Law 
        92-589;
            (5) as part of the Golden Gate National Recreation Area, 
        the Presidio's outstanding natural, historic, scenic, cultural, 
        and recreational resources must be managed in a manner which is 
        consistent with sound principles of land use planning and 
        management, and which protects the Presidio from development 
        and uses which would destroy the scenic beauty and historic and 
        natural character of the area; and
            (6) the Presidio will be managed through an innovative 
        public/private partnership that minimizes cost to the United 
        States Treasury and makes efficient use of private sector 
        resources that could be utilized in the public interest.

SEC. 2. INTERIM LEASING AUTHORITY.

    The Secretary of the Interior (hereinafter in this Act referred to 
as the ``Secretary'') is authorized to negotiate and enter into leases, 
at fair market rental and without regard to section 321 of chapter 314 
of the Act of June 30, 1932 (40 U.S.C. 303b), for all or part of the 
Presidio of San Francisco that is under the administrative jurisdiction 
of the Secretary until such time as the property concerned is 
transferred to the administrative jurisdiction of the Presidio Trust. 
Notwithstanding sections 1341 and 3302 of title 31 of the United States 
Code, the proceeds from any such lease shall be retained by the 
Secretary and used for the preservation, restoration, operation and 
maintenance, improvement, repair and related expenses incurred with 
respect to Presidio properties. For purposes of any such lease, the 
Secretary may adjust the rental by taking into account any amounts to 
be expended by the lessee for preservation, maintenance, restoration, 
improvement, repair and related expenses with respect to properties 
within the Presidio.

SEC. 3. THE PRESIDIO TRUST.

    (a) Establishment.--There is established a body corporate within 
the Department of the Interior to be known as the Presidio Trust 
(hereinafter in this Act referred to as the ``Trust'').
    (b) Transfer.--(1) The Secretary shall transfer to the 
administrative jurisdiction of the Trust those areas commonly known as 
the Letterman/LAIR complex, Fort Scott, Main Post, Cavalry Stables, 
Presidio Hill, Wherry Housing, East Housing, the structures at Crissy 
Field, roads, utilities or other infrastructure servicing the 
properties and such other properties that the Secretary deems 
appropriate, as depicted on the map referred to in this subsection. The 
Trust and the Secretary shall agree on the use and occupancy of 
buildings and facilities necessary to house and support activities of 
the National Park Service at the Presidio.
    (2) Within 60 days after enactment of this section, the Secretary 
shall prepare a map identifying properties to be conveyed to the Trust.
    (3) The transfer for administrative jurisdiction shall occur within 
60 days after appointments are made to the board of Directors.
    (4) The Secretary shall transfer, with the transfer of 
administrative jurisdiction over any property, all leases, concessions, 
licenses, permits, programmatic agreements and other agreements 
affecting such property and any revenues and unobligated funds 
associated with such leases, concessions, licenses, permits, and 
agreements.
    (c) Board of Directors.--
            (1) In general.--The powers and management of the Trust 
        shall be vested in a Board of Directors consisting of the 
        following 5 members:
                    (A) The Secretary of the Interior or the 
                Secretary's designee.
                    (B) 4 individuals, who are not employees of the 
                Federal Government, appointed by the President, who 
                shall possess extensive knowledge and experience in one 
                or more of the fields of city planning, finance, and 
                real estate. At least 3 of these individuals shall 
                reside in the region in which the Presidio is located.
            (2) Terms.--The President shall make the appointments 
        referred to in subparagraph (B) of paragraph (1) within 90 days 
        and in such a manner as to ensure staggered 4-year terms. Any 
        vacancy under subparagraph (B) of paragraph (1) shall be filled 
        in the same manner in which the original appointment was made, 
        and any member appointed to fill a vacancy shall serve for the 
        remainder of the term for which his or her predecessor was 
        appointed. No appointed director may serve more than 8 years in 
        consecutive terms. No member of the Board of Directors may have 
        a financial interest in any tenant of the Presidio.
            (3) Organization and compensation.--The Board shall 
        organize itself in such a manner as it deems most appropriate 
        to effectively carry out the authorized activities of the 
        Trust. Board members shall serve without pay, but may be 
        reimbursed for the actual and necessary travel and subsistence 
        expenses incurred by them in the performance of the duties of 
        the Trust.
            (4) Liability of directors.--Members of the Board of 
        Directors shall not be considered Federal employees by virtue 
        of their membership on the Board, except for purposes of the 
        Federal Tort Claims Act.
            (5) Public liaison.--The Board shall establish procedures 
        whereby liaison with the public, through the Golden Gate 
        National Recreation Area Advisory Commission, and the National 
        Park Service, shall be maintained.
    (d) Duties and Authorities.--In accordance with the purposes set 
forth in this Act and in section 1 of the Act entitled ``An Act to 
establish the Golden Gate National Recreation Area in the State of 
California, and for other purposes'', approved October 27, 1972 (Public 
Law 92-589; 86 Stat. 1299; 16 U.S.C. 460bb), the Trust shall manage the 
leasing, maintenance, rehabilitation, repair and improvement of 
property within the Presidio which is under its administrative 
jurisdiction. The Trust may participate in the development of programs 
and activities at the properties that have been transferred to the 
Trust. In exercising its powers and duties, the Trust shall act in 
accordance with both the approved General Management Plan, as amended, 
for the Presidio (hereinafter in this Act referred to as the ``Plan'') 
and shall have the following authorities:
            (1) The Trust is authorized to manage, lease, maintain, 
        rehabilitate and improve, either directly or by agreement, 
        those properties within the Presidio which are transferred to 
        the Trust by the Secretary.
            (2)(A) The Trust is authorized to negotiate and enter into 
        such agreements, leases, contracts and other arrangements with 
        any person, firm, association, organization, corporation or 
        governmental entity, including without limitation entities of 
        Federal, State and local governments (except any agreement to 
        convey fee title to any property located at the Presidio) as 
        are necessary and appropriate to finance and carry out its 
        authorized activities. Agreements under this paragraph may be 
        entered into without regard to section 321 of the Act of June 
        30, 1992 (40 U.S.C. 303b).
            (B) Except as provided in subparagraphs (C), (D), and (E), 
        Federal laws and regulations governing procurement by Federal 
        agencies shall apply to the Trust.
            (C) The Secretary may authorize the Trust, in exercising 
        authority under section 303(g) of the Federal Property and 
        Administrative Services Act of 1949 (40 U.S.C. 253(g)) relating 
        to simplified purchase procedures, to use as the dollar limit 
        of each purchase or contract under this subsection an amount 
        which does not exceed $500,000.
            (D) The Secretary may authorize the Trust, in carrying out 
        the requirement of section 18 of the Office of Federal 
        Procurement Policy Act (41 U.S.C. 416) to furnish the Secretary 
        of Commerce for publication notices of proposed procurement 
        actions, to use as the applicable dollar threshold for each 
        expected procurement an amount which does not exceed 
        $1,000,000.
            (E) The Trust shall establish procedures for lease 
        agreements and other agreements for use and occupancy of 
        Presidio facilities, including a requirement that in entering 
        into such agreements the Trust shall obtain such competition as 
        is practicable in the circumstances.
            (3) The Trust is authorized to appoint and fix the 
        compensation and duties of an executive director and such other 
officers and employees as it deems necessary without regard to the 
provisions of title 5, United States Code, governing appointments in 
the competitive service, and may pay them without regard to the 
provisions of chapter 51, and subchapter III of chapter 53, title 5, 
United States Code (relating to classification and General Schedule pay 
rates).
            (4) To augment or encourage the use of non-Federal funds to 
        finance capital improvements on Presidio properties transferred 
        to its jurisdiction, the Trust, in addition to its other 
        authorities, shall have the following authorities:
                    (A) The authority to guarantee any lender against 
                loss of principle or interest on any construction loan, 
                provided that (i) the terms of the guarantee are 
                approved by the Secretary of the Treasury, (ii) 
                adequate guarantee authority is provided in 
                appropriations Acts, and (iii) such guarantees are 
                structured so as to minimize potential cost to the 
                Federal Government.
                    (B) The authority, subject to available 
                appropriations, to make loans to the occupants of 
                property managed by the Trust for the preservation, 
                restoration, maintenance, or repair of such property.
                    (C) The authority to issue obligations to the 
                Secretary of the Treasury, but only if the Secretary of 
                the Treasury agrees to purchase such obligations after 
                determining that the projects to be funded from the 
                proceeds thereof are credit worthy and that a repayment 
                schedule is established. The Secretary of the Treasury 
                is authorized to use as a public debt transaction the 
                proceeds from the sale of any securities issued under 
                chapter 31 of title 31, United States Code, and the 
                purposes for which securities may be issued under such 
                chapter are extended to include any purchase of such 
                notes or obligations acquired by the Secretary of the 
                Treasury under this subsection. The aggregate amount of 
                obligations issued under this subparagraph which are 
                outstanding at any one time may not exceed 
                $150,000,000. Obligations issued under this 
                subparagraph shall be in such forms and denominations, 
                bearing such maturities, and subject to such terms and 
                conditions, as may be prescribed by the Secretary of 
                the Treasury, and shall bear interest at a rate 
                determined by the Secretary of the Treasury, taking 
                into consideration current market yields on outstanding 
                marketable obligations of the United States of 
                comparable maturities. No funds appropriated to the 
                Trust may be used for repayment of principle or 
                interest on, or redemption of, obligations issued under 
                this paragraph. All obligations purchased under 
                authority of this subparagraph must be authorized in 
                advance in appropriations Acts.
                    (D) The Trust shall be deemed to be a public agency 
                for the purpose of entering into joint exercise of 
                powers agreements pursuant to California government 
                code section 6500 and following.
            (5) The Trust may solicit and accept donations of funds, 
        property, supplies, or services from individuals, foundations, 
        corporations and other private or public entities for the 
        purpose of carrying out its duties. 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) All proceeds received by the Trust shall be retained by 
        the Trust without further appropriation and used to offset the 
        costs of administration, preservation, restoration, operation, 
        maintenance, repair and related expenses incurred by the Trust 
        with respect to such properties under its jurisdiction. Upon 
        the request of the Trust, the Secretary of the Treasury shall 
        invest excess moneys of the Trust in public debt securities 
        with maturities 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; the Trust may retain private 
        attorneys to provide advice and counsel.
            (8) The Trust shall have all necessary and proper powers 
        for the exercise of the authorities invested in it.
            (9) For the purpose of compliance with applicable laws and 
        regulations concerning properties transferred 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 customary.
    (f) Building Code Compliance.--The Trust shall ensure that all 
properties under its jurisdiction are brought into compliance with all 
applicable Federal building codes and regulations 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 California, and its political 
subdivisions, including the city and county of San Francisco to the 
same extent as the Secretary.
    (h) Financial Information and Report.--(1) Financial statements of 
the Trust shall be audited 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 
Secretary and 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 current fiscal year.
    (i) Savings Clause.--Nothing in this section shall preclude the 
Secretary from exercising any of the Secretary'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 and to the generation of revenues to offset costs of 
the Presidio. The Trust shall give priority to the following categories 
of tenants: tenants that enhance the financial viability of the 
Presidio thereby contributing to the preservation 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.--In the event of failure or default, all interests 
and assets of the Trust shall revert to the United States to be 
administered by the Secretary.
    (l) Authorization of Appropriations.--There is authorized to be 
appropriated such sums as may be necessary to carry out the activities 
of the Trust.
    (m) Separability of Provisions.--If any provisions of this Act or 
the application thereof to any body, agency, situation, or circumstance 
is held invalid, the remainder of the Act and the application of such 
provision to other bodies, agencies, situations, or circumstances shall 
not be affected thereby.
Establishes within the Department of the Interior the Presidio Trust.  Directs the Secretary of the Interior to transfer to the administrative jurisdiction of the Trust specified areas of the Presidio military complex.  Establishes a board of directors to manage the Trust.  Requires the Trust to manage the leasing, maintenance, rehabilitation, repair, and improvement of Presidio property under its jurisdiction.  Provides related Trust authorities.  Requires Trust financial statements to be audited annually.  Requires the Trust to report annually to the Secretary and the Congress on its operations, activities, and accomplishments during the prior fiscal year. Authorizes appropriations to carry out Trust activities.
A bill to provide for the administration of certain Presidio properties at minimal cost to the Federal taxpayer.