Sacramento —Senator Bob Huff (R – Diamond Bar) announced today that his measure regarding the sale of state surplus property was signed by Governor Schwarzenegger.
Sponsored by the Department of General Services (DGS), Senate Bill 136 provides for the sale of state property that has been determined to be “surplus” and is no longer needed.
On an annual basis, certain properties owned by the state are declared surplus and available for purchase, transfer, or lease. The California Constitution requires proceeds from the sale of all surplus properties, with a few exceptions, to be used to pay the principal and interest on the bonds (up to $15 billion) authorized under the Economic Recovery Bond Act.
“SB 136 could generate upwards of $60 million as a result of selling these unused properties,” remarked Senator Huff. “Offering these properties to private interests will make them more economically productive thus benefiting all Californians.”
SB 136 passed unanimously through both houses and was signed by the Governor on October 11.
Senator Bob Huff serves as the Senate Republican Caucus Chair. He represents portions of Los Angeles, Orange and San Bernardino counties. You can follow Senator Huff on Twitter @bobhuff99.
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