WEST SACRAMENTO, Calif. (April 15, 2019) – California State Teachers’ Retirement System announced that trustee Sharon Hendricks was elected to the PRI Association Board. As an independent organization, PRI encourages investors to use responsible investment to enhance returns and better manage risks.
In 1853, with the passage of the Act of March 3, 1853 (10 Stat. 244), the Federal Government gifted 5.5 million acres to the State of California to be used for the support of public education. Between 1855 and 1984, nearly 90 percent of the “school lands” (all of the high quality land) was sold, leaving behind mostly desert land, most of which falls within the boundaries of the lands protected by the California Desert Protection Act.
Since 1984, the remaining lands have been under the trusteeship of the State Lands Commission with the proceeds from land sales reinvested into the trust and only the lease income flows to the Teacher Retirement System’s Supplemental Benefit Maintenance Account. The School Land Bank Fund currently holds 469,000± acres of land and another 790,000± acres of mineral rights where the surface rights have been previously sold.
In fiscal year 2012-13, school lands generated revenues of $10.6 million for CalSTRS, an increase of 52 percent from the previous year. Net revenue to CalSTRS from solid mineral leases increased substantially from $328,756 the previous year to $3.5 million, over a 900 percent increase from the previous year. Oil and gas lease revenue decreased to $1.98 million.
AB 982 Update – During the 2011 legislative session, the Legislature passed and Governor Brown signed Assembly Bill 982 which requires State Lands Commission staff, with the cooperation of the Department of the Interior, to enter into a memorandum of agreement concerning land exchanges in the desert areas of southern California.
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