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, or SLC, 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 468,000± acres of land and another 790,000± acres of mineral rights where the surface rights have been previously sold.
In fiscal year 2013–14, school lands generated gross revenues of $9.9 million for CalSTRS, a decrease of six percent from the previous year. Net revenue to CalSTRS from solid mineral leases decreased substantially from $3,575,009 the previous year to $1,673,233 million, which is over a 53 percent decrease from the previous year. The decline in production at the Mesquite Gold Mine is the primary reason for the marked decrease in royalty revenue. Oil and gas lease revenue increased to $2.42 million this year compared to $1.98 million last year.
AB 982 Update – AB 982, which became law in 2011, directed the State Lands Commission and the Department of the Interior to enter into a MOA, Memorandum of Agreement, designed to facilitate land exchanges to consolidate State school land parcels consistent with renewable energy development of the DRECP, Desert Renewable Energy Conservation Plan.
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