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 falling within the boundaries of the lands protected by the California Desert Protection Act.
In fiscal year 2014–15, school lands generated gross revenues of $7.8 million for CalSTRS, a decrease of 24.3 percent from the previous year. Gross revenue to CalSTRS from solid mineral leases decreased substantially from $1,673,233 the previous year to $712,157, a 53 percent decrease from the previous 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 Memorandum of Agreement (MOA), designed to facilitate land exchanges to consolidate state school land parcels consistent with renewable energy development of the Desert Renewable Energy Conservation Plan (DRECP).
