AB 2503 Summary

• Establishes the California Marine Resources Legacy Act to allow partial removal of offshore oil structures as an alternative to full removal, subject to environmental review and approval by the Department of Fish and Game, Ocean Protection Council, and State Lands Commission.

• Requires the Ocean Protection Council to establish criteria for determining whether partial removal provides net environmental benefit compared to full removal, and prohibits financial considerations from influencing this determination.

• Directs applicants to apportion cost savings from partial removal according to a schedule: 85% to the California Endowment for Marine Preservation, 10% to the General Fund, 2% each to the Fish and Game Preservation Fund and Coastal Act Services Fund, and 1% to the adjacent county.

• Creates the California Endowment for Marine Preservation as an independent nonprofit to provide perpetual funding for projects and programs that conserve, protect, restore, and enhance marine resources, governed by a board including state officials and public representatives.

• Requires the State Coastal Conservancy to develop an advisory spending plan for endowment funds and mandates that 10% of funds received annually be allocated as grants within 24 months, with priority to state agencies.