CA SB1481

Amends Military and Veterans Code Section 435 to exempt armory property dispositions from state surplus property procedures that require proceeds to pay state deficit recovery bonds and fund the Special Fund for Economic Uncertainties.

Authorizes the Director of General Services, with Adjutant General approval, to lease armory properties for up to 99 years or sell them at fair market value, subject to legislative approval by statute.

Requires all proceeds from armory sales or leases to be deposited into the Armory Fund in the State Treasury.

Makes Armory Fund money available upon legislative appropriation for maintenance of existing armories and acquisition or construction of new or replacement armories, including design costs.