CA AB2442

Establishes the California Hope Public Trust to be governed by the Department of General Services with a 9-member advisory board, tasked with managing state-owned properties to generate revenue for California State University, California Community Colleges, and University of California systems.

Requires the Department of General Services to submit annual inventories of state-owned real estate and property to the trust starting March 31, 2013, and requires the trust to review and recommend which properties should be transferred to it by January 1, 2015, with recommendations submitted to the Legislature for authorization.

Directs all net proceeds from trust activities to be deposited into the California Hope Public Trust Fund and appropriated by the Legislature according to a fixed schedule: 50% to Cal State University, 25% to UC, and 25% to Community Colleges.

Exempts from transfer numerous categories of state property including highway lands, state parks, UC and Cal State facilities, prisons, courthouses, and historically significant properties; prohibits the trust from selling land reported as excess or surplus state real property.

Sunsets the trust's operational provisions on January 1, 2019, unless legislation is enacted before that date to transfer property management and control to the trust.