CA AB1799

Eliminates the requirement for an endowment or financial mechanism for long-term stewardship when a governmental entity or special district is the property transferee, if the entity provides evidence of an investment-grade credit rating and enters into a contractual agreement with the enforcing agency.

Requires the contractual agreement to include a summary of financial state, financial analysis of management costs, annual revenue pledges, Governmental Accounting Standards Board accounting standards, annual fiscal reports, and a performance bond or equivalent collateral (with a five-year management cost contingency fund).

Allows the enforcing agency to require the entity to provide an endowment if the entity's credit rating falls below investment-grade or if the entity fails to adequately fund long-term stewardship after written notice and a remedy period.

Requires participating governmental entities and special districts to submit annual reports to the Department of Fish and Wildlife documenting accounts receivables and discharged accounts, with the department providing notice of report format and submission dates at least 60 days in advance.

Makes the governmental entity and special district provisions operative only through January 1, 2020, unless extended by later legislation.