(Doc Name h:\legwork\house\amend\h-wm\006\spa port royal.docx):
EXPLANATION: Sale of Port Royal
Amend the bill, as and if amended, Part IB, Section 88, STATE
PORTS AUTHORITY, page 467, after line 2, by adding an
appropriately numbered paragraph to read:
/(SPA: Port Royal) The State Ports Authority is directed
to sell all its property at Port Royal as soon as practicable.
Prior to sale, the authority shall have the property appraised
by a State Certified General Real Estate Appraiser who is a
member of the Appraisal Institute (MAI) with experience in
appraising closed industrial sites. If the State Ports
Authority has not received or accepted a bona fide offer to
purchase any of its property at Port Royal by June 29, 2015, the
authority shall transfer all remaining property to the Budget
and Control Board, or its successor entity, on June 30, 2015.
The Budget and Control Board, or its successor entity, is
authorized on behalf of the authority to sell the remaining
property at public auction in any manner it deems appropriate,
including but not limited to selling the property in parcels.
However, if the auction price for any parcel, or the property
as a whole, does not meet the eighty percent of appraised value
threshold, then the Budget and Control Board, or its successor
entity, must market and sell the property on behalf of the
authority as soon as practicable in a commercially reasonable
manner considering the type and location of the property. Upon
the transfer of the property, the Budget and Control Board or
its successor entity, is vested with all of the board's
fiduciary duties to the authority and the authority's
bondholders./
Renumber sections to conform.
Amend totals and titles to conform.