(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.