Private Property Purchase. Redwoods. Bonds.

PRIVATE PROPERTY PURCHASE. REDWOODS. BONDS. INITIATIVE STATUTE. Authorizes $1.540 billion of general obligation bonds to fund State\u27s purchase of 193,000 acres in Humboldt County owned by Maxxam Corporation. Requires 3,770 acres of redwood wilderness on that property to be retained as nature and wildlife preserve. Directs additional 2,230 acres of redwood forests to be available for sale to conservation groups and private foundations. Requires remaining property to be sold at fair market price to the Pacific Lumber Company employee stock ownership plan, or other person, providing for sustained employment and protection of long-term health of forests on property. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: Total costs of bonds would be about $2.6 billion, with an average annual payment of about $106 million for principal and interest over about 25 years. Bond and operation and maintenance costs would be offset to an unknown extent by revenues generated from (1) the use of the lands, (2) loan repayments, and (3) the sale of lands acquired with the bond funds