FORESTRY PROGRAMS. TIMBER HARVESTING PRACTICES.

FORESTRY PROGRAMS. TIMBER HARVESTING PRACTICES BOND ACT. INITIATIVE STATUTE. Authorizes $300,000,000 general obligation bond issue to fund, subject to Legislature approval, program for loans, grants to public entities, others for forest and park restoration, urban forestry projects, reforestation of private timberlands under 5,000 acres. Limits timber cutting practices, requires state-approved timber and wildlife management plans, on certain private timberlands exceeding 5,000 acres. Mandates timberland, wildlife, global warming studies. Authorizes state acquisition of designated timberlands, suspends state\u27s eminent domain power for 10-year period over other timberlands. Urges Congress ban foreign timber exports. Provides between competing timber initiative(s) this measure overrides other(s). SUMMARY OF LEGISLATIVE ANALYST\u27S ESTIMATE OF NET STATE AND LOCAL GOVERNMENT FISCAL IMPACT: If all authorized bonds are sold at 7.5 percent interest and paid over the typical 20-year period, state General Fund will incur about $535 million in costs to pay off bond principal ($300 million) and interest ($235 million). Estimated average annual costs of bond principal and interest is $22 million. Annual costs of approximately $3.2 million, funded through sales of state-owned timber, to administer plans, which could over time be more than offset by savings resulting from reduced periodic state regulatory reviews. One-time state costs of about $1.1 million for climatological studies, fully offset by revenues from new regulatory fees. Unknown effect on revenues from other state taxes