(a) (1) For purposes of environmental mitigation pursuant to subdivision (k) of Section 104, the department may create an endowment or enter one or more agreements with the transferee of an environmental mitigation property or another party or parties to provide funding for the establishment, preservation, restoration, and maintenance of the property consistent with any permit conditions, mitigation requirements imposed by state or federal law, conditions imposed by a state or federal agency, or advance mitigation requirements. This authority includes, but is not limited to, the requirements of Chapter 4.6 (commencing with Section 65965) of Division 1 of Title 7 of the Government Code, as applicable.

(2) Where feasible, a governmental entity holding property pursuant to paragraph (1) shall have the principal responsibility for natural resource protection or conservation. A governmental entity holding property pursuant to this section shall be approved through the due diligence process set forth in § 65967 of the Government Code. For federally imposed mitigation requirements, the department is subject to Chapter 4.6 (commencing with Section 65965) of Division 1 of Title 7 of the Government Code, as applicable, to the extent not in conflict with federal law or regulation.

(b) (1) This section shall remain in effect only until December 31, 2033, and as of that date is repealed.

(2) Endowments or agreements entered into pursuant to this section before December 31, 2033, shall remain in effect beyond that date.

(Added by Stats. 2023, Ch. 57, Sec. 3. (SB 145) Effective July 10, 2023. Repealed as of December 31, 2033, by its own provisions.)