(a) There is in the State Treasury the Land Bank Fund, which fund is hereby created. All moneys in the fund are appropriated to the commission for expenditure, without regard to fiscal years, for the purposes of Section 8625. When performing the powers and duties set forth in this division, the commission shall be known as the Land Bank Trustee.

(b) (1) The Martins Beach Subaccount is hereby created in the fund. Moneys received from public or private sources, including nonprofit sources, to be used for the creation of a public access route to and along the shoreline, including the sandy beach, at Martins Beach at the South Cabrillo Highway pursuant to Section 6213.5 shall be deposited into the subaccount and be continuously appropriated to and expended by the commission to acquire that right-of-way or easement, either in accordance with the procedures set forth in Title 7 (commencing with Section 1230.010) of Part 3 of the Code of Civil Procedure, or through a negotiated agreement, and for costs associated with that acquisition, including, but not limited to, environmental studies, analyses, and assessments, and associated improvements and maintenance costs, in accordance with the following priority:

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(A) Moneys received from public or private sources, including nonprofit sources, that are deposited into the subaccount shall first be expended by the commission for the creation of that public access route, and any associated improvements and maintenance costs.

(B) The commission may also transfer moneys from the fund to the subaccount, not to exceed a maximum of one million dollars ($1,000,000), and expend those moneys for the creation of that public access route and associated improvements and maintenance costs, after moneys received pursuant to subparagraph (A) have been used.

(2) The commission may deposit into the subaccount and expend moneys received from the County of San Mateo pursuant to an appropriation by the county for the purposes of this subdivision.

(3) The commission may, pursuant to Section 6213.5, acquire the right-of-way or easement necessary for the creation of the public access route, as prescribed in paragraph (1). Nothing in this paragraph prevents the commission from acquiring the right-of-way or easement through a negotiated agreement.

(4) General Fund contributions to the subaccount shall be segregated and separately accounted for.

(Amended by Stats. 2018, Ch. 51, Sec. 31. (SB 854) Effective June 27, 2018.)