California Code, Public Resources Code - PRC § 31354

The conservancy may not hold fee interests acquired in accordance with this chapter for more than 10 years from the time of acquisition.  A public agency shall have the right to acquire the fee interest at any time during this period for the public purposes indicated in this chapter.  At any time during this period, a nonprofit organization may acquire the fee interest if the city or county where the lands are located approves the acquisition.  The acquisition shall be deemed approved thirty days after the conservancy has mailed written notice, unless the city or county objects in writing within that time.  When deemed appropriate by the conservancy, the instrument conveying an interest in real property to a nonprofit organization may include a restriction permanently limiting the use of those lands to the acquisition purposes.  The price to public agencies or to nonprofit organizations that acquire interests in real property from the conservancy may include the cost of acquisition or the conservancy's administrative and management costs in reserving and managing the land, or both.  The payment of this acquisition price shall be either monetary or conservancy approved property of an equivalent value, or a combination thereof.  The lands acquired under this section shall not be disposed of under Section 11011.1 of the Government Code.  If, at the expiration of this 10-year period, no public agency or nonprofit organization is willing or able to acquire the lands, the conservancy shall request the Department of General Services to dispose of those lands at fair market value without restriction on subsequent land use under this division.

Any funds received by the state upon disposition of lands acquired in accordance with Section 31352 shall be deposited with the conservancy and shall be available for expenditure when appropriated by the Legislature for the purposes of funding the programs specified in this division.