Existing law authorizes various conservancies to acquire, manage, direct the management of, and conserve lands in the state. Under existing law, the Salton Sea Authority, a joint powers authority, is authorized to form an infrastructure financing district for purposes of restoring the Salton Sea. Existing law creates the Salton Sea Lithium Fund in the State Treasury and continuously appropriates moneys in the fund to the Natural Resources Agency for restoration projects developed or required pursuant to specified plans, State Water Resources Control Board orders, including Order WR 2017-0134, and grants. This bill would establish the Salton Sea Conservancy within the Natural Resources Agency for specified purposes related to the Salton Sea region, including to operate, maintain, and manage projects, as they are completed, that are planned or built under the authority of the Salton Sea Management Program to fulfill the state's obligations as detailed in State Water Resources Control Board Order WR 2017-0134 and to acquire, hold, and manage land and property rights, including easements and water rights, within the Salton Sea Region after restoration or mitigation projects are built. The bill would require the conservancy to carry out programs, projects, and activities to further those purposes. The bill would require, by January 1, 2026, the conservancy to be governed by a board of directors composed of designated membership, including certain members appointed by certain local agencies. The bill would set forth the powers, duties, and limitations of the board of directors and the conservancy, as provided. The bill would create the Salton Sea Conservancy Fund and would state that the Legislature intends to support the fund through authorized proceeds from the sale of bonds and allocations from the Salton Sea Lithium Fund. The bill would make its provisions operative only if the Safe Drinking Water, Wildfire Prevention, Drought Preparedness, and Clean Air Bond Act of 2024 is approved by the voters at the November 5, 2024, statewide general election. By imposing new duties on local agencies, this bill would create a state-mandated local program. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that, if the Commission on State Mandates determines that the bill contains costs mandated by the state, reimbursement for those costs shall be made pursuant to the statutory provisions noted above.