The conservancy shall annually, beginning on January 1, 1981, transmit to the Governor and the Legislature a two-part report as follows:
(a)
The first part of the report shall include all of the following:
(1)
A listing of, and justification for, the projects proposed to be undertaken pursuant to Section 33204, a statement of the condition of the fund, and a certification by the conservancy that each of the projects proposed to be funded are consistent with the plan.
(2)
A priority listing of the projects that shall be developed after public hearings and findings and with local government coordination.
(3)
A listing of the amount of money necessary, if any, to retire bonded indebtedness for water and sewer and other utilities already incurred by property owners which, if left outstanding, would contribute to further development of the zone in a manner inconsistent with the plan. Upon appropriation by the Legislature, the conservancy may make grants from the fund to retire that bonded indebtedness from any money specifically granted by the Secretary of the Interior for that purpose.
(b)
The second part of the report shall include all of the following:
(1)
A schedule of projects undertaken by the conservancy and a schedule of grants and loans made by the conservancy.
(2)
The program specified in Section 33204 under which each project, grant, or loan was carried out and the manner and extent to which the goals of the project, grant, or loan, and the goals of this division, were achieved and the actual cost thereof, including an accounting.
(3)
A schedule of grants awarded to the conservancy and the disposition of the funds granted.
(4)
The disposition of the funds appropriated to the conservancy in the fiscal year preceding the year in which the report is made.
(5)
A review of local and state government actions taken to implement the plan.
(6)
An identification of additional funding, legislation, or other resources required which would more effectively enable the conservancy or local governments to carry out the purposes of this division.