Real property acquired by the state shall consist predominantly of open or natural lands, including lands under water capable of being utilized for multiple recreational purposes, and lands necessary for the preservation of coastal or historical resources. No funds derived from the bonds authorized by this division shall be expended for the construction of any reservoir designated as a part of the “State Water Facilities,” as defined in subdivision (d) of Section 12934 of the Water Code, but such funds may be expended

for the acquisition or development of beaches, parks, recreational facilities, and historical resources at or in the vicinity of any such reservoir.