SECTIONS 26029-26029.8 - California Statutes

PUBLIC RESOURCES CODE

SECTION 26029-26029.8

26029. The authority shall not be required to pay any property
taxes or assessments upon, or in respect to, a project or any
property acquired by or for the authority under the provisions of
this division or upon the income therefrom, so long as the authority
holds title to such project or the property or facilities comprised
in the project. The exemption of the authority from taxation of any
project herein provided shall cease forthwith when title to such
property is transferred from the authority to any participating
party. The provisions of this section shall not exempt any
participating party from taxation including, but not limited to,
taxation upon a possessory interest, with respect to any project, or
the property or facilities comprised in any project, which may
otherwise be applicable to such participating party.

26029.4. Subject to Section 26029.6, the existence of the authority
may be terminated at any time by the Legislature. Upon dissolution
of the authority, the title to all properties owned by it shall,
subject to the interests of any participating parties therein, vest
in and become the property of the State of California and shall not
inure to the benefit of any private party.

26029.5. This division shall be deemed to provide a complete,
additional, and alternative method for the doing of the things
authorized thereby, and shall be regarded as supplemental and
additional to powers conferred by other laws, except that the
issuance of bonds and refunding bonds under the provisions of this
division need not comply with the requirements of any other law
applicable to the issuance of bonds, and provided that, in the
construction and acquisition of a project pursuant hereto, the
authority need not comply with the requirements of any other law
applicable to the construction or acquisition of public works except
as specifically provided in this division.

26029.6. The State of California does hereby pledge to and agree
with the holders of any obligations issued under this division, and
with those parties who may enter into contracts with the authority
pursuant to the provisions of this division, that the state will not
limit or alter the rights hereby vested in the authority until such
obligations, together with the interest thereon, are fully met and
discharged and such contracts are fully performed on the part of the
authority; provided, however, nothing herein contained shall preclude
such limitation or alteration if and when adequate provision shall
be made by law for the protection of the holders of such obligations
of the authority or those entering into such contracts with the
authority. The authority as agent for the state is authorized to
include this pledge and undertaking for the state in such obligations
or contracts.

26029.8. The powers granted to the authority by this division may
be exercised without regard or reference to any department or agency
of the state. All other general or special laws, or parts thereof,
inconsistent with this division are hereby declared to be
inapplicable to the provisions of this division. Nothing contained in
this division shall be interpreted to exempt the construction or
acquisition of any project by any participating party from compliance
with all applicable local, state, or federal laws and regulations.