SECTIONS 32050-32059.5 - California Statutes

PUBLIC RESOURCES CODE

SECTION 32050-32059.5

32050. (a) There is in state government the California Urban
Waterfront Area Restoration Financing Authority. The authority
constitutes a public instrumentality and a political subdivision of
the state, and the exercise by the authority of powers conferred by
this division is the performance of an essential public function.
(b) The authority shall consist of five members, the Director of
Finance, the Controller, the Treasurer, the Secretary of the Natural
Resources Agency, and the executive director of the conservancy. The
Treasurer shall serve as chair of the authority.
(c) Each of the members of the authority may select a designee
from the member's agency to act for the member and represent the
member at all meetings of the authority.
(d) The first meeting of the authority shall be convened by the
Treasurer.

32051. All members shall serve thereon without compensation as
members of the authority.

32052. This division shall be administered by the authority which
shall have, and is hereby vested with, all powers reasonably
necessary to carry out its powers and responsibilities.

32053. The authority shall maintain an office in the City of
Sacramento.

32054. The chair shall appoint an executive director who shall not
be a member of the authority and who shall serve at the pleasure of
the authority and shall employ the staff of the conservancy and other
necessary persons to enable the authority to properly perform the
duties imposed upon it by this division. The executive director shall
receive compensation as fixed by the authority. The authority may
delegate to the executive director the power to enter contracts on
behalf of the authority.

32055. The authority may, in accordance with Chapter 3.5
(commencing with Section 11340) of Part 1 of Division 3 of Title 2 of
the Government Code, adopt the necessary rules and regulations to
carry out this division.

32056. (a) The Attorney General shall be the legal counsel for the
authority, but, upon approval of the Attorney General, which approval
shall not be unreasonably withheld, the authority may employ legal
counsel as, in its judgment, is necessary or advisable to enable it
to carry out the duties and functions imposed on it by this division,
including employment of bond counsel as deemed advisable in
connection with the issuance and sale of bonds.
(b) The Director of Finance shall be the treasurer of the
authority.

32057. Subject to the conditions, restrictions, and limitations of
Section 32059, the authority shall have the power to do all the
following:
(a) Adopt bylaws for the regulation of its affairs and the conduct
of its business.
(b) Adopt an official seal.
(c) Sue and be sued in its own name.
(d) Issue bonds, including, at the option of the authority, bonds
bearing interest that is taxable for the purpose of federal income
taxation, to pay the cost of any project.
(e) Engage the services of private consultants to render
professional and technical assistance and advice in carrying out the
purposes of this division.
(f) Employ and fix compensation of bond counsel, project
expediters, financial consultants, and other advisors as may be
necessary, in its judgment, in connection with the issuance and sale
of any bonds or other obligations of the authority.
(g) Contract for engineering, architectural, accounting, or other
services of appropriate state agencies as may be necessary, in its
judgment, for the successful development of the project.
(h) Pay the reasonable costs of consulting engineers, architects,
accountants, and construction, land use, recreation, and
environmental experts employed by any participating party if, in its
judgment, those services are necessary for the successful development
of the project.
(i) Take title to, and sell by installment sale or otherwise,
lands, structures, property, real or personal, rights, rights-of-way,
franchises, easements, and other interests in lands which are
located within the state as it may deem necessary or convenient for
the financing of a project, upon terms and conditions as considered
by it to be reasonable.
(j) Receive and accept from any source, loans, contributions, or
grants for, or in aid of, the construction, financing, or refinancing
of a project, or any portion thereof, in either money, property,
labor, or other things of value.
(k) Make secured or unsecured loans to any participating party in
connection with the financing of a project in accordance with an
agreement between the authority and the participating party, except
that no loan shall exceed the total cost of the project as determined
by the participating party and approved by the authority.
(l) Make secured or unsecured loans to any participating party in
accordance with an agreement between the authority and the
participating party to refinance indebtedness incurred by the
participating party in connection with projects undertaken and
completed.
(m) Mortgage all or any portion of its interest in a project and
the property on which any project is located, whether owned or
thereafter acquired, including the granting of a security interest in
any property, tangible or intangible, and to assign or pledge all or
any portion of its interests in mortgages, deeds of trust,
indentures of mortgage or trust or similar instruments, notes, and
security interests in property, tangible or intangible, of
participating parties to which the authority has made loans, and the
revenues therefrom, including payment or income from any interest
owned or held by the authority, for the benefit of the holders of
bonds issued to finance the project.
(n) Lease to a participating party the project being financed,
upon terms and conditions that the authority deems proper, and to
charge and collect rents therefor, and to terminate any lease upon
the failure of the lessee to comply with any of the obligations
thereof, and to include in any lease, if desired, provisions that the
lessee shall have options to renew the lease for a period or
periods, and at rents as determined by the authority, to purchase any
or all of the project, or that, upon payment of all of the
indebtedness incurred by the authority for the financing of the
project, the authority may convey any or all of the project to the
lessee or lessees.
(o) Charge and equitably apportion among participating parties its
administrative costs and expenses incurred in the exercise of the
powers and duties conferred by this division.
(p) Obtain, or aid in obtaining, from any department or agency of
the United States or of the State of California, or any private
company, any insurance or guarantee as to, or for, the payment or
repayment of interest or principal, or both, or any part thereof, on
any loan, lease, or obligation or any instrument evidencing or
securing the same, made or entered into pursuant to this division;
and, notwithstanding any other provision of this division, to enter
into any agreement, contract, or any other instrument with respect to
any insurance or guarantee, to accept payment in the manner and form
as provided therein in the event of default by a participating
party, and to assign any insurance or guarantee as security for the
authority's bonds.
(q) Enter into any and all agreements or contracts, execute any
and all instruments, and do and perform any and all acts or things
necessary, convenient, or desirable for the purposes of the authority
or to carry out any power expressly given in this division.
(r) Invest any moneys held in reserve or sinking funds, or any
moneys not required for immediate use or disbursement, at the
discretion of the authority, in obligations that are authorized by
law for the investment of trust funds in the custody of the
Treasurer.

32058. The authority shall establish criteria for the selection of
projects to receive financial assistance from the authority. The
project selection criteria shall be based upon the economic soundness
of the project itself and a reasonable expectation that all
financial obligations of the project can be met by participating
parties.

32059. (a) No project located wholly or partially within the
coastal zone shall be eligible for approval unless it has been
approved by the conservancy and is located in a part of the coastal
zone for which a plan for urban waterfront restoration has been
approved by the conservancy pursuant to Chapter 7 (commencing with
Section 31300) of Division 21.
(b) The conservancy shall approve a plan for the purposes of
utilizing the financing provisions of this division only if it finds
both of the following:
(1) Existing conditions prevent the attainment of one or more of
the basic goals of the state for the coastal zone, as identified in
Section 30001.5.
(2) The proposed plan provides for public access or public
recreation benefits, environmental enhancement, and has a potential
for employment development and economic stimulation.

32059.5. (a) No project located within the territory of the
Sacramento-Yolo Port District, the Stockton Port District, or on a
river, lake, or reservoir within a metropolitan statistical area
shall be eligible for approval unless it has been approved by the
conservancy and a plan for urban waterfront restoration has been
approved by the conservancy.
(b) The conservancy shall approve a plan for the purposes of
utilizing the financing provisions of this division for projects
specified in subdivision (a) only if it finds that the proposed plan
provides for public access or public recreational benefits, provides
for environmental enhancement, and has a potential for employment
development and economic stimulation.
(c) Fifty million dollars ($50,000,000) shall be reserved for
projects on a river, lake, or reservoir in a metropolitan statistical
area.