SECTIONS 32060-32066 - California Statutes

PUBLIC RESOURCES CODE

SECTION 32060-32066

32060. (a) The California Urban Waterfront Area Restoration
Financing Authority Fund is hereby created in the State Treasury.
Notwithstanding Section 13340 of the Government Code, all moneys in
the fund are continuously appropriated to the authority for carrying
out the purposes of this division.
The authority may pledge any or all of the moneys in the fund as
security for payment of the principal of, and interest on, any
particular issuance of bonds issued pursuant to this division, and,
for that purpose, or as necessary or convenient to the accomplishment
of any other purpose of the authority, may divide the fund into
separate accounts. All moneys accruing to the authority pursuant to
this division from any source shall be deposited in the fund.
(b) Subject to priorities that may be created by the pledge of
particular moneys in the fund to secure any issuance of bonds of the
authority, and subject further to reasonable costs that may be
incurred by the authority in administering the program authorized by
this division, all moneys in the fund derived from any source shall
be held in trust for the security and payment of bonds of the
authority and shall not be used or pledged for any other purpose so
long as the bonds are outstanding and unpaid. However, nothing in
this section shall limit the power of the authority to make loans
with the proceeds of bonds in accordance with the terms of the
resolution authorizing the bonds.
(c) Pursuant to any agreements with the holders of particular
bonds pledging any particular assets, revenues, or moneys, the
authority may create separate accounts in the fund to manage assets,
revenues, or moneys in the manner set forth in the agreements.
(d) The authority may, from time to time, direct the Treasurer to
invest moneys in the fund which are not required for its current
needs, including proceeds from the sale of any bonds, in such
eligible securities specified in Section 16430 of the Government Code
as the authority shall designate. The authority may direct the
Treasurer to deposit moneys in interest-bearing accounts in state or
national banks or other financial institutions having principal
offices in this state. The authority may alternatively require the
transfer of moneys in the fund to the Surplus Money Investment Fund
for investment pursuant to Article 4 (commencing with Section 16470)
of Chapter 3 of Part 2 of Division 4 of Title 2 of the Government
Code. Notwithstanding Section 16305.7 of the Government Code, all
interest or other increment resulting from the investment or deposit
of moneys from the fund shall be deposited in the fund. Moneys in the
fund shall not be subject to transfer to any other funds pursuant to
any provision of Part 2 (commencing with Section 16300) of Division
4 of Title 2 of the Government Code, except to the Surplus Money
Investment Fund.

32061. All expenses incurred in carrying out this division shall be
payable solely from funds provided under the authority of this
division, and no liability or obligation shall be imposed upon the
State of California and, except as provided in Section 32116, none
shall be incurred by the authority beyond the extent to which money
shall have been provided under this division. Under no circumstance
shall the authority create any debt, liability, or obligation on the
part of the State of California payable from any source other than
the moneys provided under this division.

32061.5. The activities of the conservancy in carrying out its
responsibilities under this division shall be deemed to be consistent
with and in furtherance of Chapter 7 (commencing with Section 31300)
of Division 21.
The conservancy may pay for its support costs associated with this
division from any funding source appropriated and available to it
which may be used to fund its support activities under that Chapter
7. However, the conservancy shall keep records of its support
expenditures associated with projects which may receive any or all of
their funding pursuant to this division and, if the authority
ultimately issues bonds for any such project, the conservancy shall
seek repayment of its support costs with respect to that project from
the authority. The authority shall reimburse the conservancy for its
necessary and reasonable support costs in developing projects which
are funded pursuant to this division.
Nothing in this section precludes the authority from reimbursing
the conservancy for additional costs associated with its
responsibilities under this division.

32062. All projects financed by the authority shall be constructed
or completed subject to the rules and regulations of the authority.

32063. When the principal of, and interest on, bonds of the
authority issued to finance the cost of a particular project for a
participating party, including any refunding bonds issued to refund
and refinance all or any part of the bonds, have been fully paid and
retired, or when adequate provisions have been made for the payment
and retirement of the bonds, and all other conditions of any
resolution, lease, indenture, mortgage or deed of trust, security
interest, or any other instrument or instruments authorizing and
securing the bonds have been satisfied, and any lien created has been
released in accordance with the provisions thereof, the authority is
authorized, upon terms and conditions it may prescribe, to do all
things and execute releases, release deeds, reassignments, deeds, and
conveyances necessary or required to convey or release its right,
title, and interest in the project financed and any other instruments
pledged or transferred to secure bonds to the participating party.

32064. (a) The authority, or its executive director if authorized
by resolution of the authority, shall take official action towards
the issuance of bonds with respect to any participating party at the
next meeting of the authority occurring more than 30 days following
the receipt of a completed application. Official action towards the
issuance of bonds may reserve the right of the authority to further
review an application for financing and consider terms thereof prior
to the issuance of bonds therefor.
(b) The authority shall take final action to approve or disapprove
the issuance of bonds to lend financial assistance to participating
parties within 60 days from the receipt by the authority of a request
from a participating party for action. Any request by a
participating party shall be accompanied by evidence of fulfillment
of any and all conditions to the issuance of the bonds imposed at the
time the first action towards the issuance was taken by the
authority and copies of forms of all principal legal documents to be
approved by the authority.
(c) The authority may give final approval for the issuance of the
bonds upon terms it deems necessary or desirable.
(d) Any action under this section shall be at the sole discretion
of the authority.

32065. The authority, not later than March 31 of each year, shall
submit to the Legislature a report of its activities for the
preceding calendar year ending December 31. The report shall include
a listing of applications received, a listing of applications
accepted for financing, a specification of bonds sold, interest rates
thereon, and whether bond sales were pursuant to public bid or were
negotiated, a specification of the amount of bonds authorized but
currently unsold, a projection of the authority's needs and
requirements for the coming year, and a report of revenues and
expenditures for the preceding fiscal year.

32066. The Treasurer is the elected representative of the state to
approve the issuance of bonds issued by or on behalf of the state
pursuant to this chapter to the extent this approval is required by
federal tax law.