SECTIONS 32150-32154 - California Statutes

PUBLIC RESOURCES CODE

SECTION 32150-32154

32150. The authority is not required to pay any property taxes or
assessments upon, or with respect to, an urban waterfront restoration
project or any property acquired by or for the authority under this
division or upon the income therefrom, so long as the authority holds
title to the project or to the property or facilities comprised in
the project.
The exemption of the authority from taxation of any project ceases
when title to the property is transferred from the authority to any
normally taxable participating party. This section does not exempt
any normally taxable 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 the participating
party.

32151. Subject to Section 32153, the existence of the authority may
be terminated by statute 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.

32152. This division provides 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 this division need not comply with the
requirements of any other law applicable to the issuance of bonds.

32153. 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 this division, that the state will not limit or alter the
rights hereby vested in the authority to finance any project and to
fulfill the terms of any loan agreement, lease, or other contract
with the authority pursuant to this division, or in any way impair
the rights or remedies of the bonds or the parties until those
obligations, together with the interest thereon, are fully met and
discharged and those contracts are fully performed on the part of the
authority. However, nothing in this section precludes this
limitation or alteration if and when adequate provision has been made
by law for the protection of the holders of those obligations of the
authority or those entering into those contracts with the authority.
The authority, as agent for the state, is authorized to include this
pledge and undertaking for the state in its obligations or
contracts.

32154. 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 in this
division shall be interpreted to exempt the construction or
acquisition of any urban waterfront restoration project by any
participating party from compliance with all applicable local, state,
or federal laws and regulations.