SECTIONS 32200-32208 - California Statutes

PUBLIC RESOURCES CODE

SECTION 32200-32208

32200. The authority may contract with any participating party for
the construction of an urban waterfront restoration project by the
participating party. All contracts for the construction of a project
by a participating party shall provide that the participating party
is responsible for the architectural and engineering design and for
the construction and completion thereof, subject to the standards for
architectural and engineering design as may be established, and
subject to the supervision, as the conservancy and the authority deem
necessary.
The authority may agree to pay the cost of the project constructed
by any participating party and to advance the costs from time to
time in installments or otherwise as required by the contract for the
construction thereof. Title to all projects shall be vested in the
authority, subject to the terms of any lease thereof to the
participating party or the rights of a participating party under any
contract for the purchase of the project, including the payment of
the purchase price under installment sales contracts.

32201. The authority may, as lessor or lessee, enter into leases
and agreements with any participating party relating to the
acquisition, construction, and installation of any project, including
real property, buildings, machinery, furnishings, equipment, and
urban waterfront restoration facilities of any kind or character. The
terms and conditions of these leases may be as mutually agreed upon.
The lease may provide the means or methods by which title shall vest
in a participating party upon the termination of the lease and shall
contain other terms and conditions that the authority may determine.
The authority may fix, revise, charge, and collect rates, rents,
fees, and charges for each project. These rates, rents, fees, and
charges shall be fixed and adjusted with respect to the aggregate of
rates, rents, fees, and charges from all projects so as to provide
funds sufficient with other revenues and moneys available therefor,
if any, to do all of the following:
(a) Pay the principal of, and the interest on, outstanding bonds,
notes, or other evidences of indebtedness of the authority issued
with respect to the urban waterfront restoration project that become
due and payable.
(b) Create and maintain reserves required or provided for in any
resolution authorizing, or trust agreement securing, the bonds. A
sufficient amount of the revenues derived from a project may be set
aside at regular intervals as may be provided in the resolution or
trust agreement in a sinking or other similar fund which is hereby
pledged to, and charged with, the payment of the principal of and
interest on these bonds as they become due, and the redemption price
or the purchase price of bonds retired by call or purchase as
provided therein. The pledge shall be valid and binding from the time
the pledge is made; the rates, rents, fees, and charges and other
revenues or other moneys so pledged and thereafter received by the
authority shall immediately be subject to the lien of this pledge
without any physical delivery thereof or further act, and the lien of
this pledge shall be valid and binding as against all parties having
claims of any kind in tort, contract, or otherwise against the
authority, regardless of whether the parties have notice thereof. The
resolution or any trust agreement or any other agreement or any
lease by which a pledge is created need not be filed or recorded
except in the records of the authority. The use and disposition of
moneys to the credit of the sinking or other similar fund shall be
subject to the resolution authorizing the issuance of the bonds or of
the trust agreement. Except as may otherwise be provided in the
resolution or the trust agreement, the sinking or other similar fund
may be a fund for all bonds of the authority issued to finance
projects of a particular participating party without distinction or
priority of one over another. However, the authority, in any
resolution or trust agreement, may provide that the sinking or other
similar fund shall be the fund for a particular project or projects
and for the bonds issued to finance a particular project or projects
and may, additionally, permit and provide for the issuance of bonds
having a subordinate lien with respect to the security authorized for
other bonds of the authority, and, in such case, the authority may
create separate sinking or other similar funds with respect to the
subordinate lien bonds.
(c) Pay the operating and administrative costs of the authority,
and the operating and administrative expenses of the conservancy in
carrying out its responsibilities under this division.

32202. The authority may enter into contracts of sale with any
participating party covering any urban waterfront restoration project
financed by the authority. The purchase price pursuant to the
contract of sale shall be treated in substantially the same manner
and shall be at least sufficient to provide funds for all the
purposes specified in Section 32201 and may be paid in installments,
together with interest on the unpaid balance, or otherwise, as may be
mutually agreed and set forth in the contract of sale.
All payments received by the authority under any installment sales
or conditional sales contract shall be applied by the authority
substantially in the same manner as in Section 32201 in the case of
lease payments or rental charges received by the authority.

32203. As an alternative to leasing or selling an urban waterfront
restoration project to a participating party, the authority may
finance the acquisition, construction, or installation of a project
by means of a loan to the participating party.
The principal amount of the participating party's obligation, as
borrower, shall be sufficient to provide funds for all the purposes
specified in subdivisions (a), (b), and (c) of Section 32201 and may
be paid in installments, together with interest on the unpaid
balance, or otherwise as may be mutually agreed by the authority and
the participating party and set forth in the loan agreement. Loans
made pursuant to this section may be secured or unsecured, in the
discretion of the authority.
Section 32200 is not applicable to projects constructed with money
loaned pursuant to this section.

32204. All moneys received pursuant to this division, whether as
proceeds from the sale of bonds, notes, or other evidence of
indebtedness or as revenues, are trust funds to be held and applied
solely as provided in this division.
Any bank or trust company with which the moneys are deposited
shall act as trustee of these moneys and shall hold and apply them
for the purposes of this division, subject to the resolution
authorizing the bonds of any issue or the trust agreements securing
the bonds provide.

32205. Any holder of bonds, notes, or other obligations issued
under this division or any of the coupons appertaining thereto, and
the trustee or trustees under any trust agreement, except to the
extent the rights herein given which may be restricted by any
resolution authorizing the issuance of, or the trust agreement
securing, the bonds, notes, or other obligations, may, either at law
or in equity, by suit, action, mandamus, or other proceedings,
protect and enforce any and all rights under the laws of the state or
granted hereunder or under the resolution or trust agreements, and
may enforce and compel the performance of all duties required by this
division or by the resolution or trust agreement to be performed by
the authority or by any officer, employee, or agent thereof,
including the fixing, charging, and collecting of the rates, rents,
fees, and charges authorized by this division and required by the
resolution or trust agreement to be fixed, established, and
collected.

32206. The exercise of the powers granted by this division shall be
in all respects for the benefit of the people of this state, for
their health and welfare, and protection of the state's environment.
Any bonds, notes, or other obligations issued under this division,
their transfer and the income therefrom, shall at all times be free
from taxation of every kind by the state and by municipalities and
other political subdivisions of the state. However, the preceding
sentence shall not apply with respect to any bonds, notes, or other
obligations, or the income therefrom, for any period during which the
bonds, notes, or other obligations are held by (1) Any normally
taxable participating party, (2) persons, organizations, trades, or
business, whether incorporated, organized in this state, or
affiliated with a participating party, owned or controlled, directly
or indirectly, by the participating party, or (3) persons,
organizations, trades, or businesses, whether incorporated, organized
in this state, or affiliated with the participating party, which own
or control, directly or indirectly, the participating party.

32207. If the jurisdiction of the authority to order a proposed act
is not affected, an omission of any officer or of the authority in
the proceedings under this division or any other defect in the
proceedings does not invalidate the proceedings for issuance of bonds
pursuant to this division.

32208. An action may be brought pursuant to Chapter 9 (commencing
with Section 860) of Title 10 of Part 2 of the Code of Civil
Procedure to determine the validity of any issuance or proposed
issuance of bonds under this division and the legality and validity
of all proceedings previously taken or proposed in a resolution of
the authority to be taken for the authorization, issuance, sale, and
delivery of the bonds and for the payment of the principal thereof
and interest thereon.