BILL NUMBER: SB 1252	INTRODUCED
	BILL TEXT


INTRODUCED BY   Senator Rubio

                        FEBRUARY 23, 2012

   An act to amend Sections 32100 and 32150 of the Public Resources
Code, relating to urban waterfront restoration.


	LEGISLATIVE COUNSEL'S DIGEST


   SB 1252, as introduced, Rubio. Urban Waterfront Area Restoration
Financing Authority Act.
   The Urban Waterfront aREA Restoration Financing Act Authority
creates in state government the California Urban Waterfront Area
Restoration Financing Authority, consisting of specified members, and
prescribes the functions and duties of the authority with regard to
the implementation of an economically feasible method of financing
urban waterfront restoration. The act provides for the issuance of
bonds to finance the activities of the authority relating to urban
waterfront restoration, but prohibits the total amount of bonds that
may be outstanding at any one time under the act from exceeding
$650,000,000.The act further specifies that 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 the act or upon the income
from those bonds, so long as the authority holds title to the
project, or to the property or facilities comprised in the project.
   This bill would make technical, nonsubstantive changes these
provisions.
   Vote: majority. Appropriation: no. Fiscal committee: no.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 32100 of the Public Resources Code is amended
to read:
   32100.  The total amount of bonds  which  
that  may be outstanding at any  one  time
under this division shall not exceed six hundred fifty million
dollars ($650,000,000). Bonds for which moneys or securities in
amounts necessary to pay or redeem the principal, interest, and any
redemption premium thereon have been deposited in trust shall not be
deemed outstanding for purposes of this section.
  SEC. 2.  Section 32150 of the Public Resources Code is amended to
read:
   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.