Harbor Improvement Fund - Funds - Government - CA

Section § 43450

This law allows a city in California that borders a harbor, bay, estuary, or other navigable waters to take on debt for certain purposes. The city can finance the improvement, repair, and maintenance of its harbor. It can also fund the building of structures like wharves, piers, and railroad spurs along the harbor. Additionally, it can support necessary harbor-related enhancements, additions, and activities such as dredging and filling.

Pursuant to this article, any city whose corporate limits include or front upon any harbor, bay or estuary, or other navigable water, whether the tidelands or waterfront is owned or controlled by it or by the State, either in whole or in part, may incur an indebtedness for:

(a) The improvement, repair, and maintenance of its harbor.

(b) The erection of wharves, piers, seawall, state or municipal railroad and spurs along the harbor.

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Section § 43451

This law allows a city to set up funds to pay off its debts. The funds can be managed by a state board, the city itself, or any city officers or departments, based on city statutes or charters. The city can gather money for these funds by collecting taxes or by issuing and selling bonds.

The city may create one or more funds for the payment of such indebtedness. Whether the funds are under the management and control of a state board of harbor commissioners or the management and control of the city, or any of its officers, boards or departments, pursuant to statute or charter of the city, the city may provide money for such funds by either or both of the following methods:

(a) The levy and collection of taxes.

(b) The issuance and sale of bonds.

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Section § 43452

This law allows a city to issue and sell its own bonds to gather money for paying off state bonds that were previously issued for improving or building in its harbor.

The city may also issue and sell its bonds to provide a fund for the redemption, cancellation, and retirement of state bonds issued and sold to provide a fund for any improvement or construction in its harbor.

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Section § 43453

This law states that the same rules and procedures that apply to issuing and selling city bonds in general also apply to the specific type of bonds mentioned in this article. This includes how elections for authorizing those bonds are called, conducted, and the results are reviewed.

All provisions of law, or of the charter of the city, relative to the issuance and sale of other city bonds and the mode and manner of calling, holding, and canvassing an election authorizing the issuance and sale of such bonds, apply equally to the issue and sale of the bonds authorized by this article and to the mode and manner of calling, holding, and canvassing an election with reference to such bonds.

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Section § 43454

This law allows a city to give funds to a state board responsible for managing harbors and tidelands. These funds can be used by the board for various harbor-related projects like improvements, repairs, maintenance, and construction, as long as the projects are specified by the city and are lawful.

Where by law or charter of the city the management, control, and improvement of the harbor or tidelands is vested in whole or in part in a state board of harbor commissioners, the city may turn over to the State Board of Harbor Commissioners any funds which it provides. Such funds shall be used, managed, and controlled by the State Board of Harbor Commissioners for such work of improvement, repair, maintenance, and construction as the city lawfully designates.

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Section § 43455

This law allows a city to use its own funds to help pay off state bonds. When a city decides to do this, its officials can move the money to the State Treasurer. Once the State Treasurer receives the money, it's put into a special fund to pay off, cancel, or retire the state's bonds.

When any city provides any fund for the redemption, cancellation, or retirement of any state bonds pursuant to this article, the city through its appropriate officers may transfer the money in the fund to the State Treasurer. Upon its receipt the State Treasurer shall place the money in the appropriate sinking fund and apply it to the redemption, cancellation, and retirement of such state bonds.

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