3351. (a) There is hereby created the State Fair Leasing Authority,
a joint powers authority formed pursuant to Chapter 5 (commencing
with Section 6500) of Division 7 of Title 1 of the Government Code,
which shall be composed of the Department of Food and Agriculture,
the Department of Finance, the Department of General Services, and
the California Exposition and State Fair.
(b) For the purposes of Section 6502 of the Government Code, the
common powers to be exercised by the State Fair Leasing Authority
shall be the powers of a district agricultural association.
3352. (a) The authority shall be governed by a board of directors,
which shall be composed of the Secretary of Food and Agriculture, the
Director of Finance, the Director of General Services, and four
individuals, appointed as provided in paragraph (1), who are members
of the Board of Directors of the California Exposition and State
Fair. The Treasurer and Controller shall be members of the board of
the authority only for the purposes of hearing and deciding upon
matters related to the issuance of revenue bonds pursuant to this
chapter. The Director of Finance shall serve as chairperson of the
authority. All meetings of the authority shall be open and public.
(1) Of the four appointed members of the Board of Directors of the
California Exposition and State Fair, one shall be appointed by the
Speaker of the Assembly, one shall be appointed by the Senate
Committee on Rules, and two shall be appointed by the Governor.
(2) The authority may contract with consultants as approved by the
board of the authority. The authority shall not employ any other
staff.
(3) The general manager of the California Exposition and State
Fair may serve only in an advisory capacity to the authority.
(b) The authority is a "department" for the purposes of hearings
pursuant to Article 2 (commencing with Section 11180) of Chapter 2 of
Part 1 of Division 3 of Title 2 of the Government Code.
3353. (a) The California Exposition and State Fair shall provide
clerical services and the use of its staff without charge to the
authority. The Department of Finance, the Department of Food and
Agriculture, the Department of General Services, and the California
Horse Racing Board shall cooperate with the authority, and, upon
request of the chairperson of the authority, shall provide the
authority with the reasonable and periodic use of their staffs.
(b) The Attorney General shall serve as counsel for, and adviser
to, the authority, and shall approve outside counsel to the authority
in furtherance of the provisions of this chapter, as requested by
the chairperson of the authority.
(c) The costs, if any, for services to the authority specified in
subdivisions (a) and (b) shall be paid for by the authority, with
funds generated pursuant to this chapter. Any costs in excess of the
funds available to the authority shall be paid by the California
Exposition and State Fair.
3354. The authority may enter into leases or other agreements for
the use of the State Fair Race Track or any other property owned or
controlled by the California Exposition and State Fair which are
necessary to further the purposes of Section 3331 or to provide horse
racing at the State Fair Race Track. A lease or agreement entered
into pursuant to this section shall be on behalf of the California
Exposition and State Fair, and the State Fair shall continue in
control of its property, subject to the conditions and terms of that
lease or agreement.
3355. The California Exposition and State Fair, in consultation
with the authority, shall prepare a master plan approved by the board
of directors of the fair for the long-range comprehensive
development and improvement of, and construction upon, the property
of the California Exposition and State Fair. The plan shall prescribe
the amounts which may be expended for the various features of the
plan, the period authorized for the completion of each project, and
the terms of any revenue bond financing undertaken with respect to
the plan. The plan shall require that any revenue bond financing
shall be rated in one of the four highest rating categories by two
nationally recognized rating agencies. Upon its completion, the
master plan shall be submitted to the Joint Legislative Budget
Committee for review. The master plan is subject to amendment by the
authority, with the approval of the Board of Directors of the
California State Fair.
3356. The California Horse Racing Board, at the request of the
authority, shall certify the eligibility of any prospective lessee or
user of the property to be licensed to conduct horse racing at the
State Fair Race Track.
3357. (a) In leasing, or entering into agreements for the use of,
the State Fair Race Track or other property owned or controlled by
the California Exposition and State Fair, the authority shall follow
the same procedures, as appropriate, as the Department of General
Services follows in leasing or entering into similar agreements for
other state real property. The authority shall also consult with, and
present for comment the lease or agreement to, the governing bodies
of the City and County of Sacramento prior to awarding the lease or
entering into the agreement.
(b) Prior to awarding a lease of, or entering into an agreement
for the use of, the State Fair Race Track or other property owned or
controlled by the California Exposition and State Fair, the authority
shall consider all the factors concerning appropriate capital
improvements of the race track, the financing of the race track,
additional racing opportunities, and the use of new or additional
properties or facilities, including, but not limited to, a grandstand
or grandstand improvements, which factors shall be considered in the
award of the lease or entering into the agreement. The authority
shall also consult with, and present for comment the lease or
agreement to, the governing bodies of the City and County of
Sacramento prior to awarding the lease or entering into the
agreement.
3358. If the authority makes a determination pursuant to this
chapter about an action it proposes to take in awarding the State
Fair Race Track lease or entering into the agreement, it shall report
to the Legislature, setting forth the procedures followed by the
authority in reaching its determination and the reasons the proposed
award or agreement is in the best interests of the state. The
authority shall also make recommendations regarding any additional
legislation which it deems necessary. However, no legislative action
is required to make a lease or agreement entered into by the
authority effective and operative.
3359. After the award of a lease or upon entering into an agreement
for the use of State Fair property, the authority shall meet
periodically to review the operation of the lease or agreement, and
the master plan, and to consider any other related matters. It shall
also make any recommendations that it deems proper to the
Legislature, other state agencies, including, but not limited to, the
California Exposition and State Fair, and to the lessee or user of
the property.
3360. (a) The authority, in the exercise of its powers, may pledge
any and all revenues, moneys, accounts, accounts receivable, contract
rights, and other rights to payment of any kind, pursuant to the
terms and conditions approved by the authority. The revenues, moneys,
accounts, accounts receivable, contract rights, and other rights to
payment pledged by the authority or its assignees constitute a lien
and security interest which immediately attaches to the property so
pledged, and is effective, binding, and enforceable against the
authority, its successors, purchasers of the property so pledged,
creditors, and all others asserting rights therein, to the extent set
forth, and in accordance with, the terms and conditions of the
pledge, irrespective of whether those persons have notice of the
pledge and without the need for any physical delivery, recordation,
filing, or further act.
(b) The California Exposition and State Fair shall be responsible
for any debt incurred pursuant to this chapter, and the capital of
the California Exposition and State Fair shall be used to guarantee
any indebtedness.
3361. The State of California pledges to, and agrees with, the
holders of any bonds, other indebtedness, or obligations for the
financing of the improvements described in the master plan pursuant
to Section 3355, and which are issued or executed and delivered by
the authority, or the California Exposition and State Fair, that the
state will not alter or change the structure of funding of, and
deposits to, the authority or to the California Exposition and State
Fair pursuant to the provisions of Article 9.2 (commencing with
Section 19605) of Chapter 4 of Division 8 of the Business and
Professions Code, or the pledge of funds for debt service, security,
including any coverage factors, and expenses entered into pursuant to
this chapter until the bonds, other indebtedness, or obligations are
fully paid or discharged or have been fully provided for in
accordance with their terms. However, nothing precludes any
alteration or change if and when adequate provision has been made by
law for the protection from impairment of the contract represented by
the bonds, other indebtedness, or obligations, and the right to
alter or change is hereby reserved. The authority, and the California
Exposition and State Fair, are each authorized to include this
pledge and undertaking of the state in their bonds, agreements
evidencing other indebtedness, and other indebtedness or obligations
for the financing of the improvements described in the master plan
pursuant to Section 3355.
The authority shall notify the Joint Legislative Budget Committee
at least 90 days prior to authorizing the sale of revenue bonds
pursuant to this chapter. The notice shall specify all the terms and
conditions of the revenue bonds, including, but not limited to, the
total amount of the bonds, the revenue source, and the repayment
period. Any bond so issued shall contain on its face a statement to
the following effect: "Neither the full faith and credit nor the
taxing power of the State of California is pledged to the payment of
the principal of, or interest on, this bond."
3351. (a) There is hereby created the State Fair Leasing Authority,
a joint powers authority formed pursuant to Chapter 5 (commencing
with Section 6500) of Division 7 of Title 1 of the Government Code,
which shall be composed of the Department of Food and Agriculture,
the Department of Finance, the Department of General Services, and
the California Exposition and State Fair.
(b) For the purposes of Section 6502 of the Government Code, the
common powers to be exercised by the State Fair Leasing Authority
shall be the powers of a district agricultural association.
3352. (a) The authority shall be governed by a board of directors,
which shall be composed of the Secretary of Food and Agriculture, the
Director of Finance, the Director of General Services, and four
individuals, appointed as provided in paragraph (1), who are members
of the Board of Directors of the California Exposition and State
Fair. The Treasurer and Controller shall be members of the board of
the authority only for the purposes of hearing and deciding upon
matters related to the issuance of revenue bonds pursuant to this
chapter. The Director of Finance shall serve as chairperson of the
authority. All meetings of the authority shall be open and public.
(1) Of the four appointed members of the Board of Directors of the
California Exposition and State Fair, one shall be appointed by the
Speaker of the Assembly, one shall be appointed by the Senate
Committee on Rules, and two shall be appointed by the Governor.
(2) The authority may contract with consultants as approved by the
board of the authority. The authority shall not employ any other
staff.
(3) The general manager of the California Exposition and State
Fair may serve only in an advisory capacity to the authority.
(b) The authority is a "department" for the purposes of hearings
pursuant to Article 2 (commencing with Section 11180) of Chapter 2 of
Part 1 of Division 3 of Title 2 of the Government Code.
3353. (a) The California Exposition and State Fair shall provide
clerical services and the use of its staff without charge to the
authority. The Department of Finance, the Department of Food and
Agriculture, the Department of General Services, and the California
Horse Racing Board shall cooperate with the authority, and, upon
request of the chairperson of the authority, shall provide the
authority with the reasonable and periodic use of their staffs.
(b) The Attorney General shall serve as counsel for, and adviser
to, the authority, and shall approve outside counsel to the authority
in furtherance of the provisions of this chapter, as requested by
the chairperson of the authority.
(c) The costs, if any, for services to the authority specified in
subdivisions (a) and (b) shall be paid for by the authority, with
funds generated pursuant to this chapter. Any costs in excess of the
funds available to the authority shall be paid by the California
Exposition and State Fair.
3354. The authority may enter into leases or other agreements for
the use of the State Fair Race Track or any other property owned or
controlled by the California Exposition and State Fair which are
necessary to further the purposes of Section 3331 or to provide horse
racing at the State Fair Race Track. A lease or agreement entered
into pursuant to this section shall be on behalf of the California
Exposition and State Fair, and the State Fair shall continue in
control of its property, subject to the conditions and terms of that
lease or agreement.
3355. The California Exposition and State Fair, in consultation
with the authority, shall prepare a master plan approved by the board
of directors of the fair for the long-range comprehensive
development and improvement of, and construction upon, the property
of the California Exposition and State Fair. The plan shall prescribe
the amounts which may be expended for the various features of the
plan, the period authorized for the completion of each project, and
the terms of any revenue bond financing undertaken with respect to
the plan. The plan shall require that any revenue bond financing
shall be rated in one of the four highest rating categories by two
nationally recognized rating agencies. Upon its completion, the
master plan shall be submitted to the Joint Legislative Budget
Committee for review. The master plan is subject to amendment by the
authority, with the approval of the Board of Directors of the
California State Fair.
3356. The California Horse Racing Board, at the request of the
authority, shall certify the eligibility of any prospective lessee or
user of the property to be licensed to conduct horse racing at the
State Fair Race Track.
3357. (a) In leasing, or entering into agreements for the use of,
the State Fair Race Track or other property owned or controlled by
the California Exposition and State Fair, the authority shall follow
the same procedures, as appropriate, as the Department of General
Services follows in leasing or entering into similar agreements for
other state real property. The authority shall also consult with, and
present for comment the lease or agreement to, the governing bodies
of the City and County of Sacramento prior to awarding the lease or
entering into the agreement.
(b) Prior to awarding a lease of, or entering into an agreement
for the use of, the State Fair Race Track or other property owned or
controlled by the California Exposition and State Fair, the authority
shall consider all the factors concerning appropriate capital
improvements of the race track, the financing of the race track,
additional racing opportunities, and the use of new or additional
properties or facilities, including, but not limited to, a grandstand
or grandstand improvements, which factors shall be considered in the
award of the lease or entering into the agreement. The authority
shall also consult with, and present for comment the lease or
agreement to, the governing bodies of the City and County of
Sacramento prior to awarding the lease or entering into the
agreement.
3358. If the authority makes a determination pursuant to this
chapter about an action it proposes to take in awarding the State
Fair Race Track lease or entering into the agreement, it shall report
to the Legislature, setting forth the procedures followed by the
authority in reaching its determination and the reasons the proposed
award or agreement is in the best interests of the state. The
authority shall also make recommendations regarding any additional
legislation which it deems necessary. However, no legislative action
is required to make a lease or agreement entered into by the
authority effective and operative.
3359. After the award of a lease or upon entering into an agreement
for the use of State Fair property, the authority shall meet
periodically to review the operation of the lease or agreement, and
the master plan, and to consider any other related matters. It shall
also make any recommendations that it deems proper to the
Legislature, other state agencies, including, but not limited to, the
California Exposition and State Fair, and to the lessee or user of
the property.
3360. (a) The authority, in the exercise of its powers, may pledge
any and all revenues, moneys, accounts, accounts receivable, contract
rights, and other rights to payment of any kind, pursuant to the
terms and conditions approved by the authority. The revenues, moneys,
accounts, accounts receivable, contract rights, and other rights to
payment pledged by the authority or its assignees constitute a lien
and security interest which immediately attaches to the property so
pledged, and is effective, binding, and enforceable against the
authority, its successors, purchasers of the property so pledged,
creditors, and all others asserting rights therein, to the extent set
forth, and in accordance with, the terms and conditions of the
pledge, irrespective of whether those persons have notice of the
pledge and without the need for any physical delivery, recordation,
filing, or further act.
(b) The California Exposition and State Fair shall be responsible
for any debt incurred pursuant to this chapter, and the capital of
the California Exposition and State Fair shall be used to guarantee
any indebtedness.
3361. The State of California pledges to, and agrees with, the
holders of any bonds, other indebtedness, or obligations for the
financing of the improvements described in the master plan pursuant
to Section 3355, and which are issued or executed and delivered by
the authority, or the California Exposition and State Fair, that the
state will not alter or change the structure of funding of, and
deposits to, the authority or to the California Exposition and State
Fair pursuant to the provisions of Article 9.2 (commencing with
Section 19605) of Chapter 4 of Division 8 of the Business and
Professions Code, or the pledge of funds for debt service, security,
including any coverage factors, and expenses entered into pursuant to
this chapter until the bonds, other indebtedness, or obligations are
fully paid or discharged or have been fully provided for in
accordance with their terms. However, nothing precludes any
alteration or change if and when adequate provision has been made by
law for the protection from impairment of the contract represented by
the bonds, other indebtedness, or obligations, and the right to
alter or change is hereby reserved. The authority, and the California
Exposition and State Fair, are each authorized to include this
pledge and undertaking of the state in their bonds, agreements
evidencing other indebtedness, and other indebtedness or obligations
for the financing of the improvements described in the master plan
pursuant to Section 3355.
The authority shall notify the Joint Legislative Budget Committee
at least 90 days prior to authorizing the sale of revenue bonds
pursuant to this chapter. The notice shall specify all the terms and
conditions of the revenue bonds, including, but not limited to, the
total amount of the bonds, the revenue source, and the repayment
period. Any bond so issued shall contain on its face a statement to
the following effect: "Neither the full faith and credit nor the
taxing power of the State of California is pledged to the payment of
the principal of, or interest on, this bond."
3351. (a) There is hereby created the State Fair Leasing Authority,
a joint powers authority formed pursuant to Chapter 5 (commencing
with Section 6500) of Division 7 of Title 1 of the Government Code,
which shall be composed of the Department of Food and Agriculture,
the Department of Finance, the Department of General Services, and
the California Exposition and State Fair.
(b) For the purposes of Section 6502 of the Government Code, the
common powers to be exercised by the State Fair Leasing Authority
shall be the powers of a district agricultural association.
3352. (a) The authority shall be governed by a board of directors,
which shall be composed of the Secretary of Food and Agriculture, the
Director of Finance, the Director of General Services, and four
individuals, appointed as provided in paragraph (1), who are members
of the Board of Directors of the California Exposition and State
Fair. The Treasurer and Controller shall be members of the board of
the authority only for the purposes of hearing and deciding upon
matters related to the issuance of revenue bonds pursuant to this
chapter. The Director of Finance shall serve as chairperson of the
authority. All meetings of the authority shall be open and public.
(1) Of the four appointed members of the Board of Directors of the
California Exposition and State Fair, one shall be appointed by the
Speaker of the Assembly, one shall be appointed by the Senate
Committee on Rules, and two shall be appointed by the Governor.
(2) The authority may contract with consultants as approved by the
board of the authority. The authority shall not employ any other
staff.
(3) The general manager of the California Exposition and State
Fair may serve only in an advisory capacity to the authority.
(b) The authority is a "department" for the purposes of hearings
pursuant to Article 2 (commencing with Section 11180) of Chapter 2 of
Part 1 of Division 3 of Title 2 of the Government Code.
3353. (a) The California Exposition and State Fair shall provide
clerical services and the use of its staff without charge to the
authority. The Department of Finance, the Department of Food and
Agriculture, the Department of General Services, and the California
Horse Racing Board shall cooperate with the authority, and, upon
request of the chairperson of the authority, shall provide the
authority with the reasonable and periodic use of their staffs.
(b) The Attorney General shall serve as counsel for, and adviser
to, the authority, and shall approve outside counsel to the authority
in furtherance of the provisions of this chapter, as requested by
the chairperson of the authority.
(c) The costs, if any, for services to the authority specified in
subdivisions (a) and (b) shall be paid for by the authority, with
funds generated pursuant to this chapter. Any costs in excess of the
funds available to the authority shall be paid by the California
Exposition and State Fair.
3354. The authority may enter into leases or other agreements for
the use of the State Fair Race Track or any other property owned or
controlled by the California Exposition and State Fair which are
necessary to further the purposes of Section 3331 or to provide horse
racing at the State Fair Race Track. A lease or agreement entered
into pursuant to this section shall be on behalf of the California
Exposition and State Fair, and the State Fair shall continue in
control of its property, subject to the conditions and terms of that
lease or agreement.
3355. The California Exposition and State Fair, in consultation
with the authority, shall prepare a master plan approved by the board
of directors of the fair for the long-range comprehensive
development and improvement of, and construction upon, the property
of the California Exposition and State Fair. The plan shall prescribe
the amounts which may be expended for the various features of the
plan, the period authorized for the completion of each project, and
the terms of any revenue bond financing undertaken with respect to
the plan. The plan shall require that any revenue bond financing
shall be rated in one of the four highest rating categories by two
nationally recognized rating agencies. Upon its completion, the
master plan shall be submitted to the Joint Legislative Budget
Committee for review. The master plan is subject to amendment by the
authority, with the approval of the Board of Directors of the
California State Fair.
3356. The California Horse Racing Board, at the request of the
authority, shall certify the eligibility of any prospective lessee or
user of the property to be licensed to conduct horse racing at the
State Fair Race Track.
3357. (a) In leasing, or entering into agreements for the use of,
the State Fair Race Track or other property owned or controlled by
the California Exposition and State Fair, the authority shall follow
the same procedures, as appropriate, as the Department of General
Services follows in leasing or entering into similar agreements for
other state real property. The authority shall also consult with, and
present for comment the lease or agreement to, the governing bodies
of the City and County of Sacramento prior to awarding the lease or
entering into the agreement.
(b) Prior to awarding a lease of, or entering into an agreement
for the use of, the State Fair Race Track or other property owned or
controlled by the California Exposition and State Fair, the authority
shall consider all the factors concerning appropriate capital
improvements of the race track, the financing of the race track,
additional racing opportunities, and the use of new or additional
properties or facilities, including, but not limited to, a grandstand
or grandstand improvements, which factors shall be considered in the
award of the lease or entering into the agreement. The authority
shall also consult with, and present for comment the lease or
agreement to, the governing bodies of the City and County of
Sacramento prior to awarding the lease or entering into the
agreement.
3358. If the authority makes a determination pursuant to this
chapter about an action it proposes to take in awarding the State
Fair Race Track lease or entering into the agreement, it shall report
to the Legislature, setting forth the procedures followed by the
authority in reaching its determination and the reasons the proposed
award or agreement is in the best interests of the state. The
authority shall also make recommendations regarding any additional
legislation which it deems necessary. However, no legislative action
is required to make a lease or agreement entered into by the
authority effective and operative.
3359. After the award of a lease or upon entering into an agreement
for the use of State Fair property, the authority shall meet
periodically to review the operation of the lease or agreement, and
the master plan, and to consider any other related matters. It shall
also make any recommendations that it deems proper to the
Legislature, other state agencies, including, but not limited to, the
California Exposition and State Fair, and to the lessee or user of
the property.
3360. (a) The authority, in the exercise of its powers, may pledge
any and all revenues, moneys, accounts, accounts receivable, contract
rights, and other rights to payment of any kind, pursuant to the
terms and conditions approved by the authority. The revenues, moneys,
accounts, accounts receivable, contract rights, and other rights to
payment pledged by the authority or its assignees constitute a lien
and security interest which immediately attaches to the property so
pledged, and is effective, binding, and enforceable against the
authority, its successors, purchasers of the property so pledged,
creditors, and all others asserting rights therein, to the extent set
forth, and in accordance with, the terms and conditions of the
pledge, irrespective of whether those persons have notice of the
pledge and without the need for any physical delivery, recordation,
filing, or further act.
(b) The California Exposition and State Fair shall be responsible
for any debt incurred pursuant to this chapter, and the capital of
the California Exposition and State Fair shall be used to guarantee
any indebtedness.
3361. The State of California pledges to, and agrees with, the
holders of any bonds, other indebtedness, or obligations for the
financing of the improvements described in the master plan pursuant
to Section 3355, and which are issued or executed and delivered by
the authority, or the California Exposition and State Fair, that the
state will not alter or change the structure of funding of, and
deposits to, the authority or to the California Exposition and State
Fair pursuant to the provisions of Article 9.2 (commencing with
Section 19605) of Chapter 4 of Division 8 of the Business and
Professions Code, or the pledge of funds for debt service, security,
including any coverage factors, and expenses entered into pursuant to
this chapter until the bonds, other indebtedness, or obligations are
fully paid or discharged or have been fully provided for in
accordance with their terms. However, nothing precludes any
alteration or change if and when adequate provision has been made by
law for the protection from impairment of the contract represented by
the bonds, other indebtedness, or obligations, and the right to
alter or change is hereby reserved. The authority, and the California
Exposition and State Fair, are each authorized to include this
pledge and undertaking of the state in their bonds, agreements
evidencing other indebtedness, and other indebtedness or obligations
for the financing of the improvements described in the master plan
pursuant to Section 3355.
The authority shall notify the Joint Legislative Budget Committee
at least 90 days prior to authorizing the sale of revenue bonds
pursuant to this chapter. The notice shall specify all the terms and
conditions of the revenue bonds, including, but not limited to, the
total amount of the bonds, the revenue source, and the repayment
period. Any bond so issued shall contain on its face a statement to
the following effect: "Neither the full faith and credit nor the
taxing power of the State of California is pledged to the payment of
the principal of, or interest on, this bond."
