Joint Exercise of Powers Act.

The Joint Exercise of Powers Act generally authorizes 2 or more public agencies, by agreement, to jointly exercise any power common to them under specified conditions. This bill would specifically authorize the University of California and either the City of Richmond, or an enhanced infrastructure financing district created by the City or Richmond, or both, to enter into a joint powers agreement for the purpose of financing infrastructure and other improvements within the area of the South Shoreline Specific Plan and the Berkeley Global Campus at Richmond Bay, located within the City of Richmond, if the University of California and the City of Richmond have entered into a specified agreement. Existing law authorizes the legislative body of a city or county to establish an enhanced infrastructure financing district, adopt an infrastructure financing plan, and issue bonds, for which only the district is liable, upon approval by 55% of the voters and to finance public capital facilities or other specified projects of communitywide significance. Existing law requires a district to create an infrastructure financing plan and requires that plan to include the date on which the district will cease to exist and all tax allocation to the district will end. Existing law limits this date to 45 years from the date on which the issuance of bonds is approved by the voters of the district, or the issuance of a loan is approved by the governing board of a local agency. This bill would extend that date to 55 years for a district created by the City of Richmond and any other consenting taxing agencies if the University of California and the City of Richmond or a district created by the City of Richmond, or both, enter into a joint powers agreement as described in this bill. The bill would provide that upon the creation of an authority pursuant to these provisions, the area of the South Shoreline Specific Plan and the Berkeley Global Campus at Richmond Bay are deemed disadvantaged communities for purposes of the Greenhouse Gas Reduction Fund Investment Plan and Communities Revitalization Act. The Bergeson-Peace Infrastructure and Economic Development Bank Act establishes the California Infrastructure and Economic Development Bank within GO-Biz to, among other things, assist in the promotion of economic development throughout the state. This bill would require any loan made by the bank to the City of Richmond or an authority created pursuant to these provisions, to carry a 0% interest rate. This bill would make legislative findings and declarations as to the necessity of a special statute for the development of the Berkeley Global Campus at Richmond Bay.