California Code of Regulations
Title 10 - Investment
Chapter 8 - California Industrial Development Financing Advisory Commission
Article 3 - Actions
Section 6050 - Submission of Project Information

Universal Citation: 10 CA Code of Regs 6050

Current through Register 2024 Notice Reg. No. 38, September 20, 2024

(a) An Authority shall not issue bonds for a project until the information referenced in Section 91531 of the Act has been received by the Commission and the determination required under said section have been made by the Commission or the Authority.

(b) For a period of sixty (60) days following the date of receipt by the Commission of the information referenced in Section 91531 the Commission shall have sole jurisdiction to make the determinations required by said section provided that the sixty day period may be extended by written consent of the Authority. At the end of sixty days, if that period has not been extended by the written consent of the Authority, and the Commission has not made its required determinations, the Commission shall lose jurisdiction to make such determinations.

(c) The nature of the information required for the making of the determination pursuant to Section 91531 is as follows:

(1) The application submitted by an applicant to an Authority and approved by the public agency which application shall minimally include:
(A) Identification of and a description of the applicant.

(B) A description of the project.

(C) A description of the activities or uses for which property acquired as part of the undertaking of the project will be suitable.

(D) The cost of the project.

(E) The maximum amount of bonds proposed to be issued in conjunction with the undertaking of the project.

(F) A description of the proposed issuance of bonds including security therefor, the revenues to be used in paying debt service and whether the bonds are proposed to be issued in exchanged for one or more outstanding bonds or bonds, or claims, or partly in such exchange and partly for cash or property.

(G) A description of the public benefit, pursuant to criteria contained in Section 91502.1, which would accrue from undertaking the project.

(H) A description of any public detriment from issuance of bonds in the maximum amount proposed in the application.

(I) A description of the statewide size and location of the operations of the applicant both at the time of the application and as projected following completion of the project.

(J) Information as to whether the completion of the project or operation of facilities to be acquired as part of the undertaking of the project is reasonably necessary to prevent the relocation of any substantial operations of a company from an are within the state to an area outside the state.

(K) Any other information deemed by the applicant or the Authority to be necessary to the accurate portrayal of the project and its effects or which would facilitate the determination required by Sections 91530 and 91531.

(2) The identification of the Authority which accepted the application and the public agency which approved said application.

(3) Certified copies of all resolutions and other documents relating to actions taken by the authority and the public agency with regard to the application.

Note: Authority cited: Section 91557, Government Code. Reference: Section 91531, Government Code.

Disclaimer: These regulations may not be the most recent version. California may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.