AgdaPkt 2003-03-10 - Laserfiche WebLink

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P. ,Oq// The authority The authority shall be governed by a board of directors. The governing body of each member public entity, other than San Francisco, shall appoint one voting member to the board. The governing body of San Francisco shall appoint one nonvoting member to the board. The Board of Supervisors of San Mateo County shall appoint one voting member to the board who is a resident of San Mateo County, receives water from the California Water Ser- vice Company, and is not an officer or employee of the California Water Service Company. The Board of Supervisors of Santa Clara County shall appoint one voting member to the board who is a resident of Santa Clara County, receives water from Stanford University, and is not an officer or employee of Stanford University. The authority's Powers The authority may make contracts of any nature and contract with the United States, the state, a public or private entity or a person. It may apply for and receive state and federal financial assistance. Financial matters The authority may borrow money and issue notes and bonds, including revenue bonds without the approval of voters, to fund projects to improve the reliability of the regional water system. Under specified conditions, the agency shall provide the proceeds of revenue bonds directly to the City to improve the reliability of the San Francisco regional water system. Funding projects through the agency would off -set revenues the City would otherwise collect though water rates under the existing Master Water Sales Contract. The authority may not issue revenue bonds after December 31, 2020. Specified conditions These conditions include identifying specific projects and proposed completion dates for which the proceeds are to be used; having authority to oversee and audit disposition of the funds; inspecting construction of projects; and having access to information on the expenditure of bond funds. San Francisco membership The City shall become a voting member of the authority if San Francisco imposes a surcharge upon its retail water customers to recover its share of the costs associated with improvements to the regional water system. Reporting The City shall submit a report to the Joint Legislative Audit Committee on or be- fore September 1 of each year describing the progress made on projects financed by the au- thority and on implementation of the capital improvement program for the regional water sys- tem. Ownership and control of regional system Nothing in the act changes the governance, control, or ownership of the regional system. The ownership and operational control of im- provements to the regional water system that are financed by the authority shall remain with San Francisco, unless the City agrees to a change in that ownership or operational control. The Bay Area Water Users Association prepared this summary of the main provisions of SB 1870, as amended May 28, 2002. For more precise information, please read the bill. (http: / /www.leginfo.ca.gov /) 02123103