(a) Upon receipt of a preliminary approval from a harbor agency granted pursuant to Section 1713, the State Lands Commission shall consider the proposal and either grant or deny final approval.

(b) Prior to granting final approval the State Lands Commission shall do both of the following:

(1) Review the infrastructure financing plan prepared by the harbor agency pursuant to Section 1712.

(2) Review the findings of the harbor agency made in its preliminary approval.

(c) The State Lands Commission shall grant final approval only if it makes all of the following findings:

(1) The state’s interests in its tidelands and its ports and harbors are furthered by the funding of the seaport infrastructure financing district.

(2) The principal purposes of the seaport infrastructure financing district are to further port and harbor infrastructure.

(3) The execution of the financing section of the infrastructure finance plan is more likely than not to result in the outcomes proposed.

(4) No revenues shall be made available to local governments as a result of the approval of the seaport infrastructure financing district from state revenues, revenues derived from granted lands, or from ports or harbors created under this code, except as otherwise allowed under paragraph (2) of subdivision (c) of Section 1713.

(5) The harbor agency and the public financing authority participating in the seaport infrastructure financing district have each completed all procedural requirements, financial due diligence, and made all findings required by this chapter and Chapter 2.99 (commencing with Section 53398.50) of Part 1 of Division 2 of Title 5 of the Government Code.

(6) All of the projects and uses proposed in the seaport infrastructure financing district are consistent with the state tidelands trust and the conditions of any grants, if applicable, and the statewide interests in the operation of harbors and ports.

(7) No agreements by the harbor agency that may control the discretion of the harbor agency to maintain its port or harbor operations or to cede any such control to the discretion of a third party were made as a condition of participation in the seaport infrastructure financing district.

(d) If the State Lands Commission gives final approval to the proposal, it shall immediately forward its approval to the public financing authority for further action pursuant to subdivision (c) of Section 53398.80.5 of the Government Code.

(e) The State Lands Commission shall be reimbursed by the harbor agency for its direct administrative costs of considering a seaport infrastructure financing district proposal under this section from the proceeds of the bonds issued, if any, for the identified projects in the seaport infrastructure financing district.

(Added by Stats. 2015, Ch. 793, Sec. 11. (SB 63) Effective January 1, 2016.)