On the receipt of an application from any city or county or other authorized port or harbor agency for state ownership of any port or harbor, or any part thereof, the board shall cause an independent determination and appraisal to be made of such analysis and survey, and the plan for the improvement, operation, development, and expansion of such port or harbor, or any part thereof, and if the board shall find and determine that the plan for the improvement, operation, development, or expansion of such port or harbor, or any part thereof, is practical and feasible and is in the public interest, and that such port or harbor, or any part thereof, can be operated economically under state ownership and that the revenues therefrom would be sufficient, over a period of time, to make such ownership and/or operation by the state self-liquidating, then the board in its discretion, may negotiate with such city and county or other authorized port or harbor agency on the terms of an agreement for the acquisition by the state of such port or harbor, or any part thereof. The board may modify the proposed plan for the improvement, operation, development, or expansion of such port or harbor or any part thereof, and may impose such terms and conditions as, in its discretion, it may require to protect the interest of the state, provided that if an entire port or harbor shall be conveyed to the state that all bonds theretofore issued and outstanding for the improvement of such port or harbor by any county or city, or both acting jointly, or other authorized port or harbor agency, shall be redeemed by the issuance of bonds as herein provided or assumed in conjunction with the plan for the development of such port or harbor.
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