§ 1704 Port Harbor Bond Financing

• •Authorities can issue bonds to fund or refinance any port or harbor infrastructure.
• •Bond issuance must follow the rules in Article 4 of the Government Code.
• •Nonprofit public benefit corporations can only issue bonds if a joint powers agreement gives them permission.

A city’s port authority wants to build a new dock and needs money, so it sells bonds to investors to raise the cash.

Because the authority is allowed by this law to issue bonds for port infrastructure, it can sell the bonds, get the money, and use it to build the dock. If a nonprofit harbor group wanted to do the same, it could only sell bonds if a joint powers agreement said it could.