CCLME.ORG - California Urban Waterfront Area Restoration Act

(continued) and collecting of the rates, rents,
fees, and charges authorized by this division and required by the
resolution or trust agreement to be fixed, established, and
collected.

32206. The exercise of the powers granted by this division shall be
in all respects for the benefit of the people of this state, for
their health and welfare, and protection of the state's environment.

Any bonds, notes, or other obligations issued under this division,
their transfer and the income therefrom, shall at all times be free
from taxation of every kind by the state and by municipalities and
other political subdivisions of the state. However, the preceding
sentence shall not apply with respect to any bonds, notes, or other
obligations, or the income therefrom, for any period during which the
bonds, notes, or other obligations are held by (1) Any normally
taxable participating party, (2) persons, organizations, trades, or
business, whether incorporated, organized in this state, or
affiliated with a participating party, owned or controlled, directly
or indirectly, by the participating party, or (3) persons,
organizations, trades, or businesses, whether incorporated, organized
in this state, or affiliated with the participating party, which own
or control, directly or indirectly, the participating party.

32207. If the jurisdiction of the authority to order a proposed act
is not affected, an omission of any officer or of the authority in
the proceedings under this division or any other defect in the
proceedings does not invalidate the proceedings for issuance of bonds
pursuant to this division.

32208. An action may be brought pursuant to Chapter 9 (commencing
with Section 860) of Title 10 of Part 2 of the Code of Civil
Procedure to determine the validity of any issuance or proposed
issuance of bonds under this division and the legality and validity
of all proceedings previously taken or proposed in a resolution of
the authority to be taken for the authorization, issuance, sale, and
delivery of the bonds and for the payment of the principal thereof
and interest thereon.