(a)
There is in state government the California Urban Waterfront Area Restoration Financing Authority. The authority constitutes a public instrumentality and a political subdivision of the state, and the exercise by the authority of powers conferred by this division is the performance of an essential public function.
(b)
The authority shall consist of five members, the Director of Finance, the Controller, the Treasurer, the Secretary of the Natural Resources Agency, and the executive director of the conservancy. The Treasurer shall serve as chair of the authority.
(c)
Each of the members of the authority may select a
designee from the member’s agency to act for the member and represent the member at all meetings of the authority.
(d)
The first meeting of the authority shall be convened by the Treasurer.