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The Bank was formed at the request of the California Marine Affairs and Navigation Conference (CMANC) and codified as Sections 6516.5 and 6571 of the Government Code and Part 1 (commencing with Section 1690) of Division 6 of the Harbors and Navigation Code of the State of California.
The Bank may also function as a Public Agency, under Code Section 1700, with its authority to establish one or more joint powers under State Law for the purpose of establishing an infrastructure fund for pooled financing of port or harbor infrastructure. This power enabled the Bank to form the California Maritime Infrastructure Authority. The Authority is a joint exercise of powers authority formed under and pursuant to Article 1 of Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California and a joint exercise of powers agreement among the Authority’s member Districts.
The Authority can issue debt, establish and administer infrastructure funds, receive or administer public and private grants, and expend tax revenues, appropriated funds, and other financings on behalf of its member Districts.
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