(a)
The California Fiscal Recovery Financing Authority is hereby created in state government solely for the purpose of the issuance and sale of the bonds and ancillary obligations authorized by this title and the performance of any necessary obligations related thereto. The authority is a public instrumentality of the state, and the exercise by the authority of the powers granted in this title is deemed and held to be the performance of an essential public function.
(b)
(1)The authority consists of all of the following members:
(A)
The Governor or his or her designee.
(B)
The Director of Finance.
(C)
The Treasurer.
(D)
The Controller.
(E)
The Secretary of Business, Transportation and Housing.
(F)
The Director of General Services.
(G)
The Director of Transportation.
(2)
Notwithstanding Section 7.5 or any other provision of law, any member may designate a deputy to act as that member in his or her place and stead for all purposes, as though the member were personally present.
(3)
The Legislature finds and declares that each member of the authority has previously acted as a member of a similar state agency or authority that issues revenue bonds and a finance committee that issues general obligation bonds, and has duties in relation to the payment of the accumulated budget deficit.
(c)
A majority of the members of the authority shall constitute a quorum of the authority and may act for the authority.
(d)
The Director of Finance shall serve as chairperson of the authority.
(e)
The Attorney General shall be the legal counsel for the authority. With the approval of the Attorney General, the authority may employ any legal counsel that in its judgment is necessary or advisable to enable it to carry out its duties and functions, including, but not limited to, the employment of any bond counsel deemed advisable in connection with the issuance and sale of bonds.
(f)
A member, officer, or agent of the authority shall not be subject to personal liability on any bonds or ancillary obligations or other obligations issued or entered into under this title or for any acts or omissions of members, officers, or agents in carrying out the powers and duties conferred by this title.
(g)
The members of the authority shall serve without compensation.