7. California Environmental Quality Act

Under the California Environmental Quality Act (CEQA) and Rule 2.4 of the Commission's Rules of Practice and Procedure (Rules), we must consider the environmental consequences of projects that are subject to our discretionary approval.⁶ Thus, we must consider whether approval of this application will alter an approved project, result in new projects or change operations in ways that have an environmental impact.

Park expects that it will use the entire $2 million of the $20 million proposed financing proceeds to reimburse Park for money it has previously expended for capital improvement and $18 million to retire and replace currently issued and outstanding bonds. This decision does not authorize any capital expenditures. To the extent capital expenditures are financed with the proceeds of the bonds issued pursuant to this decision, CEQA review should occur as needed through the regulatory processes applicable to each capital project.

⁶ Public Resources Code Section 21080.