Florida Senate - 2018 SB 1436 By Senator Broxson 1-00801-18 20181436__ 1 A bill to be entitled 2 An act relating to the Garcon Point Bridge; amending 3 s. 338.2275, F.S.; authorizing the Department of 4 Transportation to acquire the Garcon Point Bridge and 5 related assets and purchase specified outstanding 6 bonds under certain circumstances; authorizing the 7 department to enter into any agreement necessary to 8 implement the acquisition and purchase the bonds; 9 authorizing the department to specify the terms and 10 conditions of such agreement; requiring the bridge to 11 become a part of the turnpike system upon acquisition; 12 authorizing the issuance of revenue bonds to finance 13 the department’s acquisition of the bridge; requiring 14 the acquisition price paid by the department to first 15 be used to settle all claims of specified bondholders; 16 prohibiting certain toll rate increases from being 17 imposed; prohibiting the department and the state from 18 incurring financial obligations in excess of 19 forecasted gross revenues from the operation of the 20 bridge; providing for the calculation of the maximum 21 total acquisition price that may be paid by the 22 department; providing for the termination of a certain 23 lease purchase agreement upon the department’s 24 acquisition of the bridge; providing for the repeal of 25 part IV of ch. 348, F.S., relating to the Santa Rosa 26 Bay Bridge Authority, upon the department’s 27 acquisition of the bridge; providing an effective 28 date. 29 30 Be It Enacted by the Legislature of the State of Florida: 31 32 Section 1. Subsection (4) is added to section 338.2275, 33 Florida Statutes, to read: 34 338.2275 Approved turnpike projects.— 35 (4)(a) Subject to a determination of economic feasibility 36 by the department in accordance with s. 338.221(8), the 37 department may acquire the Garcon Point Bridge, including 38 related assets, and, as part of such acquisition, may purchase 39 outstanding Santa Rosa Bay Bridge Authority bonds. The 40 department may enter into any agreement necessary to implement 41 the acquisition, including the purchase of Santa Rosa Bay Bridge 42 Authority bonds, and to specify the terms and conditions of such 43 agreement. Upon its acquisition by the department, the Garcon 44 Point Bridge shall become a part of the turnpike system. 45 Pursuant to s. 11(f), Art. VII of the State Constitution, the 46 issuance of revenue bonds to finance the department’s 47 acquisition of the Garcon Point Bridge is approved. 48 (b) The acquisition price paid by the department must first 49 be used to settle all claims of bondholders of Santa Rosa Bay 50 Bridge Authority Revenue Bonds, Series 1996. 51 (c) The authority, the department, or the trustee for 52 bondholders may not impose a toll rate increase for use of the 53 Garcon Point Bridge in connection with the acquisition of the 54 bridge by the department. Following acquisition of the bridge by 55 the department, no increase in tolls for use of the bridge is 56 permitted except as required by law or as required to comply 57 with the covenants contained in any resolution under which bonds 58 have been issued. 59 (d) Neither the department nor the state shall incur any 60 financial obligation for the acquisition of the Garcon Point 61 Bridge in excess of forecasted gross revenues from the operation 62 of the bridge. Therefore, the total acquisition price paid by 63 the department may not exceed the present value of the gross 64 revenues, calculated without any increase in the toll rate, 65 which are anticipated to be collected from the operation of the 66 bridge between the date of any purchase agreement entered into 67 in accordance with this section and the end of the anticipated 68 remaining useful life of the bridge as determined as of the date 69 of the purchase agreement. 70 (e) Upon the acquisition of the Garcon Point Bridge as 71 authorized by this subsection, the lease purchase agreement 72 dated October 23, 1996, between the authority and the 73 department, as amended, is terminated. 74 Section 2. Upon acquisition of the Garcon Point Bridge by 75 the department as authorized by this act, part IV of chapter 76 348, Florida Statutes, consisting of ss. 348.965-348.9781, 77 Florida Statutes, is repealed. 78 Section 3. This act shall take effect upon becoming a law.