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.