The Florida Senate

338.2275  Approved turnpike projects.--

(1)  Legislative approval of the department's tentative work program that contains the turnpike project constitutes approval to issue bonds as required by s. 11(f), Art. VII of the State Constitution. Turnpike projects approved to be included in future tentative work programs include, but are not limited to, projects contained in the 2003-2004 tentative work program. A maximum of $4.5 billion of bonds may be issued to fund approved turnpike projects.

(2)  The department is authorized to use turnpike revenues, the State Transportation Trust Fund moneys allocated for turnpike projects pursuant to s. 338.001, federal funds, and bond proceeds, and shall use the most cost-efficient combination of such funds, in developing a financial plan for funding turnpike projects. The department must submit a report of the estimated cost for each ongoing turnpike project and for each planned project to the Legislature 14 days before the convening of the regular legislative session. Verification of economic feasibility and statements of environmental feasibility for individual turnpike projects must be based on the entire project as approved. Statements of environmental feasibility are not required for those projects listed in s. 12, chapter 90-136, Laws of Florida, for which the Project Development and Environmental Reports were completed by July 1, 1990. All required environmental permits must be obtained before the department may advertise for bids for contracts for the construction of any turnpike project.

(3)  Subject to verification of economic feasibility by the department in accordance with s. 338.221(8), the department shall acquire the assets and assume the liabilities of the Sawgrass Expressway as a candidate project from the Broward County Expressway Authority. The agreement to acquire the Sawgrass Expressway shall be subject to the terms and covenants of the Broward County Expressway Authority Bond Series 1984 and 1986A lease-purchase agreements and shall not act to the detriment of the bondholders nor decrease the quality of the bonds. The department shall provide for the cost of operations and maintenance expenses and for the replacement of future Broward County gasoline tax funds pledged for the payment of principal and interest on such bonds. The department shall repay, to the extent possible, Broward County gasoline tax funds used since July 6, 1988, for debt service on such bonds. For the purpose of calculating the economic feasibility of this project, the department is authorized to exclude operations and maintenance expenses accumulated between July 6, 1988, and the date of the agreement. Upon performance of all terms of the agreement between the parties, the Sawgrass Expressway will become a part of the turnpike system.

(4)  Bonds may not be issued to fund a turnpike project until the department has made a final determination that the project is economically feasible in accordance with s. 338.221, based on the most current information available.

History.--s. 12, ch. 90-136; s. 129, ch. 92-152; s. 68, ch. 93-164; ss. 5, 79, ch. 94-237; s. 46, ch. 95-257; s. 20, ch. 97-280; s. 56, ch. 2000-152; s. 3, ch. 2003-409.