Senate Bill 1008
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 1998 SJR 1008
By the Committee on Natural Resources
312-623-98
1 Senate Joint Resolution No.
2 A joint resolution proposing an amendment to
3 Section 14 of Article VII of the State
4 Constitution, relating to bonds for pollution
5 control and abatement and other water
6 facilities, decreasing debt service
7 requirements for the bonds.
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9 Be It Resolved by the Legislature of the State of Florida:
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11 That the following amendment to Section 14 of Article
12 VII of the State Constitution is agreed to and shall be
13 submitted to the electors of this state for approval or
14 rejection at the next general election or at an earlier
15 special election specifically authorized by law for that
16 purpose:
17 ARTICLE VII
18 FINANCE AND TAXATION
19 SECTION 14. Bonds for pollution control and abatement
20 and other water facilities.--
21 (a) When authorized by law, state bonds pledging the
22 full faith and credit of the state may be issued without an
23 election to finance the construction of air and water
24 pollution control and abatement and solid waste disposal
25 facilities and other water facilities authorized by general
26 law (herein referred to as "facilities") to be operated by any
27 municipality, county, district or authority, or any agency
28 thereof (herein referred to as "local governmental agencies"),
29 or by any agency of the State of Florida. Such bonds shall be
30 secured by a pledge of and shall be payable primarily from all
31 or any part of revenues to be derived from operation of such
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Florida Senate - 1998 SJR 1008
312-623-98
1 facilities, special assessments, rentals to be received under
2 lease-purchase agreements herein provided for, any other
3 revenues that may be legally available for such purpose,
4 including revenues from other facilities, or any combination
5 thereof (herein collectively referred to as "pledged
6 revenues"), and shall be additionally secured by the full
7 faith and credit of the State of Florida.
8 (b) No such bonds shall be issued unless the State
9 Board of Administration or its successor agency a state fiscal
10 agency, created by law, has made a determination that in no
11 state fiscal year will the debt service requirements of the
12 bonds proposed to be issued and all other bonds secured by the
13 pledged revenues exceed ninety seventy-five percent of the
14 pledged revenues.
15 (c) The state may lease any of such facilities to any
16 local governmental agency, under lease-purchase agreements for
17 such periods and under such other terms and conditions as may
18 be mutually agreed upon. The local governmental agencies may
19 pledge the revenues derived from such leased facilities or any
20 other available funds for the payment of rentals thereunder;
21 and, in addition, the full faith and credit and taxing power
22 of such local governmental agencies may be pledged for the
23 payment of such rentals without any election of freeholder
24 electors or qualified electors.
25 (d) The state may also issue such bonds for the
26 purpose of loaning money to local governmental agencies, for
27 the construction of such facilities to be owned or operated by
28 any of such local governmental agencies. Such loans shall bear
29 interest at not more than one-half of one percent per annum
30 greater than the last preceding issue of state bonds pursuant
31 to this section, shall be secured by the pledged revenues, and
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Florida Senate - 1998 SJR 1008
312-623-98
1 may be additionally secured by the full faith and credit of
2 the local governmental agencies.
3 (e) The total outstanding principal of state bonds
4 issued pursuant to this section 14 shall never exceed fifty
5 percent of the total tax revenues of the state for the two
6 preceding fiscal years.
7 BE IT FURTHER RESOLVED that the following statement be
8 placed on the ballot:
9 CONSTITUTIONAL AMENDMENT
10 ARTICLE VII, SECTION 14
11 POLLUTION CONTROL BONDS.--Proposing an amendment to the
12 State Constitution to reduce the debt service requirements for
13 the issuance of pollution control bonds from not in excess of
14 75 percent to not in excess of 90 percent of the bonds
15 proposed to be issued and all other bonds secured by the
16 pledged revenues.
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