House Bill 4527
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Florida House of Representatives - 1998 HJR 4527
By the Committee on Finance & Taxation and Representative
Starks
1 House Joint Resolution
2 A joint resolution proposing an amendment to
3 Section 9 of Article XII of the State
4 Constitution relating to bonds.
5
6 Be It Resolved by the Legislature of the State of Florida:
7
8 That the amendment to Section 9 of Article XII of the
9 State Constitution set forth below is agreed to and shall be
10 submitted to the electors of Florida for approval or rejection
11 at the general election to be held in November 1998:
12 SECTION 9. Bonds.--
13 (a) ADDITIONAL SECURITIES.
14 (1) Article IX, Section 17, of the Constitution of
15 1885, as amended, as it existed immediately before this
16 Constitution, as revised in 1968, became effective, is adopted
17 by this reference as a part of this revision as completely as
18 though incorporated herein verbatim, except revenue bonds,
19 revenue certificates or other evidences of indebtedness
20 hereafter issued thereunder may be issued by the agency of the
21 state so authorized by law.
22 (2) That portion of Article XII, Section 9, Subsection
23 (a) of this Constitution, as amended, which by reference
24 adopted Article XII, Section 19 of the Constitution of 1885,
25 as amended, as the same existed immediately before the
26 effective date of this amendment is adopted by this reference
27 as part of this revision as completely as though incorporated
28 herein verbatim, for the purpose of providing that after the
29 effective date of this amendment all of the proceeds of the
30 revenues derived from the gross receipts taxes, as therein
31 defined, collected in each year shall be applied as provided
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1 therein to the extent necessary to comply with all obligations
2 to or for the benefit of holders of bonds or certificates
3 issued before the effective date of this amendment or any
4 refundings thereof which are secured by such gross receipts
5 taxes. No bonds or other obligations may be issued pursuant
6 to the provisions of Article XII, Section 19, of the
7 Constitution of 1885, as amended, but this provision shall not
8 be construed to prevent the refunding of any such outstanding
9 bonds or obligations pursuant to the provisions of this
10 subsection (a)(2).
11 Subject to the requirements of the first paragraph of
12 this subsection (a)(2), beginning July 1, 1975, all of the
13 proceeds of the revenues derived from the gross receipts taxes
14 collected from every person, including municipalities, as
15 provided and levied pursuant to the provisions of chapter 203,
16 Florida Statutes, as such chapter is amended from time to
17 time, shall, as collected, be placed in a trust fund to be
18 known as the "public education capital outlay and debt service
19 trust fund" in the state treasury (hereinafter referred to as
20 "capital outlay fund"), and used only as provided herein.
21 The capital outlay fund shall be administered by the
22 state board of education as created and constituted by Section
23 2 of Article IX of the Constitution of Florida as revised in
24 1968 (hereinafter referred to as "state board"), or by such
25 other instrumentality of the state which shall hereafter
26 succeed by law to the powers, duties and functions of the
27 state board, including the powers, duties and functions of the
28 state board provided in this subsection (a)(2). The state
29 board shall be a body corporate and shall have all the powers
30 provided herein in addition to all other constitutional and
31 statutory powers related to the purposes of this subsection
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1 (a)(2) heretofore or hereafter conferred by law upon the state
2 board, or its predecessor created by the Constitution of 1885,
3 as amended.
4 State bonds pledging the full faith and credit of the
5 state may be issued, without a vote of the electors, by the
6 state board pursuant to law to finance or refinance capital
7 projects theretofore authorized by the legislature, and any
8 purposes appurtenant or incidental thereto, for the state
9 system of public education provided for in Section 1 of
10 Article IX of this Constitution (hereinafter referred to as
11 "state system"), including but not limited to institutions of
12 higher learning, community colleges, vocational technical
13 schools, or public schools, as now defined or as may hereafter
14 be defined by law. All such bonds shall mature not later than
15 thirty years after the date of issuance thereof. All other
16 details of such bonds shall be as provided by law or by the
17 proceedings authorizing such bonds; provided, however, that no
18 bonds, except refunding bonds, shall be issued, and no
19 proceeds shall be expended for the cost of any capital
20 project, unless such project has been authorized by the
21 legislature.
22 Bonds issued pursuant to this subsection (a)(2) shall
23 be primarily payable from such revenues derived from gross
24 receipts taxes and other legally available pledged revenues,
25 and shall be additionally secured by the full faith and credit
26 of the state. No such bonds shall ever be issued in an amount
27 exceeding ninety percent of the amount which the state board
28 determines can be serviced by the revenues derived from the
29 gross receipts taxes and other legally available pledged
30 revenues accruing thereafter under the provisions of this
31 subsection (a)(2), and such determination shall be conclusive.
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1 The moneys in the capital outlay fund in each fiscal
2 year shall be used only for the following purposes and in the
3 following order of priority:
4 a. For the payment of the principal of and interest on
5 any bonds due in such fiscal year;
6 b. For the deposit into any reserve funds provided for
7 in the proceedings authorizing the issuance of bonds of any
8 amounts required to be deposited in such reserve funds in such
9 fiscal year;
10 c. For direct payment of the cost or any part of the
11 cost of any capital project for the state system theretofore
12 authorized by the legislature, or for the purchase or
13 redemption of outstanding bonds in accordance with the
14 provisions of the proceedings which authorized the issuance of
15 such bonds, or for the purpose of maintaining, restoring, or
16 repairing existing public educational facilities.
17 (b) REFUNDING BONDS. Revenue bonds to finance the
18 cost of state capital projects issued prior to the date this
19 revision becomes effective, including projects of the Florida
20 state turnpike authority or its successor but excluding all
21 portions of the state highway system, may be refunded as
22 provided by law without vote of the electors at a lower net
23 average interest cost rate by the issuance of bonds maturing
24 not later than the obligations refunded, secured by the same
25 revenues only.
26 (c) MOTOR VEHICLE FUEL TAXES.
27 (1) A state tax, designated "second gas tax," of two
28 cents per gallon upon gasoline and other like products of
29 petroleum and an equivalent tax upon other sources of energy
30 used to propel motor vehicles as levied by Article IX, Section
31 16, of the Constitution of 1885, as amended, is hereby
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1 continued. The proceeds of said tax shall be placed monthly in
2 the state roads distribution fund in the state treasury.
3 (2) Article IX, Section 16, of the Constitution of
4 1885, as amended, is adopted by this reference as a part of
5 this revision as completely as though incorporated herein
6 verbatim for the purpose of providing that after the effective
7 date of this revision the proceeds of the "second gas tax" as
8 referred to therein shall be allocated among the several
9 counties in accordance with the formula stated therein to the
10 extent necessary to comply with all obligations to or for the
11 benefit of holders of bonds, revenue certificates and tax
12 anticipation certificates or any refundings thereof secured by
13 any portion of the "second gas tax."
14 (3) No funds anticipated to be allocated under the
15 formula stated in Article IX, Section 16, of the Constitution
16 of 1885, as amended, shall be pledged as security for any
17 obligation hereafter issued or entered into, except that any
18 outstanding obligations previously issued pledging revenues
19 allocated under said Article IX, Section 16, may be refunded
20 at a lower average net interest cost rate by the issuance of
21 refunding bonds, maturing not later than the obligations
22 refunded, secured by the same revenues and any other security
23 authorized in paragraph (5) of this subsection.
24 (4) Subject to the requirements of paragraph (2) of
25 this subsection and after payment of administrative expenses,
26 the "second gas tax" shall be allocated to the account of each
27 of the several counties in the amounts to be determined as
28 follows: There shall be an initial allocation of one-fourth in
29 the ratio of county area to state area, one-fourth in the
30 ratio of the total county population to the total population
31 of the state in accordance with the latest available federal
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1 census, and one-half in the ratio of the total "second gas
2 tax" collected on retail sales or use in each county to the
3 total collected in all counties of the state during the
4 previous fiscal year. If the annual debt service requirements
5 of any obligations issued for any county, including any
6 deficiencies for prior years, secured under paragraph (2) of
7 this subsection, exceeds the amount which would be allocated
8 to that county under the formula set out in this paragraph,
9 the amounts allocated to other counties shall be reduced
10 proportionately.
11 (5) Funds allocated under paragraphs (2) and (4) of
12 this subsection shall be administered by the state board of
13 administration created under said Article IX, Section 16, of
14 the Constitution of 1885, as amended, and which is continued
15 as a body corporate for the life of this subsection 9(c). The
16 board shall remit the proceeds of the "second gas tax" in each
17 county account for use in said county as follows: eighty per
18 cent to the state agency supervising the state road system and
19 twenty per cent to the governing body of the county. The
20 percentage allocated to the county may be increased by general
21 law. The proceeds of the "second gas tax" subject to
22 allocation to the several counties under this paragraph (5)
23 shall be used first, for the payment of obligations pledging
24 revenues allocated pursuant to Article IX, Section 16, of the
25 Constitution of 1885, as amended, and any refundings thereof;
26 second, for the payment of debt service on bonds issued as
27 provided by this paragraph (5) to finance the acquisition and
28 construction of roads as defined by law; and third, for the
29 acquisition and construction of roads and for road maintenance
30 as authorized by law. When authorized by law, state bonds
31 pledging the full faith and credit of the state may be issued
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1 without any election: (i) to refund obligations secured by any
2 portion of the "second gas tax" allocated to a county under
3 Article IX, Section 16, of the Constitution of 1885, as
4 amended; (ii) to finance the acquisition and construction of
5 roads in a county when approved by the governing body of the
6 county and the state agency supervising the state road system;
7 and (iii) to refund obligations secured by any portion of the
8 "second gas tax" allocated under paragraph 9(c)(4). No such
9 bonds shall be issued unless a state fiscal agency created by
10 law has made a determination that in no state fiscal year will
11 the debt service requirements of the bonds and all other bonds
12 secured by the pledged portion of the "second gas tax"
13 allocated to the county exceed seventy-five per cent of the
14 pledged portion of the "second gas tax" allocated to that
15 county for the preceding state fiscal year, of the pledged net
16 tolls from existing facilities collected in the preceding
17 state fiscal year, and of the annual average net tolls
18 anticipated during the first five state fiscal years of
19 operation of new projects to be financed, and of any other
20 legally available pledged revenues collected in the preceding
21 state fiscal year. Bonds issued pursuant to this subsection
22 shall be payable primarily from the pledged tolls, the pledged
23 portions of the "second gas tax" allocated to that county, and
24 any other pledged revenue, and shall mature not later than
25 forty years from the date of issuance.
26 (d) SCHOOL BONDS.
27 (1) Article XII, Section 9, Subsection (d) of this
28 constitution, as amended, (which, by reference, adopted
29 Article XII, Section 18, of the Constitution of 1885, as
30 amended) as the same existed immediately before the effective
31 date of this amendment is adopted by this reference as part of
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1 this amendment as completely as though incorporated herein
2 verbatim, for the purpose of providing that after the
3 effective date of this amendment the first proceeds of the
4 revenues derived from the licensing of motor vehicles as
5 referred to therein shall be distributed annually among the
6 several counties in the ratio of the number of instruction
7 units in each county, the same being coterminus with the
8 school district of each county as provided in Article IX,
9 Section 4, Subsection (a) of this constitution, in each year
10 computed as provided therein to the extent necessary to comply
11 with all obligations to or for the benefit of holders of bonds
12 or motor vehicle tax anticipation certificates issued before
13 the effective date of this amendment or any refundings thereof
14 which are secured by any portion of such revenues derived from
15 the licensing of motor vehicles.
16 (2) No funds anticipated to be distributed annually
17 among the several counties under the formula stated in Article
18 XII, Section 9, Subsection (d) of this constitution, as
19 amended, as the same existed immediately before the effective
20 date of this amendment shall be pledged as security for any
21 obligations hereafter issued or entered into, except that any
22 outstanding obligations previously issued pledging such funds
23 may be refunded by the issuance of refunding bonds.
24 (3) Subject to the requirements of paragraph (1) of
25 this subsection (d) beginning July 1, 1973, the first proceeds
26 of the revenues derived from the licensing of motor vehicles
27 (hereinafter called "motor vehicle license revenues") to the
28 extent necessary to comply with the provisions of this
29 amendment, shall, as collected, be placed monthly in the
30 school district and community college district capital outlay
31 and debt service fund in the state treasury and used only as
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1 provided in this amendment. Such revenue shall be distributed
2 annually among the several school districts and community
3 college districts in the ratio of the number of instruction
4 units in each school district or community college district in
5 each year computed as provided herein. The amount of the
6 first motor vehicle license revenues to be so set aside in
7 each year and distributed as provided herein shall be an
8 amount equal in the aggregate to the product of six hundred
9 dollars ($600) multiplied by the total number of instruction
10 units in all the school districts of Florida for the school
11 fiscal year 1967-68, plus an amount equal in the aggregate to
12 the product of eight hundred dollars ($800) multiplied by the
13 total number of instruction units in all the school districts
14 of Florida for the school fiscal year 1972-73 and for each
15 school fiscal year thereafter which is in excess of the total
16 number of such instruction units in all the school districts
17 of Florida for the school fiscal year 1967-68, such excess
18 units being designated "growth units." The amount of the
19 first motor vehicle license revenues to be so set aside in
20 each year and distributed as provided herein shall
21 additionally be an amount equal in the aggregate to the
22 product of four hundred dollars ($400) multiplied by the total
23 number of instruction units in all community college districts
24 of Florida. The number of instruction units in each school
25 district or community college district in each year for the
26 purposes of this amendment shall be the greater of (1) the
27 number of instruction units in each school district for the
28 school fiscal year 1967-68 or community college district for
29 the school fiscal year 1968-69 computed in the manner
30 heretofore provided by general law, or (2) the number of
31 instruction units in such school district, including growth
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1 units, or community college district for the school fiscal
2 year computed in the manner heretofore or hereafter provided
3 by general law and approved by the state board of education
4 (hereinafter called the state board), or (3) the number of
5 instruction units in each school district, including growth
6 units, or community college district on behalf of which the
7 state board has issued bonds or motor vehicle license revenue
8 anticipation certificates under this amendment which will
9 produce sufficient revenues under this amendment to equal one
10 and twelve-hundredths (1.12) times the aggregate amount of
11 principal of and interest on all bonds or motor vehicle
12 license revenue anticipation certificates issued under this
13 amendment which will mature and become due in such year,
14 computed in the manner heretofore or hereafter provided by
15 general law and approved by the state board.
16 (4) Such funds so distributed shall be administered by
17 the state board as now created and constituted by Section 2 of
18 Article IX of the State Constitution as revised in 1968, or by
19 such other instrumentality of the state which shall hereafter
20 succeed by law to the powers, duties and functions of the
21 state board, including the powers, duties and functions of the
22 state board provided in this amendment. For the purposes of
23 this amendment, said state board shall be a body corporate and
24 shall have all the powers provided in this amendment in
25 addition to all other constitutional and statutory powers
26 related to the purposes of this amendment heretofore or
27 hereafter conferred upon said state board.
28 (5) The state board shall, in addition to its other
29 constitutional and statutory powers, have the management,
30 control and supervision of the proceeds of the first motor
31 vehicle license revenues provided for in this subsection (d).
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1 The state board shall also have power, for the purpose of
2 obtaining funds for the use of any school board of any school
3 district or board of trustees of any community college
4 district in acquiring, building, constructing, altering,
5 remodeling, improving, enlarging, furnishing, equipping,
6 maintaining, renovating, or repairing of capital outlay
7 projects for school purposes to issue bonds or motor vehicle
8 license revenue anticipation certificates, and also to issue
9 such bonds or motor vehicle license revenue anticipation
10 certificates to pay, fund or refund any bonds or motor vehicle
11 license revenue anticipation certificates theretofore issued
12 by said state board. All such bonds or motor vehicle license
13 revenue anticipation certificates shall bear interest at not
14 exceeding the rate provided by general law and shall mature
15 not later than thirty years after the date of issuance
16 thereof. The state board shall have power to determine all
17 other details of the bonds or motor vehicle license revenue
18 anticipation certificates and to sell in the manner provided
19 by general law, or exchange the bonds or motor vehicle license
20 revenue anticipation certificates, upon such terms and
21 conditions as the state board shall provide.
22 (6) The state board shall also have power to pledge
23 for the payment of the principal of and interest on such bonds
24 or motor vehicle license revenue anticipation certificates,
25 including refunding bonds or refunding motor vehicle license
26 revenue anticipation certificates, all or any part from the
27 motor vehicle license revenues provided for in this amendment
28 and to enter into any covenants and other agreements with the
29 holders of such bonds or motor vehicle license revenue
30 anticipation certificates at the time of the issuance thereof
31 concerning the security thereof and the rights of the holders
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1 thereof, all of which covenants and agreements shall
2 constitute legally binding and irrevocable contracts with such
3 holders and shall be fully enforceable by such holders in any
4 court of competent jurisdiction.
5 (7) No such bonds or motor vehicle license revenue
6 anticipation certificates shall ever be issued by the state
7 board, except to refund outstanding bonds or motor vehicle
8 license revenue anticipation certificates, until after the
9 adoption of a resolution requesting the issuance thereof by
10 the school board of the school district or board of trustees
11 of the community college district on behalf of which the
12 obligations are to be issued. The state board of education
13 shall limit the amount of such bonds or motor vehicle license
14 revenue anticipation certificates which can be issued on
15 behalf of any school district or community college district to
16 ninety percent (90%) of the amount which it determines can be
17 serviced by the revenue accruing to the school district or
18 community college district under the provisions of this
19 amendment, and shall determine the reasonable allocation of
20 the interest savings from the issuance of refunding bonds or
21 motor vehicle license revenue anticipation certificates, and
22 such determinations shall be conclusive. All such bonds or
23 motor vehicle license revenue anticipation certificates shall
24 be issued in the name of the state board of education but
25 shall be issued for and on behalf of the school board of the
26 school district or board of trustees of the community college
27 district requesting the issuance thereof, and no election or
28 approval of qualified electors shall be required for the
29 issuance thereof.
30 (8) The state board shall in each year use the funds
31 distributable pursuant to this amendment to the credit of each
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1 school district or community college district only in the
2 following manner and in order of priority:
3 a. To comply with the requirements of paragraph (1) of
4 this subsection (d).
5 b. To pay all amounts of principal and interest due in
6 such year on any bonds or motor vehicle license revenue
7 anticipation certificates issued under the authority hereof,
8 including refunding bonds or motor vehicle license revenue
9 anticipation certificates, issued on behalf of the school
10 board of such school district or board of trustees of such
11 community college district; subject, however, to any covenants
12 or agreements made by the state board concerning the rights
13 between holders of different issues of such bonds or motor
14 vehicle license revenue anticipation certificates, as herein
15 authorized.
16 c. To establish and maintain a sinking fund or funds
17 to meet future requirements for debt service or reserves
18 therefor, on bonds or motor vehicle license revenue
19 anticipation certificates issued on behalf of the school board
20 of such school district or board of trustees of such community
21 college district under the authority hereof, whenever the
22 state board shall deem it necessary or advisable, and in such
23 amounts and under such terms and conditions as the state board
24 shall in its discretion determine.
25 d. To distribute annually to the several school boards
26 of the school districts or the boards of trustees of the
27 community college districts for use in payment of debt service
28 on bonds heretofore or hereafter issued by any such school
29 boards of the school districts or boards of trustees of the
30 community college districts where the proceeds of the bonds
31 were used, or are to be used, in the acquiring, building,
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1 constructing, altering, remodeling, improving, enlarging,
2 furnishing, equipping, maintaining, renovating, or repairing
3 of capital outlay projects in such school districts or
4 community college districts and which capital outlay projects
5 have been approved by the school board of the school district
6 or board of trustees of the community college district,
7 pursuant to the most recent survey or surveys conducted under
8 regulations prescribed by the state board to determine the
9 capital outlay needs of the school district or community
10 college district. The state board shall have power at the
11 time of issuance of any bonds by any school board of any
12 school district or board of trustees of any community college
13 district to covenant and agree with such school board or board
14 of trustees as to the rank and priority of payments to be made
15 for different issues of bonds under this subparagraph d., and
16 may further agree that any amounts to be distributed under
17 this subparagraph d. may be pledged for the debt service on
18 bonds issued by any school board of any school district or
19 board of trustees of any community college district and for
20 the rank and priority of such pledge. Any such covenants or
21 agreements of the state board may be enforced by any holders
22 of such bonds in any court of competent jurisdiction.
23 e. To pay the expenses of the state board in
24 administering this subsection (d), which shall be prorated
25 among the various school districts and community college
26 districts and paid out of the proceeds of the bonds or motor
27 vehicle license revenue anticipation certificates or from the
28 funds distributable to each school district and community
29 college district on the same basis as such motor vehicle
30 license revenues are distributable to the various school
31 districts and community college districts.
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1 f. To distribute annually to the several school boards
2 of the school districts or boards of trustees of the community
3 college districts for the payment of the cost of acquiring,
4 building, constructing, altering, remodeling, improving,
5 enlarging, furnishing, equipping, maintaining, renovating, or
6 repairing of capital outlay projects for school purposes in
7 such school district or community college district as shall be
8 requested by resolution of the school board of the school
9 district or board of trustees of the community college
10 district.
11 g. When all major capital outlay needs of a school
12 district or community college district have been met as
13 determined by the state board, on the basis of a survey made
14 pursuant to regulations of the state board and approved by the
15 state board, all such funds remaining shall be distributed
16 annually and used for such school purposes in such school
17 district or community college district as the school board of
18 the school district or board of trustees of the community
19 college district shall determine, or as may be provided by
20 general law.
21 (9) Capital outlay projects of a school district or
22 community college district shall be eligible to participate in
23 the funds accruing under this amendment and derived from the
24 proceeds of bonds and motor vehicle license revenue
25 anticipation certificates and from the motor vehicle license
26 revenues, only in the order of priority of needs, as shown by
27 a survey or surveys conducted in the school district or
28 community college district under regulations prescribed by the
29 state board, to determine the capital outlay needs of the
30 school district or community college district and approved by
31 the state board; provided that the priority of such projects
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1 may be changed from time to time upon the request of the
2 school board of the school district or board of trustees of
3 the community college district and with the approval of the
4 state board; and provided, further, that this paragraph (9)
5 shall not in any manner affect any covenant, agreement or
6 pledge made by the state board in the issuance by said state
7 board of any bonds or motor vehicle license revenue
8 anticipation certificates, or in connection with the issuance
9 of any bonds of any school board of any school district or
10 board of trustees of any community college district.
11 (10) The state board shall have power to make and
12 enforce all rules and regulations necessary to the full
13 exercise of the powers herein granted and no legislation shall
14 be required to render this amendment of full force and
15 operating effect. The legislature shall not reduce the levies
16 of said motor vehicle license revenues during the life of this
17 amendment to any degree which will fail to provide the full
18 amount necessary to comply with the provisions of this
19 amendment and pay the necessary expenses of administering the
20 laws relating to the licensing of motor vehicles, and shall
21 not enact any law having the effect of withdrawing the
22 proceeds of such motor vehicle license revenues from the
23 operation of this amendment and shall not enact any law
24 impairing or materially altering the rights of the holders of
25 any bonds or motor vehicle license revenue anticipation
26 certificates issued pursuant to this amendment or impairing or
27 altering any covenant or agreement of the state board, as
28 provided in such bonds or motor vehicle license revenue
29 anticipation certificates.
30 (11) Bonds issued by the state board pursuant to this
31 subsection (d) shall be payable primarily from said motor
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1 vehicle license revenues as provided herein, and if heretofore
2 or hereafter authorized by law, may be additionally secured by
3 pledging the full faith and credit of the state without an
4 election. When heretofore or hereafter authorized by law,
5 bonds issued pursuant to Article XII, Section 18 of the
6 Constitution of 1885, as amended prior to 1968, and bonds
7 issued pursuant to Article XII, Section 9, subsection (d) of
8 the Constitution as revised in 1968, and bonds issued pursuant
9 to this subsection (d), may be refunded by the issuance of
10 bonds additionally secured by the full faith and credit of the
11 state.
12 (e) DEBT LIMITATION. Bonds issued pursuant to this
13 Section 9 of Article XII which are payable primarily from
14 revenues pledged pursuant to this section shall not be
15 included in applying the limits upon the amount of state bonds
16 contained in Section 11, Article VII, of this revision.
17 BE IT FURTHER RESOLVED that in accordance with the
18 requirements of section 101.161, Florida Statutes, the title
19 and substance of the amendment proposed herein shall appear on
20 the ballot as follows:
21 PERMITTING OTHER REVENUES TO BE
22 PLEDGED FOR PUBLIC EDUCATION
23 CAPITAL OUTLAY BONDS
24 Proposing an amendment to Section 9 of Article XII of
25 the State Constitution permitting other legally available
26 revenues other than revenues derived from gross receipts taxes
27 to be pledged for the payment of bonds issued pursuant to
28 subsection (a)(2).
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