Senate Bill 0226

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    Florida Senate - 2000                                   SB 226

    By Senator Saunders





    25-97-00

  1                      A bill to be entitled

  2         An act relating to the Florida Everglades

  3         Restoration Act; creating s. 259.202, F.S.;

  4         creating the Florida Everglades Restoration

  5         Act; defining the term "restudy project

  6         component"; providing legislative findings;

  7         providing for the proceeds of bond sales to be

  8         deposited into the Florida Everglades

  9         Restoration Trust Fund; providing criteria for

10         restoration projects; amending s. 201.15, F.S.;

11         providing for the payment of debt service on

12         bonds; providing limitations on amounts

13         transferred to the trust fund; providing an

14         effective date.

15

16  Be It Enacted by the Legislature of the State of Florida:

17

18         Section 1.  Section 259.202, Florida Statutes, is

19  created to read:

20         259.202  Florida Everglades Restoration Act.--

21         (1)  SHORT TITLE.--This section may be cited as the

22  "Florida Everglades Restoration Act."

23         (2)  DEFINITION.--As used in this act, the term

24  "restudy project component" means any structural or

25  operational change, resulting from the Comprehensive Review

26  Study of the Central and Southern Florida Project, to the

27  Central and Southern Florida Project as it existed and was

28  operated as of January 1, 1999, and for which federal

29  participation was authorized by the federal Water Resources

30  Development Acts of 1992 and 1996, together with related

31  congressional resolutions.

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  1         (3)  LEGISLATIVE FINDINGS.--The Legislature finds that:

  2         (a)  Human alteration of Florida's natural landscape

  3  has interfered with the ability of the Everglades' lakes,

  4  wetlands, and estuarine systems to retain or convey water or

  5  remove nutrients and sediments from water.

  6         (b)  The south Florida region's continued growth and

  7  economic well-being depend on managing aquatic systems to hold

  8  and release rainfall for environmental, agricultural,

  9  industrial, and clean drinking water purposes; to support

10  abundant native fish, wildlife, and plant communities; and to

11  enhance aesthetic and recreational uses.

12         (c)  Restoration of the damaged ecosystem, including

13  water flow and retention, hydroperiod, nutrient, and sediment

14  removal will be undertaken as part of the restudy pending

15  available funds.

16         (d)  Implementation of the restudy is projected to

17  require several billion dollars in matching funds from state

18  sources.

19         (e)  Public financing for restoration activities is

20  equitably achieved with bonds as approved in the 1998 revision

21  to s. 11(e), Art. VII of the State Constitution.

22         (f)  Environmental restoration bonds are an appropriate

23  and necessary method of financing aquatic systems restoration

24  and the state share of Everglades restoration activities, and

25  the Legislature intends that the Florida Everglades

26  Restoration Act be financed through the issuance of bonds.

27         (4)  RESTORATION PROJECTS SUPPLEMENTED.--

28         (a)  Less the costs of issuance, the costs of funding

29  reserve accounts, and other costs with respect to the bonds,

30  the proceeds of bonds issued pursuant to this act shall be

31

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  1  deposited into the Florida Everglades Restoration Trust Fund

  2  created by s. 375.046.

  3         (b)  The Department of Environmental Protection shall

  4  release funds from the Florida Everglades Restoration Trust

  5  Fund to the South Florida Water Management District following

  6  receipt of a resolution adopted by the governing board which

  7  identifies and justifies the costs of the restudy project

  8  component to be funded. The Secretary of Environmental

  9  Protection may withhold moneys for any restudy project

10  component for which the costs are not identified and

11  justified. The governing board may appeal any denial to the

12  Land and Water Adjudicatory Commission under s. 373.114.

13         (5)  PROJECT CRITERIA.--

14         (a)  Proceeds of bonds issued pursuant to this act and

15  distributed pursuant to subsection (4) shall be spent only on

16  restudy project components that meet at least one of the

17  following criteria:

18         1.  Projects that are joint federal-state partnerships

19  with project plans reflecting cost-share with federal or local

20  governments.

21         2.  Projects to restore natural water flows, retain

22  seasonal flows, release impounded water, or improve a system's

23  ability to remove nutrients and sediments.

24         3.  Projects that restore freshwater flows to major

25  estuarine systems including Florida Bay and Biscayne Bay.

26         4.  Projects that have a goal of restoring native plant

27  and animal communities.

28         5.  Projects that meet one or more of the provisions of

29  s. 11(e), Art. VII of the State Constitution.

30         (b)  The funds provided by this act may not be used for

31  any restudy project component, or portion thereof, related to

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  1  the treatment, transmission, or distribution of water for

  2  sale, resale, or end-use to consumers.

  3         Section 2.  Effective July 1, 2001, subsections (1),

  4  (2), (11), and (12) of section 201.15, Florida Statutes, as

  5  amended by section 2 of chapter 99-247, Laws of Florida, are

  6  amended to read:

  7         201.15  Distribution of taxes collected.--All taxes

  8  collected under this chapter shall be distributed as follows

  9  and shall be subject to the service charge imposed in s.

10  215.20(1), except that such service charge shall not be levied

11  against any portion of taxes pledged to debt service on bonds

12  to the extent that the amount of the service charge is

13  required to pay any amounts relating to the bonds:

14         (1)  Sixty-two and sixty-three hundredths percent of

15  the remaining taxes collected under this chapter shall be used

16  for the following purposes:

17         (a)  Amounts as shall be necessary to pay the debt

18  service on, or fund debt service reserve funds, rebate

19  obligations, or other amounts payable with respect to

20  Preservation 2000 bonds issued pursuant to s. 375.051 and

21  Florida Forever bonds issued pursuant to s. 215.618, shall be

22  paid into the State Treasury to the credit of the Land

23  Acquisition Trust Fund to be used for such purposes. The

24  amount transferred to the Land Acquisition Trust Fund for such

25  purposes shall not exceed $300 million in fiscal year

26  1999-2000 and thereafter for Preservation 2000 bonds and bonds

27  issued to refund Preservation 2000 bonds, and $300 million in

28  fiscal year 2000-2001 and thereafter for Florida Forever

29  bonds. The annual amount transferred to the Land Acquisition

30  Trust Fund for Florida Forever bonds shall not exceed $30

31  million in the first fiscal year in which bonds are issued.

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  1  The limitation on the amount transferred shall be increased by

  2  an additional $30 million in each subsequent fiscal year in

  3  which bonds are authorized to be issued, but shall not exceed

  4  a total of $300 million in any fiscal year for all bonds

  5  issued. It is the intent of the Legislature that all bonds

  6  issued to fund the Florida Forever Act be retired by December

  7  31, 2030. Except for bonds issued to refund previously issued

  8  bonds, no series of bonds may be issued pursuant to this

  9  paragraph unless such bonds are approved and the first year's

10  debt service for such bonds is specifically appropriated in

11  the General Appropriations Act. For purposes of refunding

12  Preservation 2000 bonds, amounts designated within this

13  section for Preservation 2000 and Florida Forever bonds may be

14  transferred between the two programs to the extent provided

15  for in the documents authorizing the issuance of the bonds.

16  The Preservation 2000 bonds and Florida Forever bonds shall be

17  equally and ratably secured by moneys distributable to the

18  Land Acquisition Trust Fund pursuant to this section, except

19  to the extent specifically provided otherwise by the documents

20  authorizing the issuance of the bonds. No moneys transferred

21  to the Land Acquisition Trust Fund pursuant to this paragraph,

22  or earnings thereon, shall be used or made available to pay

23  debt service on the Save Our Coast revenue bonds.

24         (b)  Subject to the maximum amount of limitations set

25  forth in this paragraph, an amount necessary to pay the debt

26  service on or to fund debt service reserve funds, rebate

27  obligations, or other amounts with respect to bonds issued

28  pursuant to s. 375.051 and s. 11(e), Art. VII or s. 9, Art.

29  XII of the State Constitution and payable from moneys

30  transferred to the Florida Everglades Restoration Trust Fund

31  pursuant to this paragraph shall be paid into the State

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  1  Treasury to the credit of the Florida Everglades Restoration

  2  Trust Fund to be used for restudy project components. The

  3  amount transferred to the Florida Everglades Restoration Trust

  4  Fund may not exceed $10 million in fiscal year 2001-2002, $20

  5  million in fiscal year 2002-2003, $30 million in fiscal year

  6  2003-2004, $40 million in fiscal year 2004-2005, $50 million

  7  in fiscal year 2005-2006, $60 million in fiscal year

  8  2006-2007, $70 million in fiscal year 2007-2008, $80 million

  9  in fiscal year 2008-2009, $90 million in fiscal year 2009-2010

10  and $100 million in fiscal year 2010-2011 and thereafter. An

11  individual series of bonds may not be issued under this

12  paragraph unless the first year's debt service for such bonds

13  is specifically appropriated in the General Appropriations

14  Act. Moneys transferred to the Florida Everglades Restoration

15  Trust Fund under this paragraph, or earnings thereon, may not

16  be used or made available to pay debt service on the Save Our

17  Coast revenue bonds.

18         (c)(b)  The remainder of the moneys distributed under

19  this subsection, after the required payment under paragraphs

20  paragraph (a) and (b), shall be paid into the State Treasury

21  to the credit of the Land Acquisition Trust Fund and may be

22  used for any purpose for which funds deposited in the Land

23  Acquisition Trust Fund may lawfully be used. Payments made

24  under this paragraph shall continue until the cumulative

25  amount credited to the Land Acquisition Trust Fund for the

26  fiscal year under this paragraph and paragraph (2)(b) equals

27  70 percent of the current official forecast for distributions

28  of taxes collected under this chapter pursuant to subsection

29  (2). As used in this paragraph, the term "current official

30  forecast" means the most recent forecast as determined by the

31  Revenue Estimating Conference. If the current official

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  1  forecast for a fiscal year changes after payments under this

  2  paragraph have ended during that fiscal year, no further

  3  payments are required under this paragraph during the fiscal

  4  year.

  5         (d)(c)  The remainder of the moneys distributed under

  6  this  subsection, after the required payments under paragraphs

  7  paragraph (a), (b), and (c) shall be paid into the State

  8  Treasury to the credit of the General Revenue Fund of the

  9  state to be used and expended for the purposes for which the

10  General Revenue Fund was created and exists by law or to the

11  Ecosystem Management and Restoration Trust Fund as provided in

12  subsection (11).

13         (2)  Seven and fifty-six hundredths percent of the

14  remaining taxes collected under this chapter shall be used for

15  the following purposes:

16         (a)  Beginning in the month following the final payment

17  for a fiscal year under paragraph (1)(c) (1)(b), available

18  moneys shall be paid into the State Treasury to the credit of

19  the General Revenue Fund of the state to be used and expended

20  for the purposes for which the General Revenue Fund was

21  created and exists by law or to the Ecosystem Management and

22  Restoration Trust Fund as provided in subsection (11).

23  Payments made under this paragraph shall continue until the

24  cumulative amount credited to the General Revenue Fund for the

25  fiscal year under this paragraph equals the cumulative

26  payments made under paragraph (1)(c) (1)(b) for the same

27  fiscal year.

28         (b)  The remainder of the moneys distributed under this

29  subsection shall be paid into the State Treasury to the credit

30  of the Land Acquisition Trust Fund. Sums deposited in the fund

31  pursuant to this subsection may be used for any purpose for

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  1  which funds deposited in the Land Acquisition Trust Fund may

  2  lawfully be used.

  3         (11)  From the moneys specified in paragraphs (1)(d)

  4  (1)(c) and (2)(a) and prior to deposit of any moneys into the

  5  General Revenue Fund, $10 million shall be paid into the State

  6  Treasury to the credit of the Ecosystem Management and

  7  Restoration Trust Fund in fiscal year 1998-1999, $20 million

  8  in fiscal year 1999-2000, and $30 million in fiscal year

  9  2000-2001 and each fiscal year thereafter, to be used for the

10  preservation and repair of the state's beaches as provided in

11  ss. 161.091-161.212.

12         (12)  The Department of Revenue may use the payments

13  credited to trust funds pursuant to paragraphs (1)(c) (1)(b)

14  and (2)(b) and subsections (3), (4), (5), (6), (7), (8), (9),

15  and (10) to pay the costs of the collection and enforcement of

16  the tax levied by this chapter. The percentage of such costs

17  which may be assessed against a trust fund is a ratio, the

18  numerator of which is payments credited to that trust fund

19  under this section and the denominator of which is the sum of

20  payments made under paragraphs (1)(c) (1)(b) and (2)(b) and

21  subsections (3), (4), (5), (6), (7), (8), (9), and (10).

22         Section 3.  This act shall take effect July 1, 2001.

23

24            *****************************************

25                          SENATE SUMMARY

26    Creates the Florida Restoration Act to finance aquatic
      systems restoration projects through the issuance of
27    bonds. Provides criteria for restoration projects.
      Provides for payment of debt service on bonds and sets
28    limitations on the transfer of tax revenues to the
      Florida Restoration Trust Fund.
29

30

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