HOUSE AMENDMENT

    780-113AX-02                                Bill No. CS/HB 435

    Amendment No. 4 (for drafter's use only)

                            CHAMBER ACTION
              Senate                               House
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  5                                           ORIGINAL STAMP BELOW

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11  Representative(s) Mack offered the following:

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13         Amendment to Amendment (911327) 

14         On page 11, line 11, through page 12, line 14,

15  remove:  all of said lines

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17  and insert:

18         (g)  Such an expressway authority shall have the

19  authority to create or assist in the creation of tax-exempt,

20  public-purpose Internal Revenue Service Ruling 63-20

21  corporations as provided for under the Internal Revenue Code.

22  Any bonds issued by the 63-20 corporation shall be payable

23  solely from and secured by a lien upon and pledge of the

24  revenues received by the 63-20 corporation. Any bonds issued

25  by the 63-20 corporation shall not be or constitute a general

26  indebtedness of the State of Florida, any department or agency

27  thereof, or any political subdivision thereof within the

28  meaning of any constitutional or statutory provision or

29  limitation. The full faith and credit of the State of Florida

30  shall not be pledged to the payment of the principal of or

31  interest on the bonds issued by the 63-20 corporation. No

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    File original & 9 copies    03/05/02
    hbd0002                     04:45 pm         00435-0091-855519




                                                   HOUSE AMENDMENT

    780-113AX-02                                Bill No. CS/HB 435

    Amendment No. 4 (for drafter's use only)





  1  owner of any of the bonds shall ever have the right to require

  2  or compel the exercise of the taxing power of the State of

  3  Florida or any department or agency of the state for payment

  4  thereof, and the bonds shall not constitute a lien upon any

  5  property owned by the State of Florida or any department or

  6  agency of the state. Bonds issued by the 63-20 corporation

  7  shall be rated investment grade by a nationally recognized

  8  credit rating agency. Nothing in this paragraph is intended to

  9  prohibit credit enhancement of such bonds, whether provided by

10  private or governmental sources other than sources backed by

11  the taxing power of the State of Florida. Nothing in this

12  paragraph is intended to prohibit the pledging of additional

13  funds or revenues from private sources to secure such bonds.

14  Such an expressway authority shall be empowered to enter into

15  public-private partnership agreements with Internal Revenue

16  Service Ruling 63-20 corporations for projects under this

17  subsection.

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    File original & 9 copies    03/05/02
    hbd0002                     04:45 pm         00435-0091-855519