Senate Bill sb0684c1

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    Florida Senate - 2002                            CS for SB 684

    By the Committees on Appropriations; Natural Resources; and
    Senators Saunders, Constantine and Pruitt




    309-1992-02

  1                      A bill to be entitled

  2         An act relating to Everglades restoration;

  3         amending s. 201.15; F.S., providing for a

  4         distribution of proceeds from excise taxes on

  5         documents for payment of debt service on

  6         Everglades restoration bonds; creating s.

  7         215.619, F.S.; authorizing the issuance of

  8         Everglades restoration bonds to finance or

  9         refinance the cost of acquisition and

10         improvement of land, water areas, and related

11         property interests and resources for the

12         purpose of implementing the Comprehensive

13         Everglades Restoration Plan; providing

14         procedures and limitations; providing for the

15         deposit of funds; amending s. 373.470, F.S.;

16         providing for the deposit of bond proceeds;

17         providing legislative intent that the issuance

18         of bonds is in the best interest of the state;

19         providing an effective date.

20

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

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23         Section 1.  Subsection (1) of section 201.15, Florida

24  Statutes, is amended to read:

25         201.15  Distribution of taxes collected.--All taxes

26  collected under this chapter shall be distributed as follows

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

28  215.20(1), except that such service charge shall not be levied

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

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

31  required to pay any amounts relating to the bonds:

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    Florida Senate - 2002                            CS for SB 684
    309-1992-02




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

  2  the remaining taxes collected under this chapter shall be used

  3  for the following purposes:

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

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

  6  obligations, or other amounts payable with respect to

  7  Preservation 2000 bonds issued pursuant to s. 375.051 and

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

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

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

11  amount transferred to the Land Acquisition Trust Fund for such

12  purposes shall not exceed $300 million in fiscal year

13  1999-2000 and thereafter for Preservation 2000 bonds and bonds

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

15  fiscal year 2000-2001 and thereafter for Florida Forever

16  bonds. The annual amount transferred to the Land Acquisition

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

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

19  The limitation on the amount transferred shall be increased by

20  an additional $30 million in each subsequent fiscal year, but

21  shall not exceed a total of $300 million in any fiscal year

22  for all bonds issued. It is the intent of the Legislature that

23  all bonds issued to fund the Florida Forever Act be retired by

24  December 31, 2030. Except for bonds issued to refund

25  previously issued bonds, no series of bonds may be issued

26  pursuant to this paragraph unless such bonds are approved and

27  the debt service for the remainder of the fiscal year in which

28  the bonds are issued is specifically appropriated in the

29  General Appropriations Act. For purposes of refunding

30  Preservation 2000 bonds, amounts designated within this

31  section for Preservation 2000 and Florida Forever bonds may be

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    Florida Senate - 2002                            CS for SB 684
    309-1992-02




  1  transferred between the two programs to the extent provided

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

  3  The Preservation 2000 bonds and Florida Forever bonds shall be

  4  equally and ratably secured by moneys distributable to the

  5  Land Acquisition Trust Fund pursuant to this section, except

  6  to the extent specifically provided otherwise by the documents

  7  authorizing the issuance of the bonds. No moneys transferred

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

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

10  debt service on the Save Our Coast revenue bonds.

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

12  subsection, after the required payment under paragraph (a),

13  shall be paid into the State Treasury to the credit of the

14  Save Our Everglades Trust Fund in amounts necessary to pay

15  debt service, provide reserves, and pay rebate obligations and

16  other amounts due with respect to bonds issued under s.

17  215.619.

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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    Florida Senate - 2002                            CS for SB 684
    309-1992-02




  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 or to the

12  Marine Resources Conservation Trust Fund as provided in

13  subsection (11).

14         Section 2.  Section 215.619, Florida Statutes, is

15  created to read:

16         215.619  Bonds for Everglades restoration.--

17         (1)  The issuance of Everglades restoration bonds to

18  finance or refinance the cost of acquisition and improvement

19  of land, water areas, and related property interests and

20  resources for the purpose of implementing the Comprehensive

21  Everglades Restoration Plan under s. 373.470 is authorized in

22  accordance with s. 11(e), Art. VII of the State Constitution.

23  Everglades restoration bonds, except refunding bonds, may be

24  issued only in fiscal years 2002-2003 through 2009-2010, and

25  may not be issued in an amount exceeding $100 million per

26  fiscal year unless the Department of Environmental Protection

27  has requested additional amounts in order to achieve cost

28  savings or accelerate the purchase of land. The duration of

29  Everglades restoration bonds may not exceed 20 annual

30  maturities, and those bonds must mature by December 31, 2030.

31  Except for refunding bonds, a series of bonds may not be

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    Florida Senate - 2002                            CS for SB 684
    309-1992-02




  1  issued unless an amount equal to the debt service coming due

  2  in the year of issuance has been appropriated by the

  3  Legislature.

  4         (2)  The state covenants with the holders of Everglades

  5  restoration bonds that it will not take any action that will

  6  materially and adversely affect the rights of the holders so

  7  long as the bonds are outstanding, including, but not limited

  8  to, a reduction in the portion of documentary stamp taxes

  9  distributable under s. 201.15(1) for payment of debt service

10  on Preservation 2000 bonds, Florida Forever bonds, or

11  Everglades restoration bonds.

12         (3)  Everglades restoration bonds are payable from, and

13  secured by a first lien on, taxes distributable under s.

14  201.15(1)(b) and do not constitute a general obligation of or

15  a pledge of the full faith and credit of the state. Everglades

16  restoration bonds are junior and subordinate to bonds secured

17  by moneys distributable under s. 201.15(1)(a).

18         (4)  The Department of Environmental Protection shall

19  request the Division of Bond Finance to issue Everglades

20  restoration bonds under the State Bond Act. The Department of

21  Environmental Protection shall coordinate with the Division of

22  Bond Finance to issue the bonds in a cost-effective manner

23  consistent with cash needs.

24         (5)  The proceeds of Everglades restoration bonds, less

25  the costs of issuance, the costs of funding reserve accounts,

26  and other costs with respect to the bonds, shall be deposited

27  into the Save Our Everglades Trust Fund. The bond proceeds

28  deposited into the Save Our Everglades Trust Fund shall be

29  distributed by the Department of Environmental Protection as

30  provided in s. 373.470.

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    Florida Senate - 2002                            CS for SB 684
    309-1992-02




  1         (6)  There may not be any sale, disposition, lease,

  2  easement, license, or other use of any land, water areas, or

  3  related property interests acquired or improved with proceeds

  4  of Everglades restoration bonds which would cause all or any

  5  portion of the interest on the bonds to be included in gross

  6  income for federal income tax purposes.

  7         (7)  Any complaint for validation of bonds issued under

  8  this section may be filed only in the circuit court of the

  9  county where the seat of state government is situated. The

10  notice required to be published by s. 75.06 may be published

11  only in the county where the complaint is filed, and the

12  complaint and order of the circuit court need be served only

13  on the state attorney of the circuit in which the action is

14  pending.

15         Section 3.  Subsection (5) of section 373.470, Florida

16  Statutes, is amended to read:

17         373.470  Everglades restoration.--

18         (5)  SAVE OUR EVERGLADES TRUST FUND SUPPLEMENTED.--

19         (a)1.  For fiscal year 2000-2001, $50 million of state

20  funds shall be deposited into the Save Our Everglades Trust

21  Fund created by s. 373.472.

22         2.  For each year of the 9 consecutive years beginning

23  with fiscal year 2001-2002, $75 million of state funds shall

24  be deposited into the Save Our Everglades Trust Fund created

25  by s. 373.472.

26         3.  As an alternative to subparagraph 2., proceeds of

27  bonds issued under s. 215.619 may be deposited into the Save

28  Our Everglades Trust Fund created under s. 373.472. To enhance

29  flexibility, funds to be deposited into the Save Our

30  Everglades Trust Fund may consist of any combination of state

31  funds and Everglades restoration bonds.

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    Florida Senate - 2002                            CS for SB 684
    309-1992-02




  1         (b)  For each year of the 10 consecutive years

  2  beginning with fiscal year 2000-2001, the department shall

  3  deposit $25 million of the funds allocated to the district by

  4  the department under s. 259.105(11)(a) into the Save Our

  5  Everglades Trust Fund created by s. 373.472.

  6         Section 4.  In accordance with s. 215.98(1), the

  7  Legislature determines that the issuance of Everglades

  8  restoration bonds under section 2 of this act is in the best

  9  interest of the state and should be implemented.

10         Section 5.  This act shall take effect July 1, 2002.

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12          STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
                       COMMITTEE SUBSTITUTE FOR
13                         Senate Bill 684

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15  Increases the amount of the Everglades restoration bonds
    authorized under the bill from $75 million to $100 million
16  annually.

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