Senate Bill sb1398
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2003 SB 1398
By Senator Saunders
37-555-03 See HB 257
1 A bill to be entitled
2 An act relating to Southwest Florida
3 transportation; redesignating ch. 349, F.S., as
4 pt. I of that chapter; creating pt. II of ch.
5 349, F.S., consisting of ss. 349.31, 349.32,
6 349.33, 349.34, 349.35, 349.36, 349.37, 349.38,
7 349.39, 349.40, 349.41, 349.42, 349.43, 349.44,
8 349.45, 349.46, and 349.47, titled "Southwest
9 Florida Transportation Authority"; providing a
10 popular name; providing definitions; creating
11 the Southwest Florida Transportation Authority;
12 providing for a governing body of the
13 authority; providing for membership; providing
14 purposes and powers; providing for the
15 Southwest Florida Transportation System;
16 providing for procurement; providing bond
17 financing authority for improvements; providing
18 for bonds of the authority; providing for
19 fiscal agents; providing that the State Board
20 of Administration may act as fiscal agent;
21 providing for certain financial agreements;
22 providing for rights and remedies of
23 bondholders; providing for lease-purchase
24 agreement with the Department of
25 Transportation; providing that the department
26 may be appointed agent of authority for
27 construction; providing for acquisition of
28 lands and property; providing for cooperation
29 with other units, boards, agencies, and
30 individuals; providing covenant of the state;
31 providing for exemption from taxation;
1
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2003 SB 1398
37-555-03 See HB 257
1 providing for eligibility for investments and
2 security; providing pledges enforceable by
3 bondholders; providing for construction and
4 application; amending ss. 349.02, 349.04,
5 349.05, 349.06, 349.07, 349.08, 349.10, 349.11,
6 349.12, 349.13, 349.14, 349.15, 349.17, and
7 349.21, F.S.; correcting references; providing
8 for an appropriation; providing an effective
9 date.
10
11 Be It Enacted by the Legislature of the State of Florida:
12
13 Section 1. Chapter 349, Florida Statutes, consisting
14 of sections 349.01-349.21, is designated as part I of that
15 chapter and titled "Jacksonville Transportation Authority."
16 Section 2. Part II of chapter 349, Florida Statutes,
17 consisting of sections 349.31, 349.32, 349.33, 349.34, 349.35,
18 349.36, 349.37, 349.38, 349.39, 349.40, 349.41, 349.42,
19 349.43, 349.44, 349.45, 349.46, and 349.47, is created to
20 read:
21 Part II Southwest Florida Transportation Authority
22 349.31 Popular name.--This part shall be known and may
23 be referred to by the popular name the "Southwest Florida
24 Transportation Authority Law."
25 349.32 Definitions.--The following terms, whenever
26 used or referred to in this law, shall have the following
27 meanings, except in those instances where the context clearly
28 indicates otherwise:
29 (1) The term "agency of the state" means and includes
30 the state and any department of, or corporation, agency, or
31
2
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2003 SB 1398
37-555-03 See HB 257
1 instrumentality heretofore or hereafter created, designated,
2 or established by, the state.
3 (2) The term "authority" means the body politic and
4 corporate, and agency of the state, created by this part.
5 (3) The term "bonds" means and includes the notes,
6 bonds, refunding bonds, or other evidences of indebtedness or
7 obligations, in either temporary or definitive form, which the
8 authority is authorized to issue pursuant to this part.
9 (4) The term "county" means the Counties of Collier
10 and Lee.
11 (5) "DBOM contract" means the document and all
12 concomitant rights approved by the authority providing the
13 selected person or entity the exclusive right to design,
14 build, operate, and maintain the Southwest Florida
15 Transportation System.
16 (6) "DBOM & F contract" means the document and all
17 concomitant rights approved by the authority providing the
18 selected person or entity the exclusive right to design,
19 build, operate, maintain, and finance all or a portion of the
20 Southwest Florida Transportation System.
21 (7) The term "department" means the Department of
22 Transportation existing under chapters 334-339.
23 (8) The term "expressway" is the same as limited
24 access expressway.
25 (9) The term "federal agency" means and includes the
26 United States, the President of the United States, or any
27 department of, or corporation, agency, or instrumentality
28 heretofore or hereafter created, designated, or established
29 by, the United States.
30 (10) The term "lease-purchase agreement" means the
31 lease-purchase agreements which the authority is authorized
3
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2003 SB 1398
37-555-03 See HB 257
1 pursuant to this part to enter into with the Department of
2 Transportation.
3 (11) The term "limited access expressway" means a
4 street or highway especially designed for through traffic and
5 over, from, or to which no person shall have the right of
6 easement, use, or access except in accordance with the rules
7 and regulations promulgated and established by the authority
8 for the use of such facility. Such highways or streets may be
9 parkways, from which trucks, buses, and other commercial
10 vehicles shall be excluded, or they may be freeways open to
11 use by all customary forms of street and highway traffic.
12 (12) The term "members" means the governing body of
13 the authority, and the term "member" means one of the
14 individuals constituting such governing body.
15 (13) The term "system" means the Southwest Florida
16 Transportation System.
17 (14) The term "Southwest Florida Transportation
18 System" means any and all expressways and appurtenant
19 facilities thereto, including, but not limited to, all
20 approaches, roads, bridges, and avenues of access for said
21 expressway or expressways, whether tolled or non-tolled, or
22 such other facility as the authority determines or designates.
23 (15) The term "State Board of Administration" means
24 the body corporate existing under the provisions of s. 9, Art.
25 XII of the State Constitution, or any successor thereto.
26 (16) Words importing singular number include the
27 plural number in each case and vice versa, and words importing
28 persons include firms and corporations.
29 349.33 Southwest Florida Transportation Authority.--
30 (1) There is hereby created and established a body
31 politic and corporate, an agency of the state, to be known as
4
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2003 SB 1398
37-555-03 See HB 257
1 the "Southwest Florida Transportation Authority,"
2 hereinafter referred to as the "authority," encompassing
3 Collier and Lee Counties.
4 (2) The governing body of the authority shall consist
5 of seven voting members. There shall be three members each
6 from Collier County and Lee County, each of whom shall be a
7 permanent resident of the county from which they come during
8 the entire term. Two of the three members from each county
9 shall be appointed by the Governor. Each appointed member of
10 the authority shall be a person of outstanding reputation for
11 integrity, responsibility, and business ability, but no person
12 who is an employee of Collier County or Lee County or of any
13 city within Collier County or Lee County in any other capacity
14 except as set forth above shall be an appointed member of the
15 authority. The term of each member appointed by the Governor
16 shall be for 4 years. Each appointed member shall hold office
17 until his or her successor has been appointed and has
18 qualified. A vacancy occurring during a term shall be filled
19 only for the balance of the unexpired term. The third member
20 from each county shall be a member of that county's
21 commission, shall be selected by the members of the county
22 commission, and shall serve as an ex officio member for a term
23 of 2 years. Each commissioner must be a member of the county
24 commission when selected and for the full extent of the term
25 of this selection. The seventh member shall be the district
26 secretary of the Department of Transportation serving in the
27 district that contains Collier County and Lee County and shall
28 serve as an ex officio member. Any member of the authority
29 shall be eligible for reappointment.
30 (3)(a) The authority shall elect one of its members as
31 chair of the authority. The authority shall also elect a
5
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2003 SB 1398
37-555-03 See HB 257
1 secretary and a treasurer who may or may not be members of the
2 authority. The chair, secretary, and treasurer shall hold such
3 offices at the will of the authority. Four members of the
4 authority shall constitute a quorum, and a vote of the
5 majority of those present shall be necessary for any action
6 taken by the authority. No vacancy in the authority shall
7 impair the right of a quorum of the authority to exercise all
8 of the rights and perform all of the duties of the authority.
9 (b) Upon the effective date of his or her appointment,
10 or as soon thereafter as practicable, each appointed member of
11 the authority shall enter upon his or her duties.
12 (4)(a) The authority may employ an executive director,
13 its own counsel and legal staff, technical experts, engineers,
14 and such employees, permanent or temporary, as it may require;
15 may determine the qualifications and fix the compensation of
16 such persons, firms, or corporations; and may employ a fiscal
17 agent or agents. The authority may delegate to one or more of
18 its agents or employees such of its power as it shall deem
19 necessary to carry out the purposes of this part, subject
20 always to the supervision and control of the authority.
21 Members of the authority may be removed from office by the
22 Governor for misconduct, malfeasance, misfeasance, or
23 nonfeasance in office.
24 (b) Members of the authority shall be entitled to
25 receive from the authority their travel and other necessary
26 expenses incurred in connection with the business of the
27 authority as provided in s. 112.061, but they shall draw no
28 salaries or other compensation.
29 349.34 Purposes and powers.--
30 (1)(a) The authority created and established by the
31 provisions of this part is hereby granted and shall have the
6
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2003 SB 1398
37-555-03 See HB 257
1 right to acquire, hold, construct, improve, maintain, operate,
2 own, and lease, in the capacity of lessor, the Southwest
3 Florida Transportation System, hereinafter referred to as the
4 "system."
5 (b) It is the express intention of this part that said
6 authority, in the construction of said Southwest Florida
7 Transportation System, within the geographic boundaries of
8 Collier and Lee Counties, shall be authorized to construct any
9 extensions, additions, or improvements to said system or
10 appurtenant facilities, including all necessary approaches,
11 roads, bridges, and avenues of access, with such changes,
12 modifications, or revisions of said project as shall be deemed
13 desirable and proper.
14 (2) The authority is hereby granted and shall have and
15 may exercise all powers necessary, appurtenant, convenient, or
16 incidental to the carrying out of the aforesaid purposes,
17 including, but not limited to, the following rights and
18 powers:
19 (a) To sue and be sued, implead and be impleaded,
20 complain, and defend in all courts.
21 (b) To adopt, use, and alter at will a corporate seal.
22 (c) To acquire by donation or otherwise, purchase,
23 hold, lease as lessee, and use any franchise or property,
24 real, personal, or mixed, tangible or intangible, or any
25 options thereof in its own name or in conjunction with others,
26 or interest therein, necessary or desirable for carrying out
27 the purposes of the authority, and to sell, lease as lessor,
28 transfer, and dispose of any property or interest therein at
29 any time acquired by it.
30
31
7
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2003 SB 1398
37-555-03 See HB 257
1 (d) To enter into and make leases for terms it deems
2 necessary, as either lessee or lessor, in order to carry out
3 the right to lease as set forth in this part.
4 (e) To enter into and make lease-purchase agreements
5 with the department for terms it deems necessary or until any
6 bonds secured by a pledge of rentals thereunder, and any
7 refundings thereof, are fully paid as to both principal and
8 interest, whichever is longer.
9 (f) To fix, alter, charge, establish, and collect
10 rates, fees, rentals, and other charges for the services and
11 facilities of the Southwest Florida Transportation System,
12 which rates, fees, rentals, and other charges shall always be
13 sufficient to comply with any covenants made with the holders
14 of any bonds issued pursuant to this part; provided, however,
15 that such right and power may be assigned or delegated, by the
16 authority, to the department.
17 (g) To borrow money and make and issue negotiable
18 notes, bonds, refunding bonds, and other evidences of
19 indebtedness or obligations, either in temporary or definitive
20 form, hereinafter in this part sometimes called "bonds" of the
21 authority, for the purpose of financing all or part of the
22 improvement or extension of the Southwest Florida
23 Transportation System and appurtenant facilities, including
24 all approaches, streets, roads, bridges, and avenues of access
25 for said Southwest Florida Transportation System, and for any
26 other purpose authorized by this part; to secure the payment
27 of such bonds or any part thereof by a pledge of any or all of
28 its revenues, rates, fees, rentals, or other charges; and in
29 general to provide for the security of said bonds and the
30 rights and remedies of the holders thereof. The authority may
31 enter into an agreement between the authority and one or more
8
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2003 SB 1398
37-555-03 See HB 257
1 counties for the pledge of county gasoline tax funds, county
2 sales tax, or other county revenues to secure any bonds issued
3 for an authority project as authorized hereunder. In the event
4 the authority shall determine to fund or refund any bonds
5 theretofore issued by said authority, prior to the maturity
6 thereof, the proceeds of such funding or refunding bonds
7 shall, pending the prior redemption of the bonds to be funded
8 or refunded, be invested in direct obligations of the United
9 States, and it is the express intention of this part that such
10 outstanding bonds may be funded or refunded by the issuance of
11 bonds pursuant to this part.
12 (h) To make contracts of every name and nature,
13 including, but not limited to, partnerships providing for
14 participation in ownership and revenues, and to execute all
15 instruments necessary or convenient for the carrying on of its
16 business.
17 (i) Without limitation of the foregoing, to borrow
18 money and accept grants from, and to enter into contracts,
19 leases, or other transactions with, any federal agency, the
20 state, any agency of the state, Collier County, Lee County,
21 and any city within these two counties or with any other
22 public body of the state.
23 (j) To have the power of eminent domain, including the
24 procedural powers granted under chapters 73 and 74.
25 (k) To pledge, hypothecate, or otherwise encumber all
26 or any part of the revenues, rates, fees, rentals, or other
27 charges or receipts of the authority as security for all or
28 any of the obligations of the authority.
29 (l) To do all acts and things necessary or convenient
30 for the conduct of its business and the general welfare of the
31
9
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2003 SB 1398
37-555-03 See HB 257
1 authority in order to carry out the powers granted to it by
2 this part or any other law.
3 (m) With the consent of the county within whose
4 jurisdiction the following activities occur, to construct,
5 operate, and maintain roads, bridges, avenues of access,
6 thoroughfares, and boulevards outside the jurisdictional
7 boundaries of Collier and Lee Counties, together with the
8 right to construct, repair, replace, operate, install, and
9 maintain toll payment systems thereon, with all necessary and
10 incidental powers to accomplish the foregoing.
11 (3) The authority shall have no power at any time or
12 in any manner to pledge the credit or taxing power of the
13 state or any political subdivision or agency thereof,
14 including Collier and Lee Counties or any city within these
15 counties, nor shall any of the authority's obligations be
16 deemed to be obligations of the state or of any political
17 subdivision or agency thereof, nor shall the state or any
18 political subdivision or agency thereof, except the authority,
19 be liable for the payment of the principal of or interest on
20 such obligations unless agreed to by such entity.
21 349.35 Procurement.--The authority is authorized to
22 procure commodities and the services of a qualified person or
23 entity to design, build, finance, operate, maintain, and
24 implement the Southwest Florida Transportation System,
25 including the use of a DBOM or DBOM & F method using a request
26 for proposal, a request for qualifications, or an invitation
27 to negotiate.
28 349.36 Bond financing authority for
29 improvements.--Pursuant to s. 11(f), Art. VII of the State
30 Constitution, the Legislature hereby approves for bond
31 financing by the Southwest Florida Transportation Authority
10
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2003 SB 1398
37-555-03 See HB 257
1 improvements to toll collection facilities, interchanges to
2 the legislatively approved Regional Transportation system, and
3 any other facility appurtenant, necessary, or incidental to
4 the approved system. Subject to terms and conditions of
5 applicable revenue bond resolutions and covenants, such costs
6 may be financed in whole or in part by revenue bonds issued
7 pursuant to s. 348.755(1)(a) or (b) whether currently issued
8 or issued in the future, or by a combination of such bonds.
9 349.37 Bonds of the authority.--
10 (1)(a) Bonds may be issued on behalf of the authority
11 pursuant to the State Bond Act.
12 (b) Alternatively, the authority may issue its own
13 bonds pursuant to this part at such times and in such
14 principal amount as, in the opinion of the authority, is
15 necessary to provide sufficient moneys for achieving its
16 purposes; however, such bonds may not pledge the full faith
17 and credit of the state. Bonds issued by the authority
18 pursuant to this paragraph or paragraph (a), whether on
19 original issuance or on refunding, shall be authorized by
20 resolution of the members thereof and may be either term or
21 serial bonds and shall bear such date or dates, mature at such
22 time or times, bear interest at such rate or rates, payable
23 semiannually, be in such denominations, be in such form,
24 either coupon or fully registered, carry such registration,
25 exchangeability, and interchangeability privileges, be payable
26 in such medium of payment and at such place or places, be
27 subject to such terms of redemption, and be entitled to such
28 priorities on the revenues, rates, fees, rentals, or other
29 charges or receipts of the authority, including any other
30 funds received by the authority pursuant to the terms of any
31 lease-purchase agreement between the authority and the
11
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2003 SB 1398
37-555-03 See HB 257
1 department, as such resolution or any resolution subsequent
2 thereto may provide. The bonds shall be executed either by
3 manual or facsimile signature by such officers as the
4 authority shall determine, provided that such bonds shall bear
5 at least one signature which is manually executed thereon, and
6 the coupons attached to such bonds shall bear the facsimile
7 signature or signatures of such officer or officers as shall
8 be designated by the authority and shall have the seal of the
9 authority affixed, imprinted, reproduced, or lithographed
10 thereon, all as may be prescribed in such resolution or
11 resolutions.
12 (c) Bonds issued pursuant to paragraph (a) or
13 paragraph (b) shall be sold at public sale in the same manner
14 provided by the State Bond Act. However, if the authority
15 shall, by official action at a public meeting, determine that
16 a negotiated sale of such bonds is in the best interest of the
17 authority, the authority may negotiate the sale of such bonds
18 with the underwriter or underwriters designated by the
19 authority and the Division of Bond Finance of the State Board
20 of Administration with respect to bonds issued pursuant to
21 paragraph (a) or solely the authority with respect to bonds
22 issued pursuant to paragraph (b). The authority's
23 determination to negotiate the sale of such bonds may be
24 based, in part, upon the written advice of the authority's
25 financial adviser. Pending the preparation of definitive
26 bonds, interim certificates may be issued to the purchaser or
27 purchasers of such bonds and may contain such terms and
28 conditions as the authority may determine.
29 (d) The authority may issue bonds pursuant to
30 paragraph (b) to refund any bonds previously issued regardless
31 of whether the bonds being refunded were issued by the
12
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2003 SB 1398
37-555-03 See HB 257
1 authority pursuant to this part or on behalf of the authority
2 pursuant to the State Bond Act.
3 (2) Any such resolution or resolutions authorizing any
4 bonds hereunder may contain provisions which shall be part of
5 the contract with the holders of such bonds, as to:
6 (a) The pledging of all or any part of the revenues,
7 rates, fees, rentals, or other charges or receipts of the
8 authority, derived by the authority, from the Southwest
9 Florida Transportation System.
10 (b) The completion, improvement, operation, extension,
11 maintenance, repair, lease, or lease-purchase agreement of
12 said system and the duties of the authority and others,
13 including the department, with reference thereto.
14 (c) Limitations on the purposes to which the proceeds
15 of the bonds, then or thereafter to be issued, or of any loan
16 or grant by the United States or the state may be applied.
17 (d) The fixing, charging, establishing, and collecting
18 of rates, fees, rentals, or other charges for use of the
19 services and facilities of the Southwest Florida
20 Transportation System or any part thereof.
21 (e) The setting aside of reserves or sinking funds or
22 repair and replacement funds and the regulation and
23 disposition thereof.
24 (f) Limitations on the issuance of additional bonds.
25 (g) The terms and provisions of any lease-purchase
26 agreement, deed of trust, or indenture securing the bonds or
27 under which the same may be issued.
28 (h) Any other or additional agreements with the
29 holders of the bonds which the authority may deem desirable
30 and proper.
31
13
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2003 SB 1398
37-555-03 See HB 257
1 (3) The authority may employ fiscal agents as provided
2 by this part, or the State Board of Administration may, upon
3 request of the authority, act as fiscal agent for the
4 authority in the issuance of any bonds which may be issued
5 pursuant to this part, and the State Board of Administration
6 may, upon request of the authority, take over the management,
7 control, administration, custody, and payment of any or all
8 debt services or funds or assets now or hereafter available
9 for any bonds issued pursuant to this part. The authority may
10 enter into any deeds of trust, indentures, or other agreements
11 with its fiscal agent, or with any bank or trust company
12 within or without the state, as security for such bonds and
13 may, under such agreements, sign and pledge all or any of the
14 revenues, rates, fees, rentals, or other charges or receipts
15 of the authority. Such deed of trust, indenture, or other
16 agreement may contain such provisions as are customary in such
17 instruments or, as the authority may authorize, including, but
18 without limitation, provisions as to:
19 (a) The completion, improvement, operation, extension,
20 maintenance, repair, and lease of, or lease-purchase agreement
21 relating to, the Southwest Florida Transportation System and
22 the duties of the authority and others, including the
23 department, with reference thereto.
24 (b) The application of funds and the safeguarding of
25 funds on hand or on deposit.
26 (c) The rights and remedies of the trustee and the
27 holders of the bonds.
28 (d) The terms and provisions of the bonds or the
29 resolutions authorizing the issuance of same.
30 (4) Any of the bonds issued pursuant to this part are,
31 and are hereby declared to be, negotiable instruments and
14
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2003 SB 1398
37-555-03 See HB 257
1 shall have all the qualities and incidents of negotiable
2 instruments under the law merchant and the negotiable
3 instruments law of the state.
4 (5) Notwithstanding any of the provisions of this
5 part, each project, building, or facility which has been
6 financed by the issuance of bonds or other evidence of
7 indebtedness under this part and any refinancing thereof is
8 hereby approved as provided for in s. 11(f), Art. VII of the
9 State Constitution.
10 349.38 Remedies of the bondholders.--
11 (1) The rights and the remedies herein conferred upon
12 or granted to the bondholders shall be in addition to and not
13 in limitation of any rights and remedies lawfully granted to
14 such bondholders by the resolution or resolutions providing
15 for the issuance of bonds, or by a lease-purchase agreement,
16 deed of trust, indenture, or other agreement under which the
17 bonds may be issued or secured. In the event that the
18 authority shall default in the payment of the principal of or
19 interest on any of the bonds issued pursuant to the provisions
20 of this part after such principal of or interest on said bonds
21 shall have become due, whether at maturity or upon call for
22 redemption, or the department shall default in any payments
23 under, or covenants made in, any lease-purchase agreement
24 between the authority and the department, and such default
25 shall continue for a period of 30 days, or in the event that
26 the authority or the department shall fail or refuse to comply
27 with the provisions of this part or any agreement made with,
28 or for the benefit of, the holders of the bonds, the holders
29 of 25 percent in aggregate principal amount of the bonds then
30 outstanding shall be entitled as of right to the appointment
31 of a trustee to represent such bondholders for the purposes
15
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2003 SB 1398
37-555-03 See HB 257
1 hereof; however, such holders of 25 percent in aggregate
2 principal amount of the bonds then outstanding must first have
3 given notice, to the authority and to the department of their
4 intention to appoint a trustee. Such notice shall be deemed to
5 have been given if given in writing, deposited in a securely
6 sealed postpaid wrapper, mailed at a regularly maintained
7 United States post office box or station, and addressed,
8 respectively, to the chair of the authority and to the
9 secretary of the Department of Transportation at the principal
10 office of the department.
11 (2) Such trustee, and any trustee under any deed of
12 trust, indenture, or other agreement, may, and upon written
13 request of the holders of 25 percent, or such other
14 percentages as may be specified in any deed of trust,
15 indenture, or other agreement aforesaid, in principal amount
16 of the bonds then outstanding, shall, in any court of
17 competent jurisdiction, in his, her, or its own name:
18 (a) By mandamus or other suit, action, or proceeding
19 at law or in equity, enforce all rights of the bondholders,
20 including the right to require the authority to fix,
21 establish, maintain, collect, and charge rates, fees, rentals,
22 and other charges, adequate to carry out any agreement as to,
23 or pledge of, the revenues or receipts of the authority to
24 carry out any other covenants and agreements with or for the
25 benefit of the bondholders, and to perform its and their
26 duties under this part.
27 (b) By mandamus or other suit, action, or proceeding
28 at law or in equity, enforce all rights of the bondholders
29 under or pursuant to any lease-purchase agreement between the
30 authority and the department, including the right to require
31 the department to make all rental payments required to be made
16
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2003 SB 1398
37-555-03 See HB 257
1 by it under the provisions of any such lease-purchase
2 agreement, and to require the department to carry out any
3 other covenants and agreements with or for the benefit of the
4 bondholders, and to perform its and their duties under this
5 part.
6 (c) Bring suit upon the bonds.
7 (d) By action or suit in equity, require the authority
8 or the department to account as if it were the trustee of an
9 express trust for the bondholders.
10 (e) By action or suit in equity, enjoin any acts or
11 things which may be unlawful or in violation of the rights of
12 the bondholders.
13 (3) Any trustee, when appointed as aforesaid or acting
14 under a deed of trust, indenture, or other agreement, and
15 whether or not all bonds have been declared due and payable,
16 shall be entitled as of right to the appointment of a
17 receiver, who may enter upon and take possession of the
18 Southwest Florida Transportation System or the facilities or
19 any part or parts thereof, the rates, fees, rentals, or other
20 revenues, charges, or receipts from which are, or may be,
21 applicable to the payment of the bonds so in default, and
22 subject to and in compliance with the provisions of any
23 lease-purchase agreement between the authority and the
24 department operate and maintain the same, for and on behalf of
25 and in the name of, the authority, the department, and the
26 bondholders, and collect and receive all rates, fees, rentals,
27 and other charges or receipts or revenues arising therefrom in
28 the same manner as the authority or the department might do,
29 and shall deposit all such moneys in a separate account and
30 apply the same in such manner as the court shall direct. In
31 any suit, action, or proceeding by the trustee, the fees,
17
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2003 SB 1398
37-555-03 See HB 257
1 counsel fees, and expenses of the trustee, and said receiver,
2 if any, and all costs and disbursements allowed by the court
3 shall be a first charge on any rates, fees, rentals, or other
4 charges, revenues, or receipts derived from the Southwest
5 Florida Transportation System, or the facilities or services
6 or any part or parts thereof, including payments under any
7 such lease-purchase agreement as aforesaid which said rates,
8 fees, rentals, or other charges, revenues, or receipts shall
9 or may be applicable to the payment of the bonds so in
10 default. Such trustee shall, in addition to the foregoing,
11 have and possess all of the powers necessary or appropriate
12 for the exercise of any functions specifically set forth
13 herein or incident to the representation of the bondholders in
14 the enforcement and protection of their rights.
15 (4) Nothing in this section or any other section of
16 this part shall authorize any receiver appointed pursuant
17 hereto for the purpose, subject to and in compliance with the
18 provisions of any lease-purchase agreement between the
19 authority and the department, of operating and maintaining the
20 Southwest Florida Transportation System or any facilities or
21 part or parts thereof to sell, assign, mortgage, or otherwise
22 dispose of any of the assets of whatever kind and character
23 belonging to the authority. It is the intention of this part
24 to limit the powers of such receiver, subject to and in
25 compliance with the provisions of any lease-purchase agreement
26 between the authority and the department, to the operation and
27 maintenance of the Southwest Florida Transportation System, or
28 any facility or part or parts thereof, as the court may
29 direct, in the name and for and on behalf of the authority,
30 the department, and the bondholders, and no holder of bonds on
31 the authority nor any trustee shall ever have the right in any
18
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2003 SB 1398
37-555-03 See HB 257
1 suit, action, or proceeding at law or in equity to compel a
2 receiver, nor shall any receiver be authorized or any court be
3 empowered to direct the receiver to sell, assign, mortgage, or
4 otherwise dispose of any assets of whatever kind or character
5 belonging to the authority.
6 349.39 Lease-purchase agreement.--
7 (1) In order to effectuate the purposes of this part
8 and as authorized by this part, the authority may enter into a
9 lease-purchase agreement with the department relating to and
10 covering the Southwest Florida Transportation System.
11 (2) Such lease-purchase agreement shall provide for
12 the leasing of the Southwest Florida Transportation System by
13 the authority, as lessor, to the department, as lessee; shall
14 prescribe the term of such lease and the rentals to be paid
15 thereunder; and shall provide that upon the completion of the
16 faithful performance thereunder and the termination of such
17 lease-purchase agreement, title in fee simple absolute to the
18 Southwest Florida Transportation System as then constituted
19 shall be transferred in accordance with law by the authority
20 to the state and the authority shall deliver to the department
21 such deeds and conveyances as shall be necessary or convenient
22 to vest title in fee simple absolute in the state.
23 (3) Such lease-purchase agreement may include such
24 other provisions, agreements, and covenants as the authority
25 and the department deem advisable or required, including, but
26 not limited to, provisions as to the bonds to be issued under,
27 and for the purposes of, this part; the completion, extension,
28 improvement, operation, and maintenance of the Southwest
29 Florida Transportation System and the expenses and the cost of
30 operation of said authority; the charging and collection of
31 tolls, rates, fees, and other charges for the use of the
19
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2003 SB 1398
37-555-03 See HB 257
1 services and facilities thereof; the application of federal or
2 state grants or aid which may be made or given to assist the
3 authority in the completion, extension, improvement,
4 operation, and maintenance of the Southwest Florida
5 Transportation System, which the authority is hereby
6 authorized to accept and apply to such purposes; the
7 enforcement of payment and collection of rentals; and any
8 other terms, provisions, or covenants necessary, incidental,
9 or appurtenant to the making of and full performance under
10 such lease-purchase agreement.
11 (4) The department, as lessee under such
12 lease-purchase agreement, is hereby authorized to pay as
13 rentals thereunder any rates, fees, charges, funds, moneys,
14 receipts, or income accruing to the department from the
15 operation of the Southwest Florida Transportation System and
16 may also pay as rentals any appropriations received by the
17 department pursuant to any act of the Legislature of the state
18 heretofore or hereafter enacted; provided, however, that
19 nothing herein nor in such lease-purchase agreement is
20 intended to nor shall this part or such lease-purchase
21 agreement require the making or continuance of such
22 appropriations, nor shall any holder of bonds issued pursuant
23 to this part ever have any right to compel the making or
24 continuance of such appropriations.
25 (5) Said department shall have power to covenant in
26 any lease-purchase agreement that it will pay all or any part
27 of the cost of the operation, maintenance, repair, renewal,
28 and replacement of said system, and any part of the cost of
29 completing said system to the extent that the proceeds of
30 bonds issued therefor are insufficient, from sources other
31 than the revenues derived from the operation of said system.
20
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2003 SB 1398
37-555-03 See HB 257
1 Said department may also agree to make such other payments
2 from any moneys available to said commission, said county, or
3 said city in connection with the construction or completion of
4 said system as shall be deemed by said department to be fair
5 and proper under any such covenants heretofore or hereafter
6 entered into.
7 (6) Said system shall be a part of the state road
8 system and said department is hereby authorized, upon the
9 request of the authority, to expend out of any funds available
10 for the purpose such moneys, and to use such of its
11 engineering and other forces, as may be necessary and
12 desirable in the judgment of said department, for the
13 operation of said authority and for traffic surveys, borings,
14 surveys, preparation of plans and specifications, estimates of
15 cost and other preliminary engineering, and other studies.
16 349.40 Department may be appointed agent of authority
17 for construction.--The department may be appointed by said
18 authority as its agent for the purpose of constructing
19 improvements and extensions to the Southwest Florida
20 Transportation System and for the completion thereof. In such
21 event, the authority shall provide the department with
22 complete copies of all documents, agreements, resolutions,
23 contracts, and instruments relating thereto and shall request
24 the department to do such construction work including the
25 planning, surveying, and actual construction of the
26 completion, extensions, and improvements to the Southwest
27 Florida Transportation System and shall transfer to the credit
28 of an account of the department in the treasury of the state
29 the necessary funds therefor, and the department shall
30 thereupon be authorized, empowered, and directed to proceed
31 with such construction and to use the said funds for such
21
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2003 SB 1398
37-555-03 See HB 257
1 purpose in the same manner that it is now authorized to use
2 the funds otherwise provided by law for its use in
3 construction of roads and bridges.
4 349.41 Acquisition of lands and property.--
5 (1) For the purposes of this part, the Southwest
6 Florida Transportation Authority may acquire private or public
7 property and property rights, including rights of access, air,
8 view, and light, by gift, devise, purchase, or condemnation by
9 eminent domain proceedings, as the authority may deem
10 necessary for any of the purposes of this part, including, but
11 not limited to, any lands reasonably necessary for securing
12 applicable permits, areas necessary for management of access,
13 borrow pits, drainage ditches, water retention areas, rest
14 areas, replacement access for landowners whose access is
15 impaired due to the construction of a facility, and
16 replacement rights-of-way for relocated rail and utility
17 facilities; for existing, proposed, or anticipated
18 transportation facilities on the Southwest Florida
19 Transportation System or in a transportation corridor
20 designated by the authority; or for the purposes of screening,
21 relocation, removal, or disposal of junkyards and scrap metal
22 processing facilities. The authority shall also have the power
23 to condemn any material and property necessary for such
24 purposes.
25 (2) The right of eminent domain herein conferred shall
26 be exercised by the authority in the manner provided by law.
27 (3) When the authority acquires property for a
28 transportation facility or in a transportation corridor, it is
29 not subject to any liability imposed by chapter 376 or chapter
30 403 for preexisting soil or groundwater contamination due
31 solely to its ownership. This section does not affect the
22
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2003 SB 1398
37-555-03 See HB 257
1 rights or liabilities of any past or future owners of the
2 acquired property, nor does it affect the liability of any
3 governmental entity for the results of its actions which
4 create or exacerbate a pollution source. The authority and the
5 Department of Environmental Protection may enter into
6 interagency agreements for the performance, funding, and
7 reimbursement of the investigative and remedial acts necessary
8 for property acquired by the authority.
9 349.42 Cooperation with other units, boards, agencies,
10 and individuals.--Express authority and power is hereby given
11 and granted any county, municipality, drainage district, road
12 and bridge district, school district, or any other political
13 subdivision, board, commission, or individual in, or of, the
14 state to make and enter into with the authority contracts,
15 leases, conveyances, partnerships, or other agreements within
16 the provisions and purposes of this part. The authority is
17 hereby expressly authorized to make and enter into contracts,
18 leases, conveyances, partnerships, and other agreements with
19 any political subdivision, agency, or instrumentality of the
20 state and any and all federal agencies, corporations, and
21 individuals for the purpose of carrying out the provisions of
22 this part.
23 349.43 Covenant of the state.--The state does hereby
24 pledge to and agrees with any person, firm, corporation, or
25 federal or state agency subscribing to or acquiring the bonds
26 to be issued by the authority for the purposes of this part
27 that the state will not limit or alter the rights hereby
28 vested in the authority and the department until all bonds at
29 any time issued, together with the interest thereon, are fully
30 paid and discharged insofar as the same affects the rights of
31 the holders of bonds issued hereunder. The state does further
23
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2003 SB 1398
37-555-03 See HB 257
1 pledge to and agree with the United States that in the event
2 any federal agency shall construct or contribute any funds for
3 the completion, extension, or improvement of the Southwest
4 Florida Transportation System, or any part or portion thereof,
5 the state will not alter or limit the rights and powers of the
6 authority and the department in any manner that would be
7 inconsistent with the continued maintenance and operation of
8 the Southwest Florida Transportation System or the completion,
9 extension, or improvement thereof or that would be
10 inconsistent with the due performance of any agreements
11 between the authority and any such federal agency, and the
12 authority and the department shall continue to have and may
13 exercise all powers herein granted, so long as the same shall
14 be necessary or desirable for the carrying out of the purposes
15 of this part and the purposes of the United States in the
16 completion, extension, or improvement of the Southwest Florida
17 Transportation System or any part or portion thereof.
18 349.44 Exemption from taxation.--The effectuation of
19 the authorized purposes of the authority created under this
20 part is, shall, and will be in all respects for the benefit of
21 the people of the state, for the increase of their commerce
22 and prosperity, and for the improvement of their health and
23 living conditions, and since such authority will be performing
24 essential governmental functions in effectuating such
25 purposes, such authority shall not be required to pay any
26 taxes or assessments of any kind or nature whatsoever upon any
27 property acquired or used by it for such purposes, or upon any
28 rates, fees, rentals, receipts, income, or charges at any time
29 received by it, and the bonds issued by the authority, their
30 transfer, and the income therefrom, including any profits made
31 on the sale thereof, shall at all times be free from taxation
24
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2003 SB 1398
37-555-03 See HB 257
1 of any kind by the state, or by any political subdivision,
2 taxing agency, or instrumentality thereof. The exemption
3 granted by this section shall not be applicable to any tax
4 imposed by chapter 220 on interest, income, or profits on debt
5 obligations owned by corporations.
6 349.45 Eligibility for investments and security.--Any
7 bonds or other obligations issued pursuant to this part shall
8 be and constitute legal investments for banks, savings banks,
9 trustees, executors, administrators, and all other fiduciaries
10 and for all state, municipal, and other public funds and shall
11 also be and constitute securities eligible for deposit as
12 security for all state, municipal, or other public funds,
13 notwithstanding the provisions of any other law or laws to the
14 contrary.
15 349.46 Pledges enforceable by bondholders.--It is the
16 express intention of this part that any pledge by the
17 department of rates, fees, revenues, or other funds, as
18 rentals, to the authority, or any covenants or agreements
19 relative thereto, may be enforceable in any court of competent
20 jurisdiction against the authority or directly against the
21 department by any holder of bonds issued by the authority.
22 349.47 This part complete and additional authority.--
23 (1) The powers conferred by this part shall be in
24 addition and supplemental to the existing powers of said board
25 and the department, and this part shall not be construed as
26 repealing any of the provisions of any other law, general,
27 special, or local, but shall supersede such other laws in the
28 exercise of the powers provided in this part and shall provide
29 a complete method for the exercise of the powers granted in
30 this part. The extension and improvement of said Southwest
31 Florida Transportation System, and the issuance of bonds
25
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2003 SB 1398
37-555-03 See HB 257
1 hereunder to finance all or part of the cost thereof, may be
2 accomplished upon compliance with the provisions of this part
3 without regard to or necessity for compliance with the
4 provisions, limitations, or restrictions contained in any
5 other general, special, or local law, including, but not
6 limited to, s. 215.821, and no approval of any bonds issued
7 under this part by the qualified electors or qualified
8 electors who are freeholders in the state or in Collier County
9 or Lee County, or in any city within these two counties, or in
10 any other political subdivision of the state, shall be
11 required for the issuance of such bonds pursuant to this part.
12 (2) This part shall not be deemed to repeal, rescind,
13 or modify any other law or laws relating to the State Board of
14 Administration, the Department of Transportation, or the
15 Division of Bond Finance of the State Board of Administration
16 but shall be deemed to and shall supersede such other law or
17 laws as are inconsistent with the provisions of this part,
18 including, but not limited to, s. 215.821.
19 Section 3. Subsections (1), (3), and (4) of section
20 349.02, Florida Statutes, are amended to read:
21 349.02 Definitions.--The following terms whenever used
22 or referred to in this law shall have the following meanings,
23 except in those instances where the context clearly indicates
24 otherwise:
25 (1) The term "authority" shall mean the body politic
26 and corporate, an agency of the state created by this part
27 chapter.
28 (3) The term "bonds" shall mean and include the notes,
29 bonds, refunding bonds or other evidences of indebtedness or
30 obligations in either temporary or definitive form, which the
31
26
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2003 SB 1398
37-555-03 See HB 257
1 authority is authorized to issue pursuant to this part
2 chapter.
3 (4) The term "lease-purchase agreement" shall mean the
4 lease-purchase agreements which the authority is authorized
5 pursuant to this part chapter to enter into with the
6 Department of Transportation.
7 Section 4. Paragraphs (a) and (d) of subsection (1)
8 and paragraphs (d), (f), (g), (l), and (m) of subsection (2)
9 of section 349.04, Florida Statutes, are amended to read:
10 349.04 Purposes and powers.--
11 (1)(a) The authority created and established by the
12 provisions of this part chapter is hereby granted and shall
13 have the right to acquire, hold, construct, improve, maintain,
14 operate, own, and lease in the capacity of lessor the
15 Jacksonville Expressway System (hereinafter referred to as
16 "system"), heretofore partially constructed or acquired by the
17 Florida State Improvement Commission in the Jacksonville,
18 Duval County, metropolitan area, as more specifically
19 described in the proceedings of the commission which
20 authorized the issuance of $28 million in bonds of the
21 commission for such purpose, and as hereafter completed or
22 improved or extended as authorized by this part chapter , and
23 all appurtenant facilities, including all approaches, streets,
24 roads, bicycle paths, bridges, and avenues of access for the
25 Jacksonville Expressway System, and to construct or acquire
26 extensions, additions, and improvements to the system and to
27 complete the construction and acquisition of the system.
28 (d) It is the express intention of this part chapter
29 that the authority, in completing the construction of the
30 Jacksonville Expressway System, is not limited to the
31 description thereof contained in the proceedings of the
27
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2003 SB 1398
37-555-03 See HB 257
1 commission which authorized the issuance of $28 million in
2 bonds to finance part of the cost thereof, but it is
3 authorized to construct any additional extensions, additions,
4 or improvements to the system, or appurtenant facilities,
5 including all necessary approaches, roads, bicycle ways,
6 bridges, and avenues of access, with such changes,
7 modifications, or revisions of the project as are deemed
8 desirable and proper. It is the intent of this part chapter,
9 and to effect its purposes the Legislature determines, that
10 bonds issued under this part chapter be deemed to be state
11 capital improvement bonds to finance or refinance the cost of
12 state capital projects. However, the provisions of s.
13 316.091(2), relating to bicycles, do not apply to this system.
14 (2) The authority is hereby granted, and shall have
15 and may exercise all powers necessary, appurtenant,
16 convenient, or incidental to the carrying out of the aforesaid
17 purposes, including, but without being limited to, the right
18 and power:
19 (d) To enter into and make leases for terms not
20 exceeding 40 years, as either lessee or lessor, in order to
21 carry out the right to lease as set forth in this part
22 chapter.
23 (f) To fix, alter, charge, establish, and collect
24 rates, fees, rentals, and other charges for the services and
25 facilities of the Jacksonville Expressway System, which rates,
26 fees, rentals, and other charges shall always be sufficient to
27 comply with any covenants made with the holders of any bonds
28 issued pursuant to this part chapter; this right and power may
29 be assigned or delegated by the authority to the department.
30 (g)1. To borrow money and make and issue negotiable
31 notes, bonds, refunding bonds, and other evidences of
28
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2003 SB 1398
37-555-03 See HB 257
1 indebtedness or obligations, either in temporary or definitive
2 form, (hereinafter in this part chapter sometimes called
3 "bonds") of the authority, for the purpose of funding or
4 refunding, at or prior to maturity, any bonds theretofore
5 issued by the authority, or by the Florida State Improvement
6 Commission to finance part of the cost of the Jacksonville
7 Expressway System, and purposes related thereto, and for the
8 purpose of financing all or part of the completion or
9 improvement or extension of the Jacksonville Expressway
10 System, and appurtenant facilities, including all approaches,
11 streets, roads, bridges, and avenues of access for the
12 Jacksonville Expressway System and for any other purpose
13 authorized by this part chapter , such bonds to mature in not
14 exceeding 40 years from the date of the issuance thereof; and
15 to secure the payment of such bonds or any part thereof by a
16 pledge of any or all of its revenues, rates, fees, rentals, or
17 other charges, including all or any portion of the Duval
18 County gasoline tax funds received by the authority pursuant
19 to the terms of any lease-purchase agreement between the
20 authority and the department; and in general to provide for
21 the security of such bonds and the rights and remedies of the
22 holders thereof.
23 2. In the event that the authority determines to fund
24 or refund any bonds theretofore issued by the authority, or by
25 the commission as aforesaid, prior to the maturity thereof,
26 the proceeds of such funding or refunding bonds shall, pending
27 the prior redemption of the bonds to be funded or refunded, be
28 invested in direct obligations of the United States; and it is
29 the express intention of this part chapter that such
30 outstanding bonds may be funded or refunded by the issuance of
31 bonds pursuant to this part chapter notwithstanding that part
29
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2003 SB 1398
37-555-03 See HB 257
1 of such outstanding bonds will not mature or become redeemable
2 until 6 years after the date of issuance of bonds pursuant to
3 this part chapter to fund or refund such outstanding bonds.
4 (l) To do all acts and things necessary or convenient
5 for the conduct of its business and the general welfare of the
6 authority, in order to carry out the powers granted to it by
7 this part chapter or any other law.
8 (m) To borrow money and make and issue negotiable
9 notes, bonds, refunding bonds, and other evidences of
10 indebtedness, either in temporary or definitive form, of the
11 authority for the purpose of funding or refunding the cost of
12 the acquisition of motor or street railway vehicles, passenger
13 terminals, automobile parking facilities, or administrative
14 offices and for any other purposes authorized by this part
15 chapter , such bonds to mature in not exceeding 40 years from
16 the date of the issuance thereof; to secure the payment of
17 such bonds or any part thereof by a pledge of any or all of
18 its revenues, rates, fees, rentals, or other charges; and in
19 general to provide for the security of such bonds and the
20 rights and remedies of the holders thereof.
21 Section 5. Paragraph (a) of subsection (1) and
22 subsections (3), (4), and (5) of section 349.05, Florida
23 Statutes, are amended to read:
24 349.05 Bonds of the authority.--
25 (1)(a) The bonds of the authority issued pursuant to
26 the provisions of this part chapter, whether an original
27 issuance or on refunding, shall be authorized by resolution of
28 the members thereof and may be either term or serial bonds and
29 shall bear such date or dates, mature at such time or times,
30 not exceeding 40 years from their respective dates, bear
31 interest at such rate or rates, payable semiannually, be in
30
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2003 SB 1398
37-555-03 See HB 257
1 such denominations, be in such form, either coupon or fully
2 registered, carry such registration, exchangeability, and
3 interchangeability privileges, be payable in such medium of
4 payment and at such place or places, be subject to such terms
5 of redemption, and be entitled to such priorities on the
6 revenues, rates, fees, rentals, or other charges or receipts
7 of the authority including the Duval County gasoline tax funds
8 received by the authority pursuant to the terms of any
9 lease-purchase agreement between the authority and the
10 department, as such resolution or any resolution subsequent
11 thereto may provide. The bonds shall be executed either by
12 manual or facsimile signature by such officers as the
13 authority shall determine, provided that such bonds shall bear
14 at least one signature which is manually executed thereon, and
15 the coupons attached to such bonds shall bear the facsimile
16 signature or signatures of such officer or officers as shall
17 be designated by the authority and shall have the seal of the
18 authority affixed, imprinted, reproduced, lithographed
19 thereon, all as may be prescribed in such resolution or
20 resolutions.
21 (3) The authority may employ fiscal agents as provided
22 by this part chapter or the State Board of Administration may,
23 upon request by the authority, act as fiscal agent for the
24 authority in the issuance of any bonds that may be issued
25 pursuant to this part chapter, and the State Board of
26 Administration may, upon request by the authority, take over
27 the management, control, administration, custody, and payment
28 of any or all debt services or funds or assets now or
29 hereafter available for any bonds issued pursuant to this part
30 chapter. The authority may enter into deeds of trust,
31 indentures, or other agreements with its fiscal agent, or with
31
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2003 SB 1398
37-555-03 See HB 257
1 any bank or trust company within or without the state, as
2 security for such bonds, and may, under such agreements,
3 assign and pledge all or any of the revenues, rates, fees,
4 rentals, or other charges or receipts of the authority,
5 including all or any portion of the Duval County gasoline tax
6 funds received by the authority pursuant to the terms of any
7 lease-purchase agreement between the authority and the
8 department, thereunder. Such deed of trust, indenture, or
9 other agreement, may contain such provisions as is customary
10 in such instruments or, as the authority may authorize,
11 including, but without limitation, provisions as to:
12 (a) The completion, improvement, operation, extension,
13 maintenance, repair, and lease of, or lease-purchase agreement
14 relating to, the Jacksonville Expressway System, and the
15 duties of the authority and others, including the department,
16 with reference thereto;
17 (b) The application of funds and the safeguarding of
18 funds on hand or on deposit;
19 (c) The rights and remedies of the trustee and the
20 holders of the bonds; and
21 (d) The terms and provisions of the bonds or the
22 resolutions authorizing the issuance of the same.
23 (4) Any of the bonds issued pursuant to this part
24 chapter are, and are hereby declared to be, negotiable
25 instruments, and shall have all the qualities and incidents of
26 negotiable instruments under the law merchant and the
27 negotiable instruments law of the state.
28 (5) Notwithstanding any of the provisions of this part
29 chapter, each project, building, or facility which has been
30 financed by the issuance of bonds or other evidences of
31 indebtedness under this part chapter and any refinancing
32
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2003 SB 1398
37-555-03 See HB 257
1 thereof is hereby approved as provided for in s. 11(f), Art.
2 VII of the State Constitution.
3 Section 6. Subsection (1), paragraphs (a) and (b) of
4 subsection (2), and subsection (4) of section 349.06, Florida
5 Statutes, are amended to read:
6 349.06 Remedies of the bondholders.--
7 (1) The rights and the remedies herein conferred upon
8 or granted to the bondholders shall be in addition to and not
9 in limitation of any rights and remedies lawfully granted to
10 such bondholders by the resolution or resolutions providing
11 for the issuance of bonds, or by any lease-purchase agreement,
12 deed of trust, indenture or other agreement under which the
13 bonds may be issued or secured. In the event that the
14 authority shall default in the payment of the principal of or
15 interest on any of the bonds issued pursuant to the provisions
16 of this part chapter after such principal of or interest on
17 said bonds shall have become due, whether at maturity or upon
18 call for redemption, or the department shall default in any
19 payments under, or covenants made in, any lease-purchase
20 agreement between the authority and the department, and such
21 default shall continue for a period of 30 days, or in the
22 event that the authority or the department shall fail or
23 refuse to comply with the provisions of this part chapter or
24 any agreement made with, or for the benefit of, the holders of
25 the bonds, the holders of 25 percent in aggregate principal
26 amount of the bonds then outstanding shall be entitled as of
27 right to the appointment of a trustee to represent such
28 bondholders for the purposes hereof; provided, however, that
29 such holders of 25 percent in aggregate principal amount of
30 the bonds then outstanding shall have first given notice of
31 their intention to appoint a trustee, to the authority and to
33
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2003 SB 1398
37-555-03 See HB 257
1 the department. Such notice shall be deemed to have been given
2 if given in writing, and deposited in a securely sealed
3 postpaid wrapper, mailed at a regularly maintained United
4 States post office box or station and addressed, to the chair
5 of the authority at the principal office of the authority and
6 to the secretary of the Department of Transportation at the
7 principal office of the department.
8 (2) Such trustee, and any trustee under any deed of
9 trust, indenture or other agreement, may, and upon written
10 request of the holders of 25 percent (or such other
11 percentages as may be specified in any deed of trust,
12 indenture or other agreement aforesaid) in principal amount of
13 the bonds then outstanding, shall, in any court of competent
14 jurisdiction, in his, her, or its own name:
15 (a) By mandamus or other suit, action or proceeding at
16 law, or in equity, enforce all rights of the bondholders,
17 including the right to require the authority to fix,
18 establish, maintain, collect and charge rates, fees, rentals,
19 and other charges, adequate to carry out any agreement as to,
20 or pledge of, the revenues or receipts of the authority, and
21 to require the authority to carry out any other covenants and
22 agreements with or for the benefit of the bondholders, and to
23 perform its and their duties under this part chapter,
24 (b) By mandamus or other suit, action or proceeding at
25 law, or in equity, enforce all rights of the bondholders under
26 or pursuant to any lease-purchase agreement between the
27 authority and the department, including the right to require
28 the department to make all rental payments required to be made
29 by it under the provisions of any such lease-purchase
30 agreement, whether from the Duval County gasoline tax funds or
31 other funds of the department so agreed to be paid and to
34
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2003 SB 1398
37-555-03 See HB 257
1 require the department to carry out any other covenants and
2 agreements with or for the benefit of the bondholders, and to
3 perform its and their duties under this part chapter,
4 (4) Nothing in this section or any other section of
5 this part chapter shall authorize any receiver appointed
6 pursuant hereto for the purpose, subject to and in compliance
7 with the provisions of any lease-purchase agreement between
8 the authority and the department, of operating and maintaining
9 the Jacksonville Expressway System or any facilities or part
10 or parts thereof, to sell, assign, mortgage or otherwise
11 dispose of any of the assets of whatever kind and character
12 belonging to the authority. It is the intention of this part
13 chapter to limit the powers of such receiver, subject to and
14 in compliance with the provisions of any lease-purchase
15 agreement between the authority and the department, to the
16 operation and maintenance of the Jacksonville Expressway
17 System, or any facility, or part or parts thereof, as the
18 court may direct, in the name and for and on behalf of the
19 authority, the department and the bondholders, and no holder
20 of bonds of the authority nor any trustee, shall ever have the
21 right in any suit, action or proceeding at law, or in equity,
22 to compel a receiver, nor shall any receiver be authorized or
23 any court be empowered to direct the receiver to sell, assign,
24 mortgage or otherwise dispose of any assets of whatever kind
25 or character belonging to the authority.
26 Section 7. Subsections (1), (3), and (4) of section
27 349.07, Florida Statutes, are amended to read:
28 349.07 Lease-purchase agreement.--
29 (1) In order to effectuate the purposes of this part
30 chapter and as authorized by this part chapter, the authority
31
35
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2003 SB 1398
37-555-03 See HB 257
1 may enter into a lease-purchase agreement with the department
2 relating to and covering the Jacksonville Expressway System.
3 (3) Such lease-purchase agreement may include such
4 other provisions, agreements and covenants as the authority
5 and the department deem advisable or required, including, but
6 not limited to, provisions as to the bonds to be issued under
7 and for the purposes of this part chapter, the completion,
8 extension, improvement, operation and maintenance of the
9 Jacksonville Expressway System and the expenses and cost of
10 operation of said authority, the charging and collecting of
11 tolls, rates, fees and other charges for the use of the
12 services and facilities thereof, the application of federal or
13 state grants or aid which may be made or given to assist the
14 authority in the completion, extension, improvement, operation
15 and maintenance of the Jacksonville Expressway System, which
16 the authority is hereby authorized to accept and apply to such
17 purposes, the enforcement of payment and collection of rentals
18 and any other terms, provisions or covenants necessary,
19 incidental or appurtenant to the making of and full
20 performance under such lease-purchase agreement.
21 (4) The department, as lessee under such
22 lease-purchase agreement, is hereby authorized to pay as
23 rentals thereunder any rates, fees, charges, funds, moneys,
24 receipts or income accruing to the department from the
25 operation of the Jacksonville Expressway System and the Duval
26 County gasoline tax funds and may also pay as rentals any
27 appropriations received by the department pursuant to any act
28 of the Legislature of the state heretofore or hereafter
29 enacted; provided, however, that nothing herein or in such
30 lease-purchase agreement is intended to, nor shall this part
31 chapter or such lease-purchase agreement require, the making
36
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2003 SB 1398
37-555-03 See HB 257
1 or continuance of such appropriations, nor shall any holder of
2 bonds issued pursuant to this part chapter ever have any right
3 to compel the making or continuance of such appropriations.
4 Section 8. Subsection (1) of section 349.08, Florida
5 Statutes, is amended to read:
6 349.08 Transfer of existing Jacksonville Expressway
7 System to authority.--
8 (1) In order to effectuate the purposes of this part
9 chapter, and subject to the rights of any holders of bonds
10 heretofore issued by said Florida State Improvement Commission
11 to finance any part of the cost of said Jacksonville
12 Expressway System heretofore constructed by Florida State
13 Improvement Commission in the Jacksonville, Duval County,
14 metropolitan area, and to the rights of the State Road
15 Department under any lease-purchase agreement heretofore
16 entered into therefor between Florida State Improvement
17 Commission and said State Road Department, all the right,
18 title and interest in and to said Jacksonville Expressway
19 System, and all powers, jurisdiction and control over or
20 relating thereto, heretofore vested in Florida State
21 Improvement Commission, upon the request of the authority,
22 shall be transferred, set over, assigned and conveyed to said
23 authority, and said Florida State Improvement Commission shall
24 thereupon transmit to the proper officers of the authority all
25 deeds, conveyances, documents, books and records relating to
26 said system, and shall execute all necessary documents and
27 papers to carry out and consummate the conveyance and transfer
28 of said system to said authority as provided for in this part
29 chapter; provided, however, that in the event no such request
30 is made by said authority on or before April 1, 1956, then,
31 and in such event, this part chapter shall be of no force or
37
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2003 SB 1398
37-555-03 See HB 257
1 effect and, thereafter, all powers, jurisdiction and control
2 over or relating to said Jacksonville Expressway System
3 existing in the Florida State Improvement Commission, the
4 State Road Department and the State Board of Administration
5 prior to the enactment of this part chapter shall continue in
6 full force and effect to the same extent as if this part
7 chapter had never been enacted.
8 Section 9. Subsections (1) and (2) of section 349.10,
9 Florida Statutes, are amended to read:
10 349.10 Acquisition of lands and property.--
11 (1) For the purposes of this law the Jacksonville
12 Transportation Authority may acquire private or public
13 property and property rights, including rights of access, air,
14 view, and light, by gift, devise, purchase, or condemnation by
15 eminent domain proceedings, as the authority may deem
16 necessary for any of the purposes of this part chapter. The
17 right of eminent domain herein conferred shall be exercised by
18 the authority in the manner provided by law.
19 (2) The authority may acquire such rights, title,
20 interest, or easements in such lands as it may deem necessary
21 for any of the purposes of this part chapter.
22 Section 10. Section 349.11, Florida Statutes, is
23 amended to read:
24 349.11 Cooperation with other units, boards, agencies,
25 and individuals.--Express authority and power is hereby given
26 and granted any county, municipality, drainage district, road
27 and bridge district, school district or any other political
28 subdivision, board, commission or individual in, or of, the
29 state to make and enter into with the authority, contracts,
30 leases, conveyances, or other agreements within the provisions
31 and purposes of this part chapter. The authority is hereby
38
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2003 SB 1398
37-555-03 See HB 257
1 expressly authorized to make and enter into contracts, leases,
2 conveyances and other agreements with any political
3 subdivision, agency or instrumentality of the state and any
4 and all federal agencies, corporations and individuals, for
5 the purpose of carrying out the provisions of this part
6 chapter.
7 Section 11. Section 349.12, Florida Statutes, is
8 amended to read:
9 349.12 Covenant of the state.--The state does hereby
10 pledge to, and agrees, with any person, firm or corporation,
11 or federal or state agency subscribing to, or acquiring the
12 bonds to be issued by the authority for the purposes of this
13 part chapter that the state will not limit or alter the rights
14 hereby vested in the authority and the department until all
15 bonds at any time issued, together with the interest thereon,
16 are fully paid and discharged insofar as the same affects the
17 rights of the holders of bonds issued hereunder. The state
18 does further pledge to, and agree, with the United States and
19 any federal agency that, in the event that any federal agency
20 shall construct or contribute any funds for the completion,
21 extension or improvement of the Jacksonville Expressway
22 System, or any part or portion thereof, the state will not
23 alter or limit the rights and powers of the authority and the
24 department in any manner which would be inconsistent with the
25 continued maintenance and operation of the Jacksonville
26 Expressway System or the completion, extension or improvement
27 thereof, or which would be inconsistent with the due
28 performance of any agreements between the authority and any
29 such federal agency, and the authority and the department
30 shall continue to have and may exercise all powers herein
31 granted, so long as the same shall be necessary or desirable
39
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2003 SB 1398
37-555-03 See HB 257
1 for the carrying out of the purposes of this part chapter and
2 the purposes of the United States in the completion, extension
3 or improvement of the Jacksonville Expressway System, or any
4 part or portion thereof.
5 Section 12. Section 349.13, Florida Statutes, is
6 amended to read:
7 349.13 Exemption from taxation.--The effectuation of
8 the authorized purposes of the authority created under this
9 part chapter is, shall and will be, in all respects for the
10 benefit of the people of the state, for the increase of their
11 commerce and prosperity, and for the improvement of their
12 health and living conditions, and since such authority will be
13 performing essential governmental functions in effectuating
14 such purposes, such authority shall not be required to pay any
15 taxes or assessments of any kind or nature whatsoever upon any
16 property acquired or used by it for such purposes, or upon any
17 rates, fees, rentals, receipts, income or charges at any time
18 received by it, and the bonds issued by the authority, their
19 transfer and the income therefrom, (including any profits made
20 on the sale thereof) shall at all times be free from taxation
21 of any kind by the state, or by any political subdivision, or
22 taxing agency or instrumentality thereof. The exemption
23 granted by this section shall not be applicable to any tax
24 imposed by chapter 220 on interest, income, or profits on debt
25 obligations owned by corporations.
26 Section 13. Section 349.14, Florida Statutes, is
27 amended to read:
28 349.14 Eligibility for investments and security.--Any
29 bonds or other obligations issued pursuant to this part
30 chapter shall be and constitute legal investments for banks,
31 savings banks, trustees, executors, administrators, and all
40
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2003 SB 1398
37-555-03 See HB 257
1 other fiduciaries, and for all state, municipal and other
2 public funds and shall also be and constitute securities
3 eligible for deposit as security for all state, municipal or
4 other public funds, notwithstanding the provisions of any
5 other law or laws to the contrary.
6 Section 14. Section 349.15, Florida Statutes, is
7 amended to read:
8 349.15 Pledges enforceable by bondholders.--It is the
9 express intention of this part chapter that any pledge by the
10 department of rates, fees, revenues, Duval County gasoline tax
11 funds or other funds, as rentals, to the authority or any
12 covenants or agreements relative thereto may be enforceable in
13 any court of competent jurisdiction against the authority or
14 directly against the department by any holder of bonds issued
15 by the authority.
16 Section 15. Section 349.17, Florida Statutes, is
17 amended to read:
18 349.17 Part Chapter complete and additional
19 authority.--
20 (1) The powers conferred by this part chapter shall be
21 in addition and supplemental to the existing powers of said
22 board and the Department of Transportation, and this part
23 chapter shall not be construed as repealing any of the
24 provisions of any other law, general, special or local, but to
25 supersede such other laws in the exercise of the powers
26 provided in this part chapter, and to provide a complete
27 method for the exercise of the powers granted in this part
28 chapter . The refunding of any of the bonds of Florida State
29 Improvement Commission heretofore issued to finance part of
30 the cost of said Jacksonville Expressway System, and the
31 completion, extension and improvement of said system, and the
41
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2003 SB 1398
37-555-03 See HB 257
1 issuance of bonds hereunder to finance all or part of the cost
2 thereof, may be accomplished upon compliance with the
3 provisions of this part chapter without regard to or necessity
4 for compliance with the provisions, limitations, or
5 restrictions contained in any other general, special or local
6 law, and no approval of any bonds issued under this part
7 chapter by the qualified electors or qualified electors who
8 are freeholders in the state or in said County of Duval, or in
9 said City of Jacksonville, or in any other political
10 subdivision of the state, shall be required for the issuance
11 of such bonds pursuant to this part chapter.
12 (2) This part chapter shall not be deemed to repeal,
13 rescind or modify any other law or laws relating to said State
14 Board of Administration, said Department of Transportation, or
15 said Florida State Improvement Commission, but shall be deemed
16 to and shall supersede such other law or laws in the exercise
17 of the powers provided in this part chapter insofar as such
18 other law or laws are inconsistent with the provisions of this
19 part chapter.
20 Section 16. Section 349.21, Florida Statutes, is
21 amended to read:
22 349.21 Powers conferred by s.
23 212.055(1).--Notwithstanding any other provision of law, any
24 transportation authority created by this part chapter shall
25 have all the powers conferred by s. 212.055(1). The revenues
26 provided by this section shall be used to pay principal and
27 interest on bonds for which tolls have been pledged. The
28 powers provided by this section shall expire when all such
29 bonds in existence on the effective date of this act have been
30 retired.
31
42
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2003 SB 1398
37-555-03 See HB 257
1 Section 17. Notwithstanding the provisions of s.
2 338.251, Florida Statutes, there is hereby appropriated the
3 sum of $2.5 million to initially fund the Southwest Florida
4 Transportation System. Also, notwithstanding the provisions of
5 s. 338.251, Florida Statutes, all or a portion of this
6 appropriation may be used for administrative and other startup
7 costs of the authority and system including, but not limited
8 to, the hiring of an executive director, consultants, and
9 staff.
10 Section 18. This act shall take effect July 1, 2003.
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
43
CODING: Words stricken are deletions; words underlined are additions.