Senate Bill sb2940

    Florida Senate - 2003        (NP)                      SB 2940

    By Senator Saunders





    37-1376-03                                          See HB 255

  1                      A bill to be entitled

  2         An act relating to Collier County; amending

  3         chapter 69-1326, Laws of Florida, as amended;

  4         increasing the borrowing power of the City of

  5         Naples Airport Authority; providing an

  6         effective date.

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

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10         Section 1.  Subsection (n) of section 4 of chapter

11  69-1326, Laws of Florida, as amended by chapters 75-451 and

12  79-516, Laws of Florida, is amended to read:

13         Section 4.  The operation of the airport by the

14  authority shall be subject to existing leases, rights and

15  privileges heretofore granted by the City of Naples. The

16  authority is hereby authorized and empowered:

17         (n)  To borrow money from time to time, provided that

18  the outstanding indebtedness on loans secured under the

19  provisions of this subsection does not exceed $15,000,000 five

20  million dollars ($5,000,000.00) at any one time, from any

21  state and federal agency or agencies or private party or

22  parties, both individual and corporate, for the purpose of

23  providing funds to be used in the improving, extending,

24  enlarging, equipping or repairing the airport facilities; to

25  secure such loan or loans by executing a promissory note or

26  notes therefor in the name of said airport authority, which

27  said notes shall be binding obligations of said airport

28  authority; to further secure such promissory notes, the

29  airport authority is authorized to mortgage the project or

30  facilities, excluding the land, for the construction, repair

31  or improvement of which said notes may be executed. With

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    Florida Senate - 2003        (NP)                      SB 2940
    37-1376-03                                          See HB 255




 1  regard to the issuance of any obligations in excess of

 2  $2,000,000, the City Council of the City of Naples shall act

 3  in an advisory capacity. However, the advice or

 4  recommendations of the City Council shall in no event be

 5  binding upon the authority and shall not be construed to

 6  impair or inhibit the right to issue any such obligations.

 7         Section 2.  This act shall take effect upon becoming a

 8  law.

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