Senate Bill sb0406c1

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    Florida Senate - 2003                            CS for SB 406

    By the Committee on Appropriations; and Senator Webster





    309-2081-03

  1                      A bill to be entitled

  2         An act relating to the Department of

  3         Transportation; creating s. 215.617, F.S.;

  4         authorizing the department to issue revenue

  5         bonds financed by the repayment of loans from

  6         the state-funded infrastructure bank; amending

  7         s. 338.165, F.S.; providing for toll rate

  8         adjustments for certain toll roads; authorizing

  9         the department to request the Division of Bond

10         Finance to issue bonds secured by toll revenues

11         collected on the Beeline-East Expressway, the

12         Sunshine Skyway Bridge, and the Pinellas Bayway

13         toll facilities to provide funding for

14         transportation projects on the State Highway

15         System; amending s. 338.2275, F.S.; increasing

16         the cap on the amount of bonds that may be

17         issued to fund approved turnpike projects;

18         amending s. 338.231, F.S.; advancing a toll

19         rate adjustment; amending s. 339.12, F.S.;

20         removing the limit for transportation project

21         advances for certain inland counties for

22         certain improvements to the State Highway

23         System; providing an effective date.

24  

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

26  

27         Section 1.  Section 215.617, Florida Statutes, is

28  created to read:

29         215.617  Bonds for state-funded infrastructure bank.--

30         (1)  Upon the request of the Department of

31  Transportation, the Division of Bond Finance is authorized

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    Florida Senate - 2003                            CS for SB 406
    309-2081-03




 1  pursuant to s. 11, Art. VII of the State Constitution and the

 2  State Bond Act to issue revenue bonds, for and on behalf of

 3  the Department of Transportation, for the purpose of financing

 4  or refinancing the construction, reconstruction, and

 5  improvement of projects that are eligible to receive

 6  assistance from the state-funded infrastructure bank as

 7  provided in s. 339.55. The facilities to be financed with the

 8  proceeds of such bonds are designated as state fixed capital

 9  outlay projects for the purposes of s. 11(d), Art. VII of the

10  State Constitution, and the specific facilities to be financed

11  shall be determined by the Department of Transportation in

12  accordance with s. 339.55. Each project to be financed with

13  the proceeds of the bonds issued pursuant to this section is

14  hereby approved as required by s. 11(f), Art. VII of the State

15  Constitution. The Division of Bond Finance is authorized to

16  consider innovative financing techniques, which may include,

17  but are not limited to, innovative bidding and structures of

18  potential financings that may result in negotiated

19  transactions.

20         (2)  Bonds issued pursuant to this section shall be

21  payable primarily from a prior and superior claim on all

22  state-funded infrastructure bank repayments received each year

23  with respect to state-funded infrastructure bank projects

24  undertaken in accordance with s. 339.55.

25         (3)  The duration of each series of bonds may not

26  exceed 30 annual maturities.

27         (4)  The bonds issued under this section shall not

28  constitute a general obligation or debt of the state or a

29  pledge of the full faith and credit or taxing power of the

30  state. The bonds shall be secured by and are payable from the

31  

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    Florida Senate - 2003                            CS for SB 406
    309-2081-03




 1  revenues pledged in accordance with this section and the

 2  resolution authorizing their issuance.

 3         (5)  The state does covenant with the holders of bonds

 4  issued under this section that it will not take any action

 5  that will materially and adversely affect the rights of such

 6  bondholders as long as the bonds authorized by this section

 7  are outstanding.

 8         (6)  Any complaint for validation of bonds issued

 9  pursuant to this section shall be filed in the circuit court

10  of the county where the seat of state government is situated,

11  the notice required to be published by s. 75.06 shall be

12  published only in the county where the complaint is filed, and

13  the complaint and order of the circuit court shall be served

14  only on the state attorney of the circuit in which the action

15  is pending.

16         Section 2.  Subsections (2) and (3) of section 338.165,

17  Florida Statutes, are amended to read:

18         338.165  Continuation of tolls.--

19         (2)  If the revenue-producing project is on the State

20  Highway System, any remaining toll revenue shall be used for

21  the construction, maintenance, or improvement of any road on

22  the State Highway System within the county or counties in

23  which the revenue-producing project is located, except as

24  provided in s. 348.0004. Notwithstanding any other provision

25  of law or rule, the department shall increase toll rates

26  effective July 1, 2003, on the Sunshine Skyway Bridge, the

27  Beeline-East Expressway, and the Alligator Alley toll

28  facilities after consultation with a nationally recognized

29  traffic engineer to ensure that the proposed toll rate is

30  appropriate in the context of established statewide norms for

31  toll facilities of a similar type. Any toll revenue or bond

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    Florida Senate - 2003                            CS for SB 406
    309-2081-03




 1  proceeds generated by these increased toll rates shall be used

 2  in the county or counties where the existing toll facility is

 3  located. Priority consideration shall be given to future

 4  revenue-producing projects, the advance acquisition of

 5  rights-of-way, and projects that significantly increase

 6  mobility.

 7         (3)  Notwithstanding any other law to the contrary,

 8  pursuant to s. 11, Art. VII of the State Constitution, and

 9  subject to the requirements of subsection (2), the Department

10  of Transportation may request the Division of Bond Finance to

11  issue bonds secured by toll revenues collected on the

12  Alligator Alley, the Sunshine Skyway Bridge, the Beeline-East

13  Expressway, and the Pinellas Bayway to fund transportation

14  projects located within the county or counties in which the

15  project is located and contained in the 1993-1994 Adopted Work

16  Program or in any subsequent adopted work program of the

17  department.

18         Section 3.  Subsection (1) of section 338.2275, Florida

19  Statutes, is amended to read:

20         338.2275  Approved turnpike projects.--

21         (1)  Legislative approval of the department's tentative

22  work program that contains the turnpike project constitutes

23  approval to issue bonds as required by s. 11(f), Art. VII of

24  the State Constitution. Turnpike projects approved to be

25  included in future tentative work programs include, but are

26  not limited to, projects contained in the 2003-2004 1997-1998

27  tentative work program and potential expansion projects listed

28  in the January 25, 1997, report submitted to the Florida

29  Transportation Commission titled "Florida's Turnpike Building

30  on the Past - Preparing for the Future." A maximum of $4.5 $3

31  

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    Florida Senate - 2003                            CS for SB 406
    309-2081-03




 1  billion of bonds may be issued to fund approved turnpike

 2  projects.

 3         Section 4.  Subsection (8) is added to section 338.231,

 4  Florida Statutes, to read:

 5         338.231  Turnpike tolls, fixing; pledge of tolls and

 6  other revenues.--The department shall at all times fix,

 7  adjust, charge, and collect such tolls for the use of the

 8  turnpike system as are required in order to provide a fund

 9  sufficient with other revenues of the turnpike system to pay

10  the cost of maintaining, improving, repairing, and operating

11  such turnpike system; to pay the principal of and interest on

12  all bonds issued to finance or refinance any portion of the

13  turnpike system as the same become due and payable; and to

14  create reserves for all such purposes.

15         (8)  Notwithstanding any other provision of law or

16  rule, the department shall advance the toll rate increase

17  currently planned for July 1, 2004, to become effective July

18  1, 2003.

19         Section 5.  Paragraph (c) of subsection (4) of section

20  339.12, Florida Statutes, is amended to read:

21         339.12  Aid and contributions by governmental entities

22  for department projects; federal aid.--

23         (4)

24         (c)  The department may enter into agreements under

25  this subsection for a project or project phase not included in

26  the adopted work program. As used in this paragraph, the term

27  "project phase" means acquisition of rights-of-way,

28  construction, construction inspection, and related support

29  phases. The project or project phase must be a high priority

30  of the governmental entity. Reimbursement for a project or

31  project phase must be made from funds appropriated by the

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    Florida Senate - 2003                            CS for SB 406
    309-2081-03




 1  Legislature pursuant to s. 339.135(5). All other provisions of

 2  this subsection apply to agreements entered into under this

 3  paragraph. The total amount of project agreements for projects

 4  or project phases not included in the adopted work program may

 5  not at any time exceed $100 million. However, notwithstanding

 6  such $100-million limit and any similar limit in s. 334.30,

 7  project advances for any inland county with a population

 8  greater than 500,000 dedicating amounts equal to $500 million

 9  or more of its Local Infrastructure Sales Tax pursuant to s.

10  212.055(2) for improvements to the State Highway System which

11  are included in the local metropolitan planning organization's

12  or the department's long-range transportation plans shall be

13  excluded from the calculation of the statewide limit of

14  project advances.

15         Section 6.  This act shall take effect upon becoming a

16  law.

17  

18          STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
                       COMMITTEE SUBSTITUTE FOR
19                              SB 406

20                                 

21  
    1.   Authorizes the issuance of revenue bonds for projects
22       eligible to receive assistance from the State
         Infrastructure Bank.
23  
    2.   Directs the Florida Department of Transportation (FDOT)
24       to increase toll rates on the Sunshine Skyway Bridge,
         Beeline-East Expressway, and Alligator Alley effective
25       July 1, 2003.

26  3.   Requires consultation with a national traffic engineer to
         ensure that proposed tolls are appropriate.
27  
    4.   Directs FDOT to advance currently-scheduled toll
28       increases from July 1, 2004 to July 1, 2003.

29  5.   Clarifies that FDOT may use bond proceeds from the
         Beeline-East Expressway.
30  

31  

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