HB 1677

1
A bill to be entitled
2An act relating to the Panama City-Bay County Airport and
3Industrial District, an independent special district in
4Bay County; codifying, amending, reenacting, and repealing
5chapter 98-527, Laws of Florida, relating to the district;
6providing definitions; providing boundaries of the
7district; providing restrictions with respect to certain
8real estate; providing for a board of directors and its
9membership, quorum, travel expenses, and per diem;
10authorizing the board to employ an airport manager and
11other persons as required, to establish an airport police
12department, and to contract for certain projects and
13purposes; providing purposes of the district; providing
14powers of the board; providing for the issuance of bonds;
15declaring the purposes of the board a public purpose and
16exempting district property from taxation; providing
17severability; repealing chapter 98-527, Laws of Florida;
18providing an effective date.
19
20Be It Enacted by the Legislature of the State of Florida:
21
22     Section 1.  Pursuant to section 189.429, Florida Statutes,
23this act constitutes the codification of chapter 98-527, Laws of
24Florida, relating to the Panama City-Bay County Airport and
25Industrial District. It is the intent of the Legislature in
26enacting this law to provide a single, comprehensive special act
27charter for the district, including all current legislative
28authority granted to the district, any additional authority
29granted by this act, and any authority granted by applicable
30general law.
31     Section 2.  Chapter 98-527, Laws of Florida, is codified,
32reenacted, amended, and repealed as provided in this act.
33     Section 3.  The Panama City-Bay County Airport and
34Industrial District is re-created and the charter for such
35district is re-created and reenacted to read:
36     Section 1.  Airport district established.--There is created
37and established as a political subdivision of the state an
38airport district in Bay County to be known as the "Panama City-
39Bay County Airport and Industrial District," an independent
40special district. The boundaries of the district shall be
41coterminous with the legal boundaries of Bay County. The
42district shall not lease, own, or acquire any real estate except
43in Bay County without the permission of the county or city
44within whose jurisdiction such property is located.
45     Section 2.  Definitions.--As used in this act, the
46following words and terms shall have the following meanings:
47     (1)  "Airport district" or "district" means the Panama
48City-Bay County Airport and Industrial District herein created.
49     (2)  "City" means the City of Panama City.
50     (3)  "County" means the County of Bay.
51     (4)  "County commissioners" means the Board of County
52Commissioners, the governing body of the County of Bay.
53     (5)  "Aviation facility" means all land, improved or
54unimproved, hangars, buildings, passenger terminals, shops,
55restaurants, hotels, office buildings, and any and all other
56facilities, including property rights, easements, and
57franchises, the district deems necessary and convenient.
58     (6)  "Airport project" or "project" means any one or any
59combination of two or more of the following when undertaken by
60or owned, controlled, or operated by the airport district:
61airports, airport facilities, landing fields, hangars, shops,
62terminals, buildings, oil tanks, pipelines, industrial parks,
63warehouses, and terminal railway facilities, including rolling
64stock, belt line railroad, bridges, causeways, tunnels,
65facilities for the loading, unloading, and handling of
66passengers, mail express, freight and other cargo, hotels,
67office buildings, industrial facilities, and any and all other
68facilities, including all property rights, easements, and
69franchises relating to any such project or projects which, by
70resolution, the district may deem necessary and convenient.
71     (7)  "Improvements" means such replacements, repairs,
72extensions, additions, enlargements, and betterments of and to a
73project as are deemed necessary to place such project in proper
74condition for the safe, efficient, and economic operation
75thereof, when such project shall be undertaken by or owned,
76controlled, or operated by the airport district.
77     (8)  "Cost," as applied to improvements, means the cost of
78acquiring or constructing improvements as hereinabove defined
79and includes the cost of labor and materials, machinery and
80equipment, engineering and legal expense, plans specifications,
81financing charges, and such other expenses as may be necessary
82or incident to such acquisition or construction.
83     (9)  "Cost," as applied to a project acquired, constructed,
84extended, or enlarged, includes the purchase price of any
85project acquired and the cost of such construction, extension,
86or enlargement; improvements; all lands, properties, rights,
87easements, and franchises acquired; all machinery and equipment;
88engineering and legal services; investigations and audits;
89financing charges; and all other expenses necessary or incident
90to determining the practicability or feasibility of such
91acquisition or construction, administrative expense, and such
92other expenses as may be necessary or incident to the financing
93herein authorized and to the construction or acquisition of a
94project and the placing of the same in operation. Any obligation
95or expense incurred by the airport district prior to the
96issuance of bonds or revenue bonds under the provisions of this
97act for engineering studies and for estimates of cost and of
98revenues and for other technical, financial, or legal services
99in connection with the acquisition or construction of any
100project may be regarded as part of the cost of such project.
101     (10)  "Bonds" means revenue bonds, refunding bonds, or
102other evidence of indebtedness or obligations in either
103temporary or definitive form which the district is authorized to
104issue pursuant to this act.
105     (11)  "Revenue bonds" means revenue certificates or other
106obligations and the interest thereon which are payable from
107revenues derived from the operation of the facilities of the
108airport district or from other sources than ad valorem taxes.
109     (12)  "Facility" or "facilities" means and includes all
110projects and improvements of the airport district.
111     Section 3.  Governing board.--The Board of Directors, a
112body corporate and politic, shall be the governing board of the
113Panama City-Bay County Airport and Industrial District.
114     (1)  The board shall consist of five persons who are
115citizens and residents of Bay County. Two of said five members
116shall be appointed by the City Commission of the City of Panama
117City. Two of said five members shall be appointed by the Board
118of County Commissioners of Bay County. Said four members so
119appointed shall select the fifth member. Upon the expiration of
120the several terms of the members as herein provided, the Board
121of County Commissioners of Bay County and the City Commission of
122the City of Panama City shall appoint successors for the members
123whose terms are expiring, each to hold office for a term of 2
124years. The fifth member of said district shall always hold
125office for a term of 2 years and shall be selected by the four
126appointed members as aforesaid.
127     (2)  Three members of the board shall constitute a quorum.
128The vote of three members shall be necessary for any action
129taken by the board involving the incurring of any indebtedness
130or expenditures of district funds or moneys.
131     (3)  The members of the board shall not receive
132compensation for their services, but shall be reimbursed for
133travel and per diem the same as that provided for county
134officials; however, members of the board must submit a signed
135statement requesting the allowable expenses within 6 months
136after the date of incurring such expenses.
137     (4)  An airport manager may be employed by the board, who
138shall be a full-time employee and shall devote his or her time
139and attention to the discharge of his or her duties. The airport
140manager shall receive such salary as the board may set.
141     (5)  The board shall have power to employ such persons in
142addition to the airport manager as the business of the airport
143district may require.
144     (6)  The board shall have the power to establish an
145independent Airport Police Department with full police powers.
146     (7)  The board shall have the power to contract with
147similar authorities in carrying out common projects and the
148purposes of this act.
149     Section 4.  Purposes of airport district.--The airport
150district is created for the purpose of acquiring, constructing,
151improving, financing, operating, and maintaining airport
152projects and any other development of land owned or leased by
153the district and necessary to the economic welfare of the
154inhabitants of the district and which will promote the economic,
155commercial, and industrial development of the district. The
156exercise by the district of the powers conferred by this act
157shall be deemed to be and shall constitute a public purpose.
158     Section 5.  Powers of the Board of Directors.--The Board of
159Directors shall have all of the power necessary and proper to
160carry out the purposes and intent of this act, including the
161power to sue and be sued, under the name of the "Panama City-Bay
162County Airport and Industrial District"; to contract and be
163contracted with; to adopt and use a common seal and to alter
164same; to acquire, purchase, hold, lease, mortgage, and convey
165such real and personal property as the board may deem proper or
166expedient to carry out the purposes of this act; to employ such
167persons and agents as the board may deem advisable and to fix
168the compensation thereof and to remove any appointees or
169employees, agents, or servants; to insure the improvements,
170fixtures, and equipment against loss by fire, windstorm, or
171other coverage in such amounts as may be determined reasonable
172and proper; and to borrow and issue evidence of indebtedness of
173the district to carry out the provisions of this act in the
174manner herein provided. The board shall also have the right and
175power:
176     (1)  Of eminent domain over real and personal property and
177to maintain eminent domain proceedings in the form and manner as
178prescribed by the general laws of the state, provided that the
179power of eminent domain shall be exercised only for the purpose
180of providing for aviation facilities.
181     (2)  To acquire, by purchase, condemnation through power of
182eminent domain, gift, grant, franchise, or lease, property,
183either real or personal; however, the power of eminent domain
184shall be exercised only for the purpose of providing for
185aviation facilities.
186     (3)  To grant easements of right-of-way over or through any
187lands owned by the airport district.
188     (4)  To construct, acquire, establish, extend, enlarge,
189improve, reconstruct, maintain, equip, repair, and operate any
190project, as hereinabove defined, within the boundaries of the
191airport district.
192     (5)  To borrow money, incur indebtedness, and issue such
193bonds for and on behalf of the airport district as the board may
194from time to time determine; but in no case shall the
195indebtedness of the district for bonds issued be considered a
196debt of the city or the county.
197     (6)  To apply to the proper authorities of the United
198States for the right to establish, operate, and maintain foreign
199and domestic trade zones within the limits of the airport
200district and to establish, operate, and maintain such foreign
201and domestic trade zones.
202     (7)  To fix and revise from time to time and to collect
203rates, fees, rentals, and other charges for the use of or for
204the services of any facility insofar as it may be permissible
205for the board to do so under the State Constitution and the
206Constitution and laws of the United States.
207     (8)  To make rules and regulations for its own government
208and to hold regular meetings at least once a month, said
209meetings to be open to the public.
210     (9)  To operate, manage, and control all projects, as
211hereinabove defined, hereafter acquired or constructed under the
212provisions of this act.
213     (10)  To enter into joint agreements and arrangements with
214steamship lines, railroads, airlines, or other transportation
215lines or any common carrier as the board shall deem to its
216advantage to do so.
217     (11)  To make and enter into all contracts and agreements
218necessary or incidental to the performance of its duties and the
219execution of its powers and to appoint and employ such
220engineers, architects, attorneys, agents, and other employees as
221may be necessary in its judgment and to fix their compensation;
222however, such compensation must be within the amount appointed
223for such purpose in the annual budget of the district.
224     (12)  To exercise such powers as may be reasonably
225necessary to effectively control and regulate facilities under
226its jurisdiction.
227     (13)  To appoint a manager of the airport district and to
228determine his or her duties and compensation in accordance with
229the provisions elsewhere contained in this act.
230     (14)  To maintain a full-time airport law enforcement staff
231and to determine duties and compensation in accordance with the
232provisions elsewhere in this act.
233     (15)  To receive and accept from the Federal Government or
234any agency thereof grants for or in aid of the construction of
235any project and/or operation of the airport and other aviation
236facilities and facilities related thereto.
237     (16)  To make such rules and regulations governing aircraft
238which are under the jurisdiction of the district.
239     (17)  To make rules and regulations governing the operation
240of the airport and other aviation facilities and facilities
241related thereto.
242     (18)  To impose a franchise or license tax upon businesses
243and occupations carried on or operated under and by virtue of
244any franchises, licenses, or privileges granted by the board
245with respect to such airports, and other aviation facilities and
246facilities related thereto, controlled or operated by the
247airport district and the board.
248     (19)  To advertise the airports of such district in such
249manner as the board deems advisable and to negotiate and
250contract with airlines and other institutions as the board may
251deem necessary for development, expansion, and operation of the
252airport district.
253     (20)  To acquire, own, and control the properties now owned
254and held by the Panama City-Bay County Airport and Industrial
255District and assume all of its indebtedness, obligations, and
256liabilities.
257     (21)  To adopt a budget with which all expenditures shall
258be made in strict accordance with the budget so adopted and
259approved.
260     Section 6.  Issuance of bonds; purposes and powers;
261general.--The board is authorized to provide by resolution at
262one time or from time to time for the issuance of bonds of the
263airport district for the purpose of paying all or a part of the
264cost of any project or improvement of the district or any
265combination thereof. The bonds of each issue shall be dated,
266shall bear interest at such fixed or variable rate or rates,
267shall mature at such time or times, not exceeding 40 years from
268their date or dates, as may be determined by the board, and may
269be made redeemable before maturity, at the option of the board,
270at such price or prices and under such terms and conditions as
271may be fixed by the board prior to the issuance of the bonds.
272The board shall determine the form of the bonds, including any
273interest coupons to be attached thereto, and the manner of
274execution of the bonds and coupons and shall fix the
275denomination or denominations of the bonds and coupons, and the
276place or places of payment of principal and interest which may
277be at any bank or trust company within or without the state. In
278the event any officer whose signature or a facsimile of whose
279signature shall appear on any bonds or coupons shall cease to be
280such officer before the delivery of such bonds, such signature
281or such facsimile shall nevertheless be valid and sufficient for
282all purposes the same as if he or she had remained in office
283until such delivery. All bonds issued under the provisions of
284this act shall have and are hereby declared to have all the
285qualities and incidents of negotiable instruments under the laws
286of the state. The bonds may be issued in coupon or in registered
287form or both, as the board may determine, and provisions may be
288made for the registration of any coupon bonds as to principal
289alone and also as to both principal and interest and for the
290reconversion into coupon bonds of any bonds registered as to
291both principal and interest. The issuance of such bonds shall
292not be subject to any limitations or conditions contained in any
293other law and the board may sell such bonds in such manner and
294for such price as it may determine to be for the best interest
295of the district, but no such sale shall be made at a price so
296low as to require the payment of interest on the money received
297therefor at more than the fixed or variable rate or rates
298computed with relation to the absolute maturity of the bonds in
299accordance with standard tables of bond values, excluding,
300however, from such computations the amount of any premium to be
301paid on redemption of any bonds prior to maturity. Prior to the
302preparation of definitive bonds, the board may, under like
303restrictions, issue interim receipts or temporary bonds, with or
304without coupons, exchangeable for definitive bonds when such
305bonds have been executed and are available for delivery. The
306board may also provide for the replacement of any bonds which
307shall be mutilated or be destroyed or lost.
308     (1)  Bonds may be issued under the provisions of this act
309without obtaining the consent of any commission, board, bureau,
310or agency of the state or county and without any other
311proceedings or the happening of any other condition or thing
312than those proceedings, conditions, or things which are
313specifically required by this act. The bonds may be validated in
314accordance with the State Constitution and the laws of Florida.
315     (2)  The proceeds of the bonds shall be used solely for the
316payment of the cost of the project for which such bonds shall
317have been authorized and shall be disbursed in the manner
318provided in the resolution or in the trust agreement authorizing
319the issuance of such bonds. In the event that the actual cost of
320the project exceeds the estimated cost, the board may issue
321additional bonds to cover the deficiency, subject to the same
322restrictions as required for the original issue.
323     Section 7.  Additional authority; bonds.--In addition to
324any other powers which the board may now have, the board is
325hereby granted the following rights and powers, and shall have
326and may exercise all powers necessary, appurtenant, convenient,
327or incidental to the execution of the powers enumerated in this
328act:
329     (1)  To borrow money and to make and issue negotiable
330notes, bonds, certificates, refunding bonds, and other
331obligations, hereinafter called "bonds," of the district, said
332bonds to have a maturity date not exceeding 40 years from the
333date of issue, and to secure the payment of such bonds or any
334part thereof by a pledge of any or all of the district's
335revenues, rates, fees, rentals, or other charges, and any other
336funds legally available therefor; and any other funds it has a
337right to, or may hereafter have the right to, pledge for such
338purposes, including, without limitation, amounts received from
339public agencies pursuant to interlocal agreements under part I,
340chapter 163, Florida Statutes, hereinafter referred to as
341"revenues"; and in general, to provide for the security of said
342bonds and the rights and remedies of the holders thereof. Such
343bonds may be issued to finance or refinance one or more or a
344combination of airport and other aviation facilities and
345facilities related thereto and may, subject to any prior rights
346of bondholders, be pledged for any one or more or any
347combination of airport and other aviation facilities and
348facilities related thereto. Any revenues from the existing
349airport and other aviation facilities and facilities related
350thereto and constructed or acquired prior to this act or
351existing acts, or existing airports and other aviation
352facilities and facilities related thereto constructed or
353acquired by the district from any source, may be pledged for any
354one or more or any combination of airports and other aviation
355facilities or facilities related thereto financed under this
356act, regardless of whether such existing airports and other
357aviation facilities and facilities related thereto are then
358being improved or financed by the proceeds of the bonds to be
359issued to finance the one or more or any combination of airports
360and other aviation facilities and facilities related thereto for
361which such revenues of such existing airports and other aviation
362facilities and facilities related thereto are to be pledged.
363     (2)  To make contracts of every kind and nature and to
364execute all instruments necessary or convenient for the carrying
365on of its business.
366     (3)  To enter into interlocal agreements with any public
367agencies of the state for any of its purposes, including, but
368not limited to, providing additional sources of funds to pay or
369secure bonds of the district or to finance or refinance any
370project or cost of the district.
371     (4)  To enter into and perform its obligations under any
372bond insurance agreements, surety bonds, or interest rate hedge,
373or to swap contracts or other financial instruments, and to
374secure its obligations thereunder from any revenues legally
375available therefor.
376     (5)  Without limitation of the foregoing, to borrow money
377and accept grants, contributions, or loans from, and to enter
378into, and comply with the terms of, contracts, leases, or other
379transactions with, the state government or the Federal
380Government.
381     (6)  To conduct public hearings and advertise the same as
382may be required by federal law in connection with any borrowing.
383     (7)  To have the power of eminent domain, such power to be
384extended in the manner provided by law for the state or agencies
385or instruments thereof.
386     (8)  To refund, refinance, retire, or defease any
387obligations then outstanding.
388     (9)  To pledge, hypothecate, or otherwise encumber all or
389part of the revenues, rates, fees, rentals, or other charges,
390funds, or receipts of the district as security for all or any of
391the obligations issued by the district.
392     (10)  To employ technical experts necessary to assist the
393board in carrying out or exercising any powers granted hereby,
394including, but not limited to, architects, engineers, attorneys,
395fiscal advisors, fiscal agents, investment bankers, and aviation
396consultants.
397     (11)  To exercise all powers of a "local agency" pursuant
398to part II, chapter 159, Florida Statutes, relative to the
399purposes of the district.
400     (12)  To do all acts and things necessary or convenient for
401the promotion of its business and the general welfare of the
402district in order to carry out the powers granted to it by this
403act or any other laws. The board shall have no power at any time
404or in any manner to pledge the taxing power of the state, or any
405political subdivision or agency thereof; nor shall any of the
406obligations issued by the district be deemed obligations of the
407state, or any political subdivision or agency thereof, secured
408by and payable from ad valorem taxes thereof; nor shall the
409state, or any political subdivision or agency thereof, be liable
410for the payment of principal of or interest on such obligations
411except from the special funds provided for in this act or
412pursuant to interlocal agreements entered into with public
413agencies of the state.
414     Section 8.  Purposes and powers; bonds.--The bonds issued
415by the board pursuant to this act shall be authorized by
416resolution of the members thereof and shall bear such date or
417dates, mature at such time or times, not exceeding 40 years from
418the respective dates, bear interest at such fixed or variable
419rate or rates, be payable at such times, be in such
420denominations, be in such form, carry such registration,
421exchangeability, and interchangeability privileges, be payable
422in such medium of payment and at such place, within or without
423the state, be subject to such terms of redemption, and be
424entitled to such priorities on the revenues, rates, fees,
425rentals, or other charges or receipts of the district as such
426resolution or any resolutions subsequent thereto may provide.
427The bonds shall be executed either by manual or facsimile
428signature by such officers as the district shall determine,
429provided that such bonds shall bear at least one signature which
430is manually executed thereon, to the extent required by general
431law, and the bonds shall have the seal of the district affixed,
432imprinted, reproduced, or lithographed thereon, all as may be
433prescribed in such resolution or resolutions. Said bonds may be
434sold either at public or private sale at such price or prices as
435the board shall determine to be in the best interests of the
436district. Pending the preparation of definitive bonds, interim
437certificates or temporary bonds may be issued to the purchaser
438of such bonds and may contain such terms and conditions as the
439board may determine, including, without limitation, provisions
440for registration and book entry registration of bonds.
441     (1)  Any such resolution or resolutions authorizing any
442bonds hereunder may contain provisions which shall be part of
443the contract with the holders of such bonds as to:
444     (a)  The pledging of all or any part of the revenues,
445rates, fees, rentals, or other charges or receipts of the
446district derived by the district from all or any of its airports
447and other aviation, commercial, or industrial facilities and
448facilities related thereto or pursuant to interlocal agreements
449or from other sources legally available for such payments.
450     (b)  The construction, improvement, operation, extension,
451enlargement, maintenance, repair, or lease of such airports, and
452other aviation, commercial, or industrial facilities and
453facilities related thereto, and the duties of the district with
454reference thereto.
455     (c)  Limitations on the purposes to which the proceeds of
456the bonds, then or thereafter to be issued, or any loan or grant
457by the Federal Government or the state government or the county
458or any municipality therein or any limited purpose revenues
459authorized to be collected or received by the district may be
460applied.
461     (d)  The fixing, charging, establishing, and collecting of
462rates, fees, rentals, or other charges for use of the services
463and facilities of the airports, and other aviation facilities
464and facilities related thereto, of the district or any part
465thereof.
466     (e)  The setting aside of reserves or sinking funds or
467repair and replacement funds or other funds and the regulation
468and disposition thereof.
469     (f)  Limitations on the issuance of additional bonds.
470     (g)  The terms and provisions of any deed of trust or
471indenture securing the bonds, or under which the same may be
472issued.
473     (h)  Establishment of permitted investments in which any
474proceeds of the bonds or other funds securing same may be
475invested.
476     (i)  Any other or additional agreements with the holders of
477the bonds as are customary and proper and which in the judgment
478of the board will make said bonds more marketable.
479     (2)  The board may enter into any deeds of trust,
480indentures, or other agreements, with any bank or trust company
481within or without the state, as security for such bonds, and may
482assign and pledge all or any part of the revenue, rates, fees,
483rentals, or other charges or receipts of the district
484thereunder. Such deeds of trust, indentures, or other agreements
485may contain such provisions as may be customary in such
486instruments or as the district may authorize, including, but
487without limitation, provisions as to:
488     (a)  The construction, improvement, operation, extension,
489leasing, maintenance, repair, or lease of such airports, and
490other aviation facilities and facilities related thereto and the
491duties of the district with reference thereto.
492     (b)  The application of funds and the safeguarding of funds
493on hand or on deposit.
494     (c)  The appointment of consulting engineers or architects
495and approval thereof by the holders of the bonds.
496     (d)  The rights and remedies of said trustee and the
497holders of the bonds.
498     (e)  The terms and provisions of the bonds or the
499resolution authorizing the issuance of the same. Any of the
500bonds issued pursuant to this act are, and are hereby declared
501to be, negotiable instruments under the law merchant and
502negotiable instruments law of the state.
503     (f)  Except as otherwise provided in this act, provision by
504the board, by resolution or by trust agreement, for the payment
505of the proceeds of the sale of the revenue bonds and the
506revenues of the facilities to such officer, board, or depository
507as it may determine for the custody thereof and for the method
508of disbursement thereof with such safeguards and restrictions as
509it may determine. All expenses incurred in carrying out such
510trust agreement may be treated as a part of the cost of
511operation of the facilities affected by such trust agreement.
512     (3)  The pledge by the board of its revenues, rates, fees,
513rentals, and other charges, funds, and receipts to the payment
514of the bonds described above, either directly by the terms of a
515resolution of the board or through any deed of trust, indenture,
516or other agreement, shall create a valid and binding lien
517thereon and a prior perfected security interest therein from the
518time the pledge is made, and all moneys and revenues so pledged
519shall immediately become subject to a lien of such pledge
520without any physical delivery thereof or further act, and the
521lien of any such pledge shall be valid and binding against all
522parties having claims of any kind in tort, contract, or
523otherwise against the district, irrespective of whether such
524parties have notice thereof. Neither the resolutions nor the
525deed of trust, indenture, or other agreement by which the pledge
526is created need be filed or recorded, except in the records of
527the board, nor shall notice thereof be required to be given to
528any obligor of any such moneys or revenue, and no filings under
529the Florida Uniform Commercial Code shall be required in order
530to perfect the pledge granted thereby.
531     Section 9.  Revenue bonds.--Revenue bonds of the district
532may be issued under the provisions of this act and shall be
533payable from the revenues derived from the operation of any
534facility or combination of facilities of the district under the
535supervision, operation, and control of the district and from any
536other funds legally available therefor, except ad valorem taxes.
537The issuance of such revenue bonds shall not directly,
538indirectly, or contingently obligate the state, the district,
539the city, or the county to levy any ad valorem taxes or to make
540any appropriations for their payment or for the operation and
541maintenance of the facilities of the district.
542     (1)  The board shall not convey or mortgage any facility or
543any part thereof as security for the payment of the revenue
544bonds.
545(2)  In the discretion of the board, each or any issue of
546such revenue bonds may be secured by a trust agreement by and
547between the board and a corporate trustee, which may be any
548trust company or bank having the powers of a trust company
549within or outside of the state. Such trust agreement may pledge
550or assign the revenues to be received by the district. The
551resolution providing for the issuance of revenue bonds or such
552trust agreement may contain such provisions for protecting and
553enforcing the rights and remedies of the bondholders as may be
554reasonable, proper, and not in violation of law, including
555covenants setting forth the duties of the district in relation
556to the acquisition, construction, improvement, maintenance,
557operation, repair, equipping, and insurance of the facilities
558and the custody, safeguarding, and application of all moneys. It
559shall be lawful for any bank or trust company incorporated under
560the laws of this state to act as such depository and to furnish
561such indemnifying bonds or to pledge such securities as may be
562required by the board. Such resolution or such trust agreement
563may restrict the individual right of action by bondholders as is
564customary in trust agreements securing bonds or debentures of
565corporations. In addition to the foregoing, such resolution or
566such trust agreement may contain such other provisions as the
567board may deem reasonable and proper for the security of
568bondholders. Except as otherwise provided in this act, the board
569may provide, by resolution or by trust agreement, for the
570payment of the proceeds of the sale of the revenue bonds and the
571revenues of the facilities to such officer, board, or depository
572as it may determine for the custody thereof and for the method
573of disbursement thereof with such safeguards and restrictions as
574it may determine. All expenses incurred in carrying out such
575trust agreement may be treated as a part of the cost of
576operation of the facilities affected by such trust agreement.
577(3)  The resolution or trust agreement providing for the
578issuance of the revenue bonds may also contain such limitations
579upon the issuance of additional revenue bonds as the board may
580deem proper, and such additional bonds shall be issued under
581such restrictions or limitations as may be prescribed by such
582resolution or trust agreement.
583Section 10.  Refunding obligations.--The board is
584authorized to provide by resolution for the issuance of
585refunding bonds or refunding revenue bonds of the district for
586the purpose of refunding any bonds or revenue bonds,
587respectively, then outstanding and issued under the provisions
588of this act. The board is further authorized to provide by
589resolution for the issuance of refunding revenue bonds for the
590combined purpose of:
591(1)  Paying the cost of any project of the district.
592(2)  Refunding bonds or revenue bonds of the district which
593shall theretofore have been issued under the provisions of this
594act and shall then be outstanding. The issuance of such bonds,
595the maturities and other details thereof, the rights and
596remedies of the holders thereof, and the rights, powers,
597privileges, duties, and obligations of the district with respect
598to the same shall be governed by the foregoing provisions of
599this act insofar as the same may be applicable.
600Section 11.  Bonds to constitute legal investments.--Any
601bonds issued pursuant to this act shall be and constitute legal
602investments for banks, savings banks, trustees, executors,
603administrators, and all other fiduciaries for all state,
604municipal, and public funds and shall also be and constitute
605securities eligible for deposit as security for all state,
606municipal, or other public funds, notwithstanding the provisions
607of any other law or laws to the contrary.
608Section 12.  Remedies.--Any holder of bonds or other
609obligations issued under the provisions of this act or any of
610the coupons appertaining thereto and the trustee under any trust
611agreement, except to the extent that the rights herein given may
612be restricted by such trust agreement, may either at law or in
613equity, by suit, action, mandamus, or other proceedings, protect
614and enforce any and all rights under the laws of Florida or
615granted hereunder or under such trust agreement or the
616resolution authorizing the issuance of such bonds or other
617obligations and may enforce and compel the performance of all
618duties required by this act or by such trust agreement or
619resolution to be performed by the board or by any officer
620thereof.
621Section 13.  Exemption of property from taxation.--The
622effectuation of the purposes of the board created under this act
623is, shall, and will be in all respects for the benefit of the
624people of the state and of Bay County, for the increase of their
625commerce and prosperity, and for the improvement of their health
626and welfare. The exercise of the powers by the board conferred
627by this act to effect such purposes constitutes the performance
628of essential functions and is hereby declared to be a public
629purpose. As the facilities owned, operated, supervised, and
630controlled by the district and the board under the provisions of
631this act constitute public property and are used for public
632purposes, the board shall not be required to pay any taxes or
633assessments upon any such facilities or any parts thereof.
634Section 14.  Board of Directors accounting practices;
635deposit of moneys of the board.--All moneys of the board,
636whether derived from taxes or levied and collected within the
637airport district or from other sources, shall be paid into the
638treasury of the board. Such moneys shall be used exclusively by
639the board and shall be disbursed by the board with approved
640budgetary practice and accounting methods and only for the
641purposes specified in the budget of the board. No funds or
642moneys shall be withdrawn from the treasury of the board except
643in accordance with the budget and upon the signature of either
644the chair or one of the members of the board and either the
645airport manager or designated staff member as authorized by the
646members of the board. The board may require such officers or
647members of the board or employees thereof to execute fidelity
648bonds in such sums as the board may from time to time determine.
649The premiums on such bonds shall be paid by the district as a
650proper operating expense thereof.
651     Section 15.  Annual audit.--The books and records of the
652board shall be audited annually by a certified public accountant
653and copies of such audit submitted to the board and the City
654Commission of the City of Panama City and the Board of County
655Commissioners of Bay County.
656     Section 16.  Awarding of contracts.--No contract shall be
657let by the district for any construction improvement, repair, or
658building, nor shall any goods, supplies, or materials for
659airport district purposes or uses be purchased when the amount
660to be paid by the district exceeds the amounts specified in
661section 287.057 or section 255.20, Florida Statutes, as amended
662from time to time unless the provisions of those statutes are
663satisfied. However, in the event of an emergency, the district
664may take such action as is necessary to protect airport
665properties. Nothing in this act shall be construed to prohibit
666the airport district from utilizing and complying with other
667applicable laws governing the issuance of contracts for
668construction, goods, supplies, or services by a political
669subdivision, or with the rules and regulations of the Federal
670Government or state government assisting in the financing of
671district facilities, or from awarding contracts for the
672construction of district facilities on a negotiated basis
673utilizing the provisions in section 159.32, Florida Statutes.
674     Section 17.  Purchases by board.--No member of the board or
675other officer or employee shall purchase supplies, goods, or
676materials for use by the airport district from himself or
677herself or from any firm or corporation in which he or she is
678interested, directly or indirectly, or in any manner share in
679the proceeds of such purchase, nor shall the board be obligated
680for the purchase price for such supplies, goods, or materials so
681purchased. No board member or other officer or employee shall
682bid or enter into or be in any manner interested, directly or
683indirectly, in any contract for public work to which the airport
684may be a party. Any person who violates the provisions of this
685section shall be guilty of malfeasance in office. All moneys or
686things of value paid and delivered pursuant to such contract or
687purchase may be recovered by the board and, in the event of its
688refusal, by a taxpayer for the use of the board, including
689costs, expenses, and reasonable attorney's fees incurred in any
690proceeding for the recovery thereof.
691     Section 18.  Conflict of interest.--No board member or
692other officer or employee shall act as a consultant to, be
693employed by, or receive compensation in any manner, directly or
694indirectly, from any vendor, tenant, or concessionaire of the
695airport district, nor shall any board member, other officer, or
696employee conduct other than airport business within the airport
697facility or on airport property. Any person who violates the
698provisions of this section shall be guilty of malfeasance in
699office.
700     Section 19.  Additional general provisions; act complete
701and additional authority.--The powers conferred by this act
702shall be in addition and supplemental to the existing powers of
703the board as herein provided.
704     Section 20.  If any section, clause, or provision of this
705act shall be held unconstitutional or ineffective in whole or in
706part, to the extent that the remainder of the act is not
707unconstitutional or ineffective, it shall be valid and
708effective, and no other section, clause, or provision shall on
709account thereof be deemed invalid or ineffective.
710     Section 4.  Chapter 98-527, Laws of Florida, is repealed.
711     Section 5.  This act shall take effect upon becoming a law.


CODING: Words stricken are deletions; words underlined are additions.