HB 1183

1
A bill to be entitled
2An act relating to the Orange County Civic Facilities
3Authority; codifying, reenacting, amending, and repealing
4chapters 71-803, 72-625, 73-569, 77-611, and 78-757, Laws
5of Florida, relating to the authority; providing an
6effective date.
7
8Be It Enacted by the Legislature of the State of Florida:
9
10     Section 1.  Pursuant to section 189.429, Florida Statutes,
11this act constitutes the codification of all special acts
12relating to the Orange County Civic Facilities Authority. It is
13the intent of the Legislature in enacting this law to provide a
14single comprehensive special act charter for the authority,
15including all current authority granted to the authority by its
16several legislative enactments.
17     Section 2.  Chapters 71-803, 72-625, 73-569, 77-611, and
1878-757, Laws of Florida, are amended, codified, reenacted, and
19repealed as provided in this act.
20     Section 3.  The charter for the Orange County Civic
21Facilities Authority is re-created and reenacted to read:
22     Section 1.  Creation; purposes.--There is hereby created
23and established the Orange County Civic Facilities Authority,
24hereafter referred to as the "authority," as a public body,
25politic and corporate, in Orange County, for the purpose of
26planning, developing, constructing, acquiring, owning,
27reconstructing, extending, enlarging, repairing, improving,
28relocating, equipping, maintaining, and operating facilities for
29the holding of conventions and expositions and civic, cultural,
30recreational, athletic, and similar events and activities.  Said
31facilities may be located anywhere in Orange County and shall
32not be restricted in number.  Said property is hereby deemed to
33be a public purpose the fulfillment of which is an urgent public
34necessity.
35     Section 2.  Membership and organization.--
36     (1)  The authority shall consist of 11 members, each
37serving a 3-year term, except for the initial selections, of
38which three shall be for 1-year terms, four shall be for 2-year
39terms, and four shall be for 3-year terms, all as hereinafter
40provided.  The members shall, insofar as practicable, be drawn
41from city, county, civic, cultural, recreational, athletic,
42business, and social interests.  The members of the authority
43shall be selected by the County Commission of Orange County in
44the following manner:
45     (a)  The county commission shall select four members from
46eight nominees made by the City Council of Orlando, which
47nominees are to be residents of the City of Orlando.  After
48being presented with certified evidence of such nominations, the
49county commission shall forthwith, but in no event later than 20
50days thereafter, by majority vote, select the said four members.
51     (b)  The county commission shall select one member from two
52nominations made by the City Council of Winter Park, which
53nominees are to be residents of the City of Winter Park.  After
54being presented with certified evidence of such nominations, the
55County Commission of Orange County shall forthwith, but in no
56event later than 20 days thereafter, by majority vote, select
57the said one member.
58     (c)  The county commission shall select one member from two
59nominations made by the City Council of Maitland, which nominees
60are to be residents of the City of Maitland.  After being
61presented with certified evidence of such nominations, the
62County Commission of Orange County shall forthwith, but in no
63event later than 20 days thereafter, by majority vote, select
64the said one member.
65     (d)  The county commission shall select one member from the
66nominations made by the mayors or other heads of government of
67the incorporated municipalities within Orange County having a
68population of 3,000 persons or more other than the City of
69Orlando, the City of Winter Park, and the City of Maitland. Each
70mayor or head of government shall have the right to furnish one
71nominee to the county commission, which nominee shall be a
72resident of said municipality.  After being presented with
73certified evidence of such nominations, the County Commission of
74Orange County shall forthwith, but in no event later than 20
75days thereafter, by majority vote, select the said one member.
76     (e)  The County Commission of Orange County shall select
77without nominations four members who reside within the remaining
78incorporated and unincorporated areas of Orange County.
79     (2)  In the manner set forth above, of the four members
80selected by the county commission from the initial eight
81nominees made by the City of Orlando, the county commission
82shall designate one to serve for the initial 1-year term, one to
83serve for the initial 2-year term, and two to serve for the
84initial 3-year term.  The one member selected by the county
85commission from the initial two nominees made by the City of
86Winter Park shall be designated to serve for the initial 2-year
87term.  The one member selected by the county commission from the
88initial two nominees made by the City of Maitland shall be
89designated to serve for the initial 2-year term. The one member
90selected by the county commission from the initial nominees made
91by the mayors or other heads of government of the municipalities
92within Orange County having a population of 3,000 persons or
93more other than the City of Orlando, the City of Winter Park and
94the City of Maitland shall be designated to serve for the
95initial 1-year term. Of the four members initially selected
96without nomination by the county commission, the county
97commission shall designate one to serve for the initial 1-year
98term, one to serve for the initial 2-year term, and two to serve
99for the initial 3-year term. Nominations and selections of
100members upon expiration of initial terms and thereafter shall be
101allocated to and made by the governmental unit or units last
102making the nominations or selections of said members as provided
103herein. Nominees shall be double the number of members to be
104selected at any one time except as provided in subsection
105(1)(d).
106     (3)  The initial nominations and selections called for in
107this section shall be made as soon as practicable after this act
108becomes law; however, this requirement shall not serve to
109invalidate the authority or any portions of the act. The results
110of all selections and removals shall be immediately certified to
111the authority.
112     (4)  All members shall be at the time of their selection
113and during the term of their membership electors of Orange
114County. The members shall not receive any compensation for their
115services except that they may be reimbursed for actual expenses
116necessarily incurred by them in the performance of their duties
117under this act. Each member, unless removed as hereinafter
118provided, shall serve until his or her successor is selected and
119qualified. A member may be removed by the county commission for
120just cause by a four-fifths vote of the county commission. A
121vacancy in membership for any reason shall be filled for the
122unexpired term of that member as soon as practicable after the
123vacancy occurs by the method of nomination and selection as set
124forth in this act. Before entering upon the duties of office,
125each member of the authority shall take and file with the Clerk
126of the Circuit Court of Orange County an oath to faithfully
127discharge the duties of his or her office, and such other oaths
128as may be required by law. A majority of the members of the
129authority shall constitute a quorum. A vacancy or unselected
130member in the authority shall not impair the rights of a quorum
131to exercise all the rights and perform all the duties of the
132authority.
133     (5)  The authority and the members thereof shall organize
134as soon as practicable after this act becomes law; however, this
135requirement shall not serve to invalidate the authority or any
136portion of this act. The authority shall elect by majority vote
137one of its members as chair, one as vice chair, one as
138secretary, and one as treasurer. The treasurer of the authority,
139prior to entering upon his or her duties as such officer, and
140any other officer or employee so required by the authority,
141shall provide a surety bond in an amount to be determined by the
142authority conditioned upon the faithful performance of the
143duties of his or her office or employment.
144     Section 3.  Definitions.--As used in this act, unless some
145other meaning is plainly intended:
146     (1)  "City" means any municipality in Orange County.
147     (2) " County" means the County of Orange.
148     (3)  "Authority" means the Orange County Civic Facilities
149Authority created by the provisions of this act.
150     (4)  "Governmental unit" means the County of Orange and
151each municipality and district, improvement or otherwise, in the
152county and each agency or instrumentality thereof. Included in
153the term "district," but not limited thereto, is the Reedy Creek
154Improvement District, created under the name of "Reedy Creek
155Drainage District" by decree of the circuit court in and for the
156ninth judicial circuit, entered in chancery No. 66-1061 on May
15713, 1966, and any and all bodies succeeding to the privileges
158and functions thereof, provided, however, that the term
159"governmental unit" or "governmental unit in or of Orange
160County" and similar designations shall apply only to the
161portions of any governmental unit that is within the boundaries
162of Orange County.
163     (5)  "Facilities" means and includes facilities and site or
164sites for holding any and all types of conventions, expositions,
165civic and cultural events, recreational and athletic events, and
166similar events and activities and includes auditoriums, towers,
167coliseums, athletic fields, stadiums, music halls and buildings,
168structures, utilities, parks, parking areas, roadways, and all
169other facilities and properties reasonably necessary or
170desirable to carry out the purposes of this act.
171     (6)  "Cost" or "costs," as applied to facilities, means and
172includes the cost of acquisition and construction of said
173facilities, including the cost of all land, property, property
174rights, easements, franchises, labor, insurance, materials, and
175equipment required to carry out the purposes of this act, and
176includes financing charges, including bond discount, interest,
177and debt service and reserves therefor prior to and during
178construction and for reasonable period of time thereafter, costs
179of plans and specifications, estimates of costs and of revenues,
180costs of engineering and architectural services, costs of legal
181services including those rendered for the issuance, validation
182and sale of bonds, all expenses necessary or incidental to
183determining the feasibility or practicability of such
184acquisition and construction, administrative expenses, and such
185other expenses as may be necessary or incident to the
186acquisition and construction or the financing herein authorized,
187and includes reimbursement from bond proceeds of any funds
188advanced for such purpose prior to the sale of the bonds
189authorized by this act.
190     Section 4.  General powers.--The authority is hereby
191authorized and empowered to:
192     (1)  Sue in its own name, which power is granted without
193waiving or removing its immunity from suit except insofar as
194such immunity is expressly herein waived or removed.
195     (2)  Adopt bylaws for the regulation of its affairs and the
196conduct of its business.
197     (3)  Adopt and use an official seal.
198     (4)  Plan, develop, purchase, lease, or otherwise acquire,
199construct, reconstruct, improve, extend, enlarge, relocate,
200equip, repair, maintain, and operate facilities. All contracts
201for constructing, improving, extending, enlarging, relocating,
202repairing, and equipping of facilities of the authority in the
203amount of $5,000 or more shall be awarded by the authority to
204the bidder who, as determined by the authority, is the best
205bidder for the project contemplated after consideration of all
206relevant factors including the purposes and provisions of this
207act and the competitiveness of all bids received. The authority
208shall, at least 30 days prior to the award of such contract,
209publish one time in a newspaper of general circulation in Orange
210County a notice requesting bids on such contract. The authority
211shall have the right and power to reject all bids and request
212new bids in the same manner as bids were first requested.
213Notwithstanding anything that may be to the contrary, for the
214purposes of the three preceding sentences only, the purchase,
215lease, or acquisition otherwise of site or sites specifically
216shall not be included in facilities. Without limiting anything
217elsewhere embraced in this act, the authority shall not be
218empowered or authorized to build or construct in its facilities
219any sleeping accommodations held out for rent to the public.
220     (5)  Make a comprehensive plan for the overall orderly
221development of facilities and develop detailed architectural and
222engineering plans for specific facilities, and obtain necessary
223feasibility and other reports and studies.
224     (6)  Acquire by lease, grant, purchase, gift, or devise
225from any source, including governmental units, without
226requirement of referendum, all property, real or personal, or
227any estate or interest therein, necessary, desirable, or
228convenient for the purpose of this act, and lease or rent all or
229any part thereof and exercise all of its powers and authority
230with respect thereto. Governmental units may sell or lease said
231property to the authority for nominal consideration. Without
232limiting the foregoing or the existing powers and authority of
233the County of Orange or the municipalities in Orange County, the
234county and municipalities in the county may, within their
235respective territorial jurisdictions and by the methods provided
236by chapters 73 and 74, Florida Statutes, insofar as said
237statutes are consistent herewith, condemn real property and, as
238herein provided and with the agreement of the authority,
239transfer same to the authority, all to be done for the uses and
240purposes of this act. Any title to real property so acquired by
241condemnation may be in fee simple, absolute and unqualified in
242any way or any lesser interest therein. Nothing in this act
243shall be construed to allow condemnation of real property for
244purposes or uses other than as herein provided.
245     (7)  Borrow money and issue revenue bonds and provide for
246the rights of the holders thereof.
247     (8)  Issue revenue bonds of the authority, as hereinafter
248provided, to pay the cost of planning, developing, purchasing,
249leasing, or otherwise acquiring, constructing, reconstructing,
250improving, extending, enlarging, relocating, and equipping
251facilities and otherwise carrying out the purposes of this act
252and secure the payment of said bonds by a pledge of all or any
253portion of the revenues and moneys legally available therefor,
254and, in general, provide for the security of the bonds and the
255rights and remedies of the holders thereof, provided, however,
256that no revenue bonds may be issued unless it appears, after
257proper study, that the revenues available under this act to the
258authority will, with reasonable probability, be sufficient to
259pay the bonds.
260     (9)  Issue revenue refunding bonds of the authority, as
261hereinafter provided, and refund any bonds then outstanding
262which shall have been issued under the provisions of this act.
263     (10)  Lease, rent, or contract for the operation of any
264part of any of the facilities of the authority.
265     (11)  Fix and collect rates, rentals, fees, and charges for
266the use of any and all of the facilities of the authority.
267     (12)  Contract for the operation of concessions on or in
268any of the facilities of the authority. The authority may also
269at its discretion operate such concessions as it deems
270desirable.
271     (13)  Advertise and promote within or without the state any
272of the facilities and activities of the authority. Without
273limiting the foregoing, funds available under section 5(5)(b)
274shall not be used to advertise or promote private enterprise.
275     (14)  Make and enter into all contracts and agreements
276necessary or incidental to the performance of the duties imposed
277by and the execution of the powers granted under this act and
278employ such consulting services, engineers, superintendents,
279managers, construction and financial experts and attorneys, and
280such employees and agents as may, in the judgment of the
281authority, be deemed necessary, and fix their compensation.
282     (15)  Cooperate with and contract with the government of
283the United States or the state or any agency, instrumentality,
284or political subdivision of either, or with any municipality,
285district, private corporation, copartnership, association,
286person, or individual in providing for or relating to the
287authority and facilities as may be necessary, desirable, or
288convenient in carrying out the provisions and purposes of this
289act.
290     (16)  Without limiting the foregoing, do all acts or things
291necessary, desirable, or convenient to carry out the powers
292expressly granted in this act.
293     (17)  Notwithstanding the foregoing, the powers enumerated
294in subsections (4), (5), (6), (7), (8), (9), (10), (11), (12),
295(13), (14), (15), and (16) of this section may not be exercised
296when the cost involved in the exercise thereof exceeds an
297aggregate amount of $25,000 without the prior written consent of
298the Board of County Commissioners of Orange County.
299     (18)(a)  The authority shall begin its fiscal year on
300October 1 of each year and end it on September 30. Not less than
3011 month prior to the end of each fiscal year of the authority,
302the authority shall adopt by resolution its proposed budget for
303the ensuing fiscal year, and submit the same to the Board of
304County Commissioners of Orange County for its review and
305approval. Such proposed budget shall include all anticipated
306expenditures of the authority for all of its projects during the
307ensuing fiscal year, including operating expenses, capital
308outlays, materials, labor, equipment, supplies, payments of
309principal and interest on all outstanding bonds of the
310authority, and sinking fund and reserve requirements of such
311bonds. Such proposed budget shall provide for expenditures only
312to the extent of funds legally available to the authority for
313such purposes and reasonably anticipated revenues of the
314authority for the ensuing fiscal year from established sources,
315based upon past experience and reasonable projections thereof,
316and from new projects or new sources of income of the authority.
317The Board of County Commissioners of Orange County may, within
31810 days after receipt of such proposed budget, conduct a public
319hearing with respect thereto, and in that event, the chair and
320executive director of the authority shall be present at each
321such public hearing. After such public hearing, the board of
322county commissioners may require the authority to alter, amend,
323or otherwise modify its proposed budget as the board of county
324commissioners may direct. During the last 10 days of each of its
325fiscal years, the authority shall adopt by resolution its budget
326for the ensuing year, as may be altered, amended, or modified by
327the board of county commissioners, subject to the same
328constraints as to the amount of expenditures as set forth above
329with respect to the proposed budget of the authority. Once
330adopted, the said budget shall not be amended except by
331resolution of the authority and the public notice of the
332authority's intention to consider amending its budget, which
333notice shall be by publication in a newspaper of general
334circulation in Orange County at least 10 days prior to the
335meeting of the authority at which such proposed amendment is to
336be finally considered.
337     (b)  Within 90 days following the close of each fiscal
338year, the authority shall prepare a comprehensive report of its
339operations of each project under its control during the
340preceding fiscal year, including all matters relating to rates,
341charges, revenues, expenses of maintenance, repair, and
342operation and of replacements and extensions, principal and
343interest requirements, and the status of all funds. Copies of
344such annual reports shall be filed with the secretary of the
345authority and with the Board of County Commissioners of Orange
346County.
347     (c)  The authority shall cause an audit to be made of its
348books and accounts for each of its fiscal years by an
349independent certified public accountant, which audit shall be
350accompanied by the accountant's opinion and qualifications
351relating thereto, if any.
352     Section 5.  Bonds; financing and payment for the authority
353and facilities.--
354     (1)  Subject to the provisions of section 4(17) of this
355act, the authority shall have the power and is hereby authorized
356from time to time to issue revenue bonds in such principal
357amount as, in the opinion of the authority, shall be necessary
358to provide sufficient moneys for achieving its purposes,
359including the cost of planning, development, construction,
360reconstruction, improvement, extension, enlargement, repair,
361relocation, and equipping of facilities, the cost of acquisition
362of property, interest on bonds during construction and for a
363reasonable period thereafter, establishment of reserves to
364secure bonds, and all other costs and expenditures of the
365authority incident to and necessary, desirable, or convenient to
366carry out its purposes and powers.
367     (2)  Bonds shall be authorized by resolution of the members
368of the authority and shall bear such date or dates; mature at
369such time or times not exceeding 40 years from their respective
370dates; bear interest at such rate or rates not exceeding the
371maximum rate or rates authorized by law; be in such
372denominations; be in such form, either coupon or fully
373registered; carry such registration, exchangeability, and
374interchangeability privileges; be payable in such medium of
375payment and at such place or places; be subject to such terms of
376redemption; and be entitled to such priorities of lien on the
377revenues and other available moneys as such resolution or any
378resolution subsequent thereto may provide. The bonds shall be
379executed either by manual or facsimile signature by such
380officers as the authority shall determine, provided that such
381bonds shall bear at least one signature which is manually
382executed thereon. The coupons attached to such bonds shall bear
383the facsimile signature or signatures of such officer or
384officers as shall be designated by the authority. Such bonds
385shall have the seal of the authority affixed, imprinted,
386reproduced, or lithographed thereon.
387     (3)  The bonds shall be sold at public or private sale at a
388price of not less than 95 percent of the par value thereof.
389Pending the preparation of definitive bonds, temporary bonds or
390interim certificates may be issued to the purchaser or
391purchasers of such bonds and may contain such terms and
392conditions as the authority may determine.
393     (4)  Payment of the bonds and the principal and interest
394thereon may be secured by a pledge of all or part of the
395revenues provided for in this act together with such other
396revenues as may otherwise be authorized by general or special
397law, provided, however, that no ad valorem taxes may be pledged
398for payment of the bonds except after full compliance with the
399State Constitution.
400     (5)  The following revenues may be pledged by the authority
401as security for and may be used for payment of the bonds of the
402authority issued pursuant to this act, interest thereon, and
403other necessary expenses and costs of said bonds:
404     (a)  The revenues accruing to the authority from operation
405or use of facilities.
406     (b)  No taxes received by any governmental unit in Orange
407County pursuant to the Local Option Tourist Development Act,
408section 125.0104, Florida Statutes, shall be transmitted or paid
409over to the authority unless said transmittal or payment is part
410of Orange County's plan for tourist development, adopted or
411amended from time to time pursuant to said Local Option Tourist
412Development Act.
413     (c)  Any other revenues provided to the authority by
414governmental units or by other entities for pledging by the
415authority as security for and payment of the revenue bonds of
416the authority issued pursuant to this act, interest thereon, and
417other necessary expenses and costs of the revenue bonds. Such
418other revenues that may be so provided to the authority, in the
419discretion of the governmental units or other entities, shall
420include, but not be limited to, cigarette taxes as authorized by
421general law accruing to governmental units in Orange County, ad
422valorem taxes, and occupational license taxes or similar taxes
423levied, collected, or received under general or special law or
424the law of any governmental unit in Orange County. Said other
425revenues may be so provided and used despite the provisions of
426any other law; provided, however, that ad valorem taxes may be
427so provided and used only after full compliance with the State
428Constitution.
429     (6)  Without limiting anything contained elsewhere in this
430act, the revenues available to the authority as set forth in
431subsection 5(a), (b), and (c), if not previously pledged to
432revenue bonds issued or to be issued pursuant to this act or
433otherwise committed, may be used to otherwise finance or pay for
434facilities and the authority or the operation thereof or
435otherwise in carrying out the purposes and provisions of this
436act.
437     (7)  Notwithstanding anything that may be contrary in this
438act, the authority shall have the power in any bond resolution,
439trust indenture, or other agreement authorizing the issuance of
440revenue bonds pursuant to this act to provide for pledging for
441payment of said bonds all or any part of the foregoing revenues
442set forth in subsection 5(a), (b), and (c) and to establish the
443order of priority in which such revenues shall be applied and
444used in paying debt service (principal, interest, reserves,
445sinking funds, and other necessary costs and expenses) on such
446revenue bonds; and the authority shall further have the power to
447provide, if in any year all of the foregoing pledged revenues
448are not needed for payment of principal, interest, reserves,
449sinking funds, and other necessary costs and expenses of said
450bonds, that the previously pledged revenues may be used for
451other facility financing or payment of costs and expenses and
452for operating expenses and costs of the facilities and authority
453and otherwise in carrying out the purposes and provisions of
454this act and, if not so needed, that any such unneeded and
455unused revenues, except revenues derived from operation or use
456of the facilities, may be returned to the governmental unit or
457units or other entities from which they were received.
458     (8)  Any such resolution or resolutions authorizing any
459bonds may contain provisions, which shall be part of the
460contract with the holders of such bonds, as to:
461     (a)  The pledging of all or any part of the revenues or
462other moneys lawfully available therefor.
463     (b)  The construction, reconstruction, improvement,
464extension, enlargement, repair, relocation, and equipping of
465facilities authorized by this act.
466     (c)  Limitations on the purposes to which the proceeds of
467the bonds then or thereafter to be issued or of any loan or
468grant by any federal agency or the state or any political
469subdivision thereof may be applied.
470     (d)  The fixing, charging, establishing, revising,
471increasing, reducing, and collecting of rates, fees, rentals, or
472other charges for the use of facilities of the authority or any
473part thereof.
474     (e)  The setting aside of reserves or of sinking funds and
475the regulation and disposition thereof.
476     (f)  Limitations on the issuance of additional bonds.
477     (g)  The terms and provisions of any lease-purchase
478agreement, deed of trust, or indenture securing the bonds, or
479under which same may be issued.
480     (h)  Any other or additional matters of like or different
481character, which in any way affect the security or protection of
482the bonds.
483     (9)  The authority may enter into any deeds of trust,
484indentures, or other agreements with any bank or trust company
485within or without the state as security for such bonds and may,
486under such agreements, assign and pledge all or any of the
487revenues and other available moneys pursuant to the terms of
488this act. Such deed of trust, indenture, or other agreement may
489contain such provisions as are customary in such instruments or
490as the authority may authorize, including, but without
491limitation, provisions as to:
492     (a)  The pledging of all or any part of the revenues or
493other moneys lawfully available therefor.
494     (b)  The application of funds and the safeguarding of funds
495on hand or on deposit.
496     (c)  The rights and remedies of the trustee and the holders
497of the bonds.
498     (d)  The terms and provisions of the bonds or the
499resolutions authorizing the issuance of the same.
500     (e)  Any other or additional matters of like or different
501character which in any way affect the security or protection of
502the bonds.
503     (10)  It is the intention hereof that any pledge made by
504the authority shall be valid and binding from the time the
505pledge is made; that the moneys so pledged and thereafter
506received by the authority shall immediately be subject to the
507lien of such pledge without any physical delivery thereof or
508further act; and that the lien of any such pledge shall be valid
509and binding as against all parties. Neither the resolution nor
510any other instrument by which a pledge is created need be
511recorded.
512     (11)  Neither the members nor any person executing the
513bonds shall be liable personally on the bonds or be subject to
514any personal liability or accountability by reason of the
515issuance thereof.
516     (12)  The authority shall have power, out of any funds
517available therefor, to purchase its bonds, which shall thereupon
518be canceled, at a price not exceeding, if the bonds are then
519redeemable, the redemption price then applicable plus accrued
520interest to the next date of redemption thereof or, if the bonds
521are not then redeemable, the redemption price applicable on the
522first date after such purchase upon which the bonds become
523subject to redemption plus accrued interest to said date.
524     (13)  Bonds issued under the provisions of this act shall
525not be deemed to constitute a debt of the County of Orange or
526any other governmental unit in Orange County or a pledge of the
527faith and credit of the County of Orange or any other
528governmental unit in Orange County, and a statement to that
529effect shall be recited on the face of the bonds.
530     (14)  As the authority serves an essential public purpose
531and performs an essential public function and as its facilities
532will constitute public property used for public purposes, no
533taxes or assessments shall be levied upon any such property or
534upon the income therefrom and bonds issued under the provisions
535of this act, their transfer, and the income therefrom, including
536any profit made on the sale thereof, shall at all times be free
537from taxation within this state.
538     Section 6.  Notes of the authority.--The authority is
539authorized from time to time to issue its negotiable notes for
540any corporate purpose and to renew from time to time any notes
541by the issuance of new notes, whether the notes to be renewed
542have or have not matured. The authority may issue notes partly
543or wholly to renew notes or to discharge other obligations then
544outstanding or partly or wholly for any other purpose. The notes
545may be authorized, sold, executed, and delivered in the same
546manner as bonds. Any resolution or resolutions authorizing notes
547of the authority or any issues thereof may contain any
548provisions that the authority is authorized to include in any
549resolution or resolutions authorizing revenue bonds of the
550authority or any issue thereof, and the authority may include in
551any notes any terms, covenants, or conditions that it is
552authorized to include in any bonds. All such notes shall be
553payable solely from the revenues available under this act to the
554authority, subject only to any contractual rights of the holders
555of any of its notes or other obligations then outstanding.
556     Section 7.  Refunding bonds.--
557     (1)  The authority is authorized to provide by resolution
558for the issuance from time to time of bonds for the purpose of
559refunding any bonds then outstanding. The authority is further
560authorized to provide by resolution for the issuance of bonds
561for the combined purpose of:
562     (a)  Paying the cost of planning, developing, acquiring,
563constructing, reconstructing, improving, extending, enlarging,
564repairing, relocating, and equipping of facilities of the
565authority and other costs as may be defined in section 3(6).
566     (b)  Refunding any bonds then outstanding. The
567authorization, sale, and issuance of such obligations, the
568maturities and other details thereof, and the rights, powers,
569privileges, duties, and obligations of the authority with
570respect to the same shall be governed by the foregoing
571provisions of this act insofar as the same may be applicable.
572     (2)  In the event the authority determines to issue bonds
573for the purpose of refunding any outstanding bonds prior to the
574maturity thereof, the proceeds of such refunding bonds may,
575pending the redemption of the bonds to be refunded, be invested
576in direct obligations of the United States, or certificates of
577deposit of banks or trust companies fully secured in the same
578manner as state and county deposits are required to be secured
579by law of the state. It is the express intention of this act
580that outstanding bonds may be refunded and retired by and upon
581the issuance of refunding bonds as long as the outstanding bonds
582to be refunded will mature or be subject to prior redemption not
583later than 10 years after the date of issuance of such refunding
584bonds or such longer period of time as may be allowed by law.
585     Section 8.  Remedies.--
586     (1)  The rights and the remedies herein conferred upon or
587granted to the bondholders shall be in addition to and not in
588limitation of any rights and remedies lawfully granted to such
589bondholders by any resolution, indenture, or other agreement
590under which the bonds may be issued or secured. In the event
591that the authority defaults in the payment of the principal of
592or interest on any of the bonds issued pursuant to the
593provisions of this act after such principal of or interest on
594the bonds has become due, whether at maturity or upon call for
595redemption as provided in said resolution, and such default
596shall continue for a period of 30 days, or in the event that the
597authority fails or refuses to comply with any material provision
598of any agreement made with, or for the benefit of, the holders
599of the bonds, the holders of 25 percent in aggregate principal
600amount of the bonds then outstanding shall be entitled to the
601appointment of a trustee to represent such bondholders for the
602purpose thereof; provided, however, that such holders of 25
603percent in aggregate principal amount of the bonds then
604outstanding shall have first given written notice of their
605intention to appoint a trustee to the authority.
606     (2)  In the event of the default, failure, or refusal set
607forth in subsection (1), such trustee, and any trustee under any
608deed of trust, indenture, or other agreement, may, and upon
609written request of the holders of 25 percent in principal amount
610of the bonds then outstanding or such other percentage that may
611be specified in any deed of trust, indenture, or other agreement
612aforesaid shall, in any court of competent jurisdiction, in his
613or her or its own name:
614     (a)  By mandamus or other suit, action, or proceeding at
615law or in equity, enforce all rights of the bondholders,
616including the right to require the authority to fix, establish,
617maintain, collect, and charge rates, fees, rentals, and other
618charges adequate to carry out any agreement as to, or pledge of,
619the revenues and to require the authority to carry out any other
620covenants and agreements with or for the benefit of the
621bondholders and to perform its and their duties under this act;
622     (b)  Bring suit upon the bonds;
623     (c)  By an action or suit require the authority to account
624as if it were the trustee of an express trust for the
625bondholders; or
626     (d)  By civil action or suit enjoin any acts or things
627which may be unlawful or in violation of the rights of the
628bondholders.
629     (3)  Any trustee when appointed as aforesaid, or acting
630under a deed of trust, indenture, or other agreement, in the
631event of the default, failure, or refusal set forth in
632subsection (1), and whether or not all bonds have been declared
633due and payable, shall be entitled to the appointment of a
634receiver who may enter upon and take possession of the
635facilities or any part or parts thereof, the revenues, and other
636pledged moneys and operate and maintain the same for and on
637behalf of and in the name of the authority and the bondholders,
638collect and receive all revenues and other pledged moneys in the
639same manner as the authority might do, and deposit all such
640revenues and moneys in a separate account and apply the same in
641such manner as the court shall direct. In any suit, action, or
642proceeding by the trustee, the fees, counsel fees, and expenses
643of the trustee and said receiver, if any, and all costs and
644disbursements allowed by the court shall be a first charge on
645any revenues. Such trustee shall, in addition to the foregoing,
646have and possess all of the powers necessary or appropriate for
647the exercise of any functions specifically set forth herein or
648incident to the representation of the bondholders in the
649enforcement and protection of their rights.
650     Section 9.  Other revenues.--The County of Orange and any
651and all other governmental units in Orange County may
652appropriate additional funds for use by the authority for
653maintenance of the facilities and for the payment of employees'
654salaries, operating and planning expenses, and other necessary
655expenditures, and such expenditures are declared to be for
656valid, necessary public purposes.
657     Section 10.  Public or private subscription.--The authority
658may solicit, encourage, promote, and accept any and all public
659or private subscriptions and donations of moneys and other
660property and assets for use in furthering the provisions and
661purposes of this act.
662     Section 11.  Provisions of act severable.--The provisions
663of this act are severable, and it is the intention to confer the
664whole or any part of the powers herein provided, and if any
665provision or provisions of this act or any of the powers granted
666by this act shall be held unconstitutional or invalid by any
667court of competent jurisdiction, the decision of such court
668shall not affect or impair any remaining provision or provisions
669of this act or any of the remaining powers granted by this act.
670It is hereby declared to be the legislative intent that this act
671would have been adopted had such unconstitutional or invalid
672provision or provisions or power not been included therein.
673     Section 12.  Alternative method.--This act shall be deemed
674to provide an additional and alternative method for the doing of
675the things authorized hereby. This act, being for a public
676purpose, shall be liberally construed to affect the purposes
677thereof.
678     Section 4.  Chapters 71-803, 72-625, 73-569, 77-611, and
67978-757, Laws of Florida, are repealed.
680     Section 5.  This act shall take effect upon becoming a law.


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